SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

section 131 of the post-search inquiry. On the other hand, the ld.CIT-DR also relied upon the assessment order, and submitted that evidence during the course of search duly seized exhibiting the earning of short term capital gain by the assessee on the land transactions comprised at block no.77 and 76. 19. We have duly considered rival submissions

SHRI ROHITJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

section 131 of the post-search inquiry. On the other hand, the ld.CIT-DR also relied upon the assessment order, and submitted that evidence during the course of search duly seized exhibiting the earning of short term capital gain by the assessee on the land transactions comprised at block no.77 and 76. 19. We have duly considered rival submissions

SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

section 131 of the post-search inquiry. On the other hand, the ld.CIT-DR also relied upon the assessment order, and submitted that evidence during the course of search duly seized exhibiting the earning of short term capital gain by the assessee on the land transactions comprised at block no.77 and 76. 19. We have duly considered rival submissions

SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

section 131 of the post-search inquiry. On the other hand, the ld.CIT-DR also relied upon the assessment order, and submitted that evidence during the course of search duly seized exhibiting the earning of short term capital gain by the assessee on the land transactions comprised at block no.77 and 76. 19. We have duly considered rival submissions

SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

section 131 of the post-search inquiry. On the other hand, the ld.CIT-DR also relied upon the assessment order, and submitted that evidence during the course of search duly seized exhibiting the earning of short term capital gain by the assessee on the land transactions comprised at block no.77 and 76. 19. We have duly considered rival submissions

SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

section 131 of the post-search inquiry. On the other hand, the ld.CIT-DR also relied upon the assessment order, and submitted that evidence during the course of search duly seized exhibiting the earning of short term capital gain by the assessee on the land transactions comprised at block no.77 and 76. 19. We have duly considered rival submissions

SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

section 131 of the post-search inquiry. On the other hand, the ld.CIT-DR also relied upon the assessment order, and submitted that evidence during the course of search duly seized exhibiting the earning of short term capital gain by the assessee on the land transactions comprised at block no.77 and 76. 19. We have duly considered rival submissions

THE DCIT, CIRCLE-1(3), AHMEDABAD vs. EDELWEISS BROKING LTD., AHMEDABAD

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

Capital expenditures are often employed to improve operational efficiency, increase revenue in the long term, or make improvements to the existing assets of a company. Capital spending is different from other types of spending that focus on short-term operating expenses, such as overhead expenses or payments to suppliers and creditors. 115.2 Depreciation is used to expense the fixed asset

THE DCIT, CIRCLE-1(3), AHMEDABAD vs. EDELWEISS FINANCIAL ADVISORS LTD., ( FORMERLY KNOWN ANAGRAM STOCK BROKING LTD.,), AHMEDABAD

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

Capital expenditures are often employed to improve operational efficiency, increase revenue in the long term, or make improvements to the existing assets of a company. Capital spending is different from other types of spending that focus on short-term operating expenses, such as overhead expenses or payments to suppliers and creditors. 115.2 Depreciation is used to expense the fixed asset

M/S. EDELWEISS BROKING LTD. ( AMALGAMATING COMPANY EDELWEISS FINANCIAL ADVISORS LTD.),AHMEDABAD vs. THE JT. CIT, RANGE-3,, AHMEDABAD

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

Capital expenditures are often employed to improve operational efficiency, increase revenue in the long term, or make improvements to the existing assets of a company. Capital spending is different from other types of spending that focus on short-term operating expenses, such as overhead expenses or payments to suppliers and creditors. 115.2 Depreciation is used to expense the fixed asset

ERIS LIFESCIENCES LIMITED,AHMEDABAD vs. NFAC, DELHI (PRESENT JURISDICTION- THE DY. CIT, CIRCLE-2(1)(1)), AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

DCIE CIRCLE-2(1)(1), AHEMDABAD, VEJALPUR vs. ERIS LIFESCIENCES LIMITED SHIVARTH AMBIT, BODAKDEV AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

ERIS LIFESCIENCES LIMITED,AHMEDABAD vs. NFAC, DELHI (PRESENT JURISDICTION - THE DY. CIT, CIRCLE-2(1)(1)), AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

DCIT CIRCLE-2(1)(1), AHMEDABAD, VEJALPUR vs. ERIS LIFESCIENCES LIMITED SHIVARTH AMBIT, BODAKDEV AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

DCIT, CIRCLE-2(1)(1) AHMEDABAD, AHMEDABAD vs. ERIS LIFESCIENCE LIMITED SHIVARTH AMBIT, AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

ERIS LIFESCIENCES LIMITED,AHMEDABAD vs. NFAC, DEHI (PRESENT JURISDICTION- THE DY.CIT, CIRCLE-2(1)(1)), AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

AURA SECURITIES PVT.LTD.,,AHMEDABAD vs. THE ACIT.,CIRCLE-1,, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.834/Ahd/2012 "नधा"रण वष"/Asstt. Year: 2008-2009 Dcit, Aura Securities Pvt. Ltd. Circle-1, V Akhay Building, B/H, Vadilal Ahmedabad. S. House, 53, Shrimali Society, Navrangpura, Ahmedabad-380009 Pan: Aabct4637N आयकर अपील सं./Ita No.986/Ahd/2012 िनधा"रण वष"/Asstt. Year: 2008-2009 Aura Securities Pvt. Ltd. Acit, Akhay Building, B/H, Vadilal Vs. Circle-1, House, 53, Shrimali Society, Ahmedabad. Navrangpura, Ahmedabad-380009 Pan: Aabct4637N

gained a higher price which in fact was not received. Reference can be also made to CITv. Godavari Corpn. Ltd. [1993] 68 Taxman 344/200 ITR 567 (SC) and judgments of this Court in CIT v. Dinesh Jain, HUF [2012] 25 taxmann.com 550/211 Taxman 23/[2013] 352 ITR 629 and CIT v. Gulshan Kumar [2002] 123 Taxman 111/257

AURA SECURITIES PVT. LTD.,AHMEDABAD vs. DY. COMMISSIONER OF INCOME TAX,, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.834/Ahd/2012 "नधा"रण वष"/Asstt. Year: 2008-2009 Dcit, Aura Securities Pvt. Ltd. Circle-1, V Akhay Building, B/H, Vadilal Ahmedabad. S. House, 53, Shrimali Society, Navrangpura, Ahmedabad-380009 Pan: Aabct4637N आयकर अपील सं./Ita No.986/Ahd/2012 िनधा"रण वष"/Asstt. Year: 2008-2009 Aura Securities Pvt. Ltd. Acit, Akhay Building, B/H, Vadilal Vs. Circle-1, House, 53, Shrimali Society, Ahmedabad. Navrangpura, Ahmedabad-380009 Pan: Aabct4637N

gained a higher price which in fact was not received. Reference can be also made to CITv. Godavari Corpn. Ltd. [1993] 68 Taxman 344/200 ITR 567 (SC) and judgments of this Court in CIT v. Dinesh Jain, HUF [2012] 25 taxmann.com 550/211 Taxman 23/[2013] 352 ITR 629 and CIT v. Gulshan Kumar [2002] 123 Taxman 111/257