SHRI HARISHBHAI KESHAVLAL PATEL,AHMEDABAD vs. THE DY.CIT.,CIRCLE-7,, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 1180/Ahd/2013 "नधा"रण वष"/Asstt. Year: 2006-2007

gains are dealt with under section 2(42A) and section 2(42B). 3. Trading asset is dealt with under section 28 of the Act. 4. The Central Board of Direct Taxes (CBDT) through Instruction No. 1827, dated August 31, 1989 had brought to the notice of the Assessing Officers that there is a distinction between shares held as investment (capital

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

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

SHRI BHUPESH NAVINCHANDRA RAVAL,AHMEDABAD vs. ITO, WARD-5(3)(3), AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadavआयकर अपील सं./I.T.A. No.2287/Ahd/2017 ("नधा"रण वष" / Assessment Year : 2013-14)

gains. Though the assessee has relied upon various cases wherein liberal construction has been taken by the Tribunal as well as various High Courts which is in consonance of the object for which the exemption provisions of sections 54 & 54F of the Act have been enacted i.e to promote purchase and construction of residential houses. Various courts have held that

SMT. NIMA SOMABHAI PATEL,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-1(1)(3),, AHMEDABAD

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 1301/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2012-2012 Smt. Nima Somabhai Patel, Income-Tax Officer, 13, Shubhash Society, Vs. Ward-1(1)(3), B/H. Ishwar Bhuvan, Ahmedabad. Navrangpura, Ahmedabad-380009. Pan: Acmpp1832B

section 2(14)(iii) of the Act and liable for capital gains. 3. The facts in brief are that the assessee in the present case is an individual and declared income under the head capital gain and interest. The assessee in the year under consideration sold the land situated at “ Mauje Gam Unali, Taluka Kalol, Gandhinagar” bearing survey

SHRI SIDDHARTH S. KOTHARI,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-3(1)(4),, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt Madhumita Royआयकर अपील सं./I.T.A. No. 2869/Ahd/2015 ("नधा"रण वष" / Assessment Year : 2012-13) Shri Siddharth S. Kothari, Ito, बनाम/ 403-404, Florence, Ward – 3(1)(4), Vs. Opp: Ashram Road Post Ahmedabad. Office, Ashram Road, Ahmedabad-380 009. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aelpk 9519 F .. (अपीलाथ"/Appellant) (""यथ" / Respondent) Shri Hardik Vora, A.R. अपीलाथ" ओर से/ Appellant By : ""यथ" क" ओर से/Respondent By: Shri Virendra Singh, Sr.D.R.

160/- only. As a result, there was a loss of Rs.11,39,161/- under the head income from other sources. 4.2 The assessee has set off the impugned interest loss under the head income from other sources against the salary income of Rs.4,00,000/- and interest income from partners for Rs.7,39,161/- . However

THE ITO, WARD-3(2)(7),, AHMEDABAD vs. SHRI GAUTAMBHAI BABARBHAI PATEL,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri P.M. Jagtap, Vice- & Ms. Madhumita Royassessment Year : 2012-13 Income Tax Officer, Shri Gautambhai Babarbhai Patel, Ward 3(2)(7), Vs 1, Laxmikunj Society, Isanpur Ahmedabad Vatva Road, Isanpur, Ahmedabad-382 443 Pan : Aknpp 4848 G अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Ankit Talsania, Ar Revenue By : Shri S.S. Shukla, Dr सुनवाई क" तार"ख/Date Of Hearing : 29/03/2022 घोषणा क" तार"ख /Date Of Pronouncement: 06/04/2022 आदेश/O R D E R Per P.M. Jagtap, Vice-:

160/- to be deducted by A.O. The appellant has fulfilled conditions laid down to claim deduction u/s.54B of IT Act, 1961, therefore, legitimate claim u/s 54B should be allowed for investment of Rs.96,50,001/- in New Agricultural lands against Long Term Capital Gains of Rs.22,05,090/- arising on sale of original agriculture land.......” As regards the factual aspect

BHAGWATIBEN VINODKUMAR SURANI,,AHMEDABAD vs. THE ITO, WARD-5(2)(1)., AHMEDABAD

In the result, the appeal of the assessee is dismissed

Bench: Shri Sandeep Gosain & Shri Amarjit Singh

Section 68 of the Act, where any sum is found credited in the books of the assessee for any previous year the same may be charged to income tax as the income of the assessee of that previous year if the explanation offered by the assessee about the nature and source thereof is, in the opinion of the Assessing Officer

KISHORI PANKAJ AGARWAL,VADODARA, GUJARAT vs. INCOME TAX OFFICER , VADODARA, GUJARAT

Bench: SHRI SANJAY GARG (Judicial Member), SHRI NARENDRA PRASAD SINHA (Accountant Member)

Section 250 of the Income Tax Act, 1961 (hereinafter referred to as the “Act”) and relates to Assessment Year (A.Y.) 2015-16. ITA No. 623/Ahd/2023 [Kishori Pankaj Agarwal vs. ITO] A.Y. 2015-16 - 2 – 2. The grounds of appeal raised by the assessee are as under: “1. On the facts and in the circumstances of the case as well

LALITA RAMNIRANJAN AGARWAL,VADODARA vs. THE INCOME TAX OFFICER, WARD-1(2)(4), VADODARA

In the result, the appeal filed by the Assessee is allowed

Bench: Shri TR Senthil Kumar, Judicial Member\nAnd Shri Narendra Prasad Sinha, Accountant Member\nITA No. 662/Ahd/2023\nAssessment Year 2015-16\nLalita Ramniranjan Agarwal,\nB-201, Sandal Wood\nResidency, Urmi Char Rasta\nProductivity Road,\nVadodara-390020\nPAN: AECPA0173J\n(Appellant)\nThe ITO,\nWard-1(2)(4),\nVadodara\nVs\n(Respondent)\nAssessee by: Shri P.M. Jagasheth, A.R.\nRevenue by: Shri Nitin Vishnu Kulkarni, Sr. D.R.\nDate of hearing\n: 24-02-2025\nDate of pronouncement : 28-02-2025\nORD

160 taxmann.com 567 (Orissa)\n(iii) Pr. CIT Vs. Renu Aggarwal [2023] 153 taxmann.com 579 (SC)\n(iv) Pr. CIT Vs. Affluence Commodities (P.) Ltd. (2024) 161 taxmann.com\n476 (Gujarat)\n(v) Pr. CIT Vs. Affluence Commodities (P.) Ltd. (ITA No. 593/AHD/2020)\n(vi) Pr. CIT Vs. Sandipkumar Parshottambhai Patel [2023] 150\ntaxmann.com192 (Gujarat)\n(vii) Swati Luthra

KAVITA JAYESHKUMAR KOTAK,AHMEDABAD vs. THE PR. CIT (CENTRAL), AHMEDABAD

In the result, the appeal of the assessee is allowed

capital gain claimed exempt u/s. 10(38) of the Act and no action taken nor any decision made for the assessee’s I.T.A No. 54/Ahd/2021 A.Y. 2014-15 Page No. 6 Kavita Jayeshkumar Kotak vs. Pr. CIT(Central) reply dated 12-12-2018 and no addition was made on account of the same. Further, in the assessment order no mention

DILIPKUMAR VITTHALDAS DESAI,VADODARA vs. THE INCOME TAX OFFICER, WARD-3(1)(1), VADODARA

Bench: The Tribunal Has Caused The Delay Of 87 Days In Filing The Appeal. The Assessee Enclosed The United States Passport Copy Of His Brother, Who Visited India In December 2023. We Are Satisfied With The Reasons Stated In The Notarized Affidavit Thereby We Hereby Condone The Delay Of 87 Days In Filing The Above Appeals & Adjudicate The Cases On Merits.

Capital Gain of the assessee. 4. Aggrieved against the reassessment order, the assessee filed an appeal before Ld. CIT(A) with a delay. The delay was condoned by the Ld. CIT(A) and after considering reply filed by the assessee and the Affidavit by Shri Mahesh Vitthaldas Desai and Smt. Smita Mahesh Desai dismissed the appeal filed by the assessee

DILIPKUMAR VITTHALDAS DESAI,VADODARA vs. THE INCOME TAX OFFICER,WARD-3(1)(1), VADODARA

Bench: The Tribunal Has Caused The Delay Of 87 Days In Filing The Appeal. The Assessee Enclosed The United States Passport Copy Of His Brother, Who Visited India In December 2023. We Are Satisfied With The Reasons Stated In The Notarized Affidavit Thereby We Hereby Condone The Delay Of 87 Days In Filing The Above Appeals & Adjudicate The Cases On Merits.

Capital Gain of the assessee. 4. Aggrieved against the reassessment order, the assessee filed an appeal before Ld. CIT(A) with a delay. The delay was condoned by the Ld. CIT(A) and after considering reply filed by the assessee and the Affidavit by Shri Mahesh Vitthaldas Desai and Smt. Smita Mahesh Desai dismissed the appeal filed by the assessee

TORRENT PHARMACEUTICALS LTD.,,AHMEDABAD vs. THE DEPUTY COMMISSIONER OF INCOME TAX (OSD) CIRCLE-8,, AHMEDABAD

In the result appeal of the Revenue is partly allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita.No.1285 & 1286/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2009-10 & 2010-11 & Ita No.1396 & 1397/Ahd/2018 Asstt.Year 2011-12 & 2012-13 Torrent Pharmaceuticals Ltd. Acit, Circle-4(1)(2) Torrent House Ahmedabad. Vs. Off.Ashram Road Ahmedabad 380 009. आयकर अपील सं./Ita.No.1327 & 1328/Ahd/2017 िनधा"रण वष"/ Asstt. Year: 2009-10 & 2010-11 & आयकर अपील सं./Ita.No.1414 & 1415/Ahd/2018 िनधा"रण वष"/ Asstt. Year: 2011-12 & 2012-13 Acit, Circle-4(1)(2) Torrent Pharmaceuticals Ltd. Ahmedabad. Torrent House Vs. Off.Ashram Road Ahmedabad 380 009. (Applicant) (Responent) Assessee By : Shri Vartik Choksi, With Shri Biren Shah, Ars. Revenue By : Shri Mohd. Usman, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 23/11/2021 घोषणा क" तारीख /Date Of Pronouncement: 22/02/2022 आदेश/O R D E R Per Bench

section (5) of Section 80-IA. In this case, the question that arose for consideration ITA.Nos.1285/Ahd/2017 & 7 others A.Y.2009-10 38 before this Court related to computation of the profits for the purpose of deduction under section 80-E, as it then existed, after setting off the loss incurred by the assessee in the manufacture of alloy steels. Section

SHRI PARAS CHINUBHAI JANI,,AHMEDABAD vs. THE PR. CIT-5,, AHMEDABAD

In the result, appeal of the assessee is dismissed

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad

Section 54B(1) of the Act the deduction is permissible only where capital gain is utilized for purchase of land after the transfer of a capital asset. The Pr.CIT accordingly took a view that the deduction/examination to the extent of Rs.41,90,160

SHRI NANDKISHORE S. SODHAN(HUF),,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-5(2)(3),, AHMEDABAD

In the result, the appeal of the assessee is dismissed

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmedआयकर अपील सं./ Ita No. 994/Ahd/2016 "नधा"रण वष"/Assessment Year: 2011-12 Shri Nandkishore S. Shodhan Ito, Ward-5(2)(3) (Huf) Vs Ahmedabad. D/11-12, Silver Arc Kavi Nanalal Marg Ellisbridge Pan : Aadhs 4064 F

Capital Gain on sale of shares and interest and dividend income. 6. After verification of the details filed by the assessee and discussion held with the AR of the assessee, the total income of the assessee is accepted as returned. Total Income as per Computation of Income - Rs.1,87,160/- ITA No.994 /Ahd/2016 4. On perusal of the record

ACIT, GNR CIRCLE, GANDHINAGAR vs. VARSHABEN DHIRAJBHAI KORADIYA, GANDHINAGAR

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

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

160/-. Further the AO noticed that the assessee claimed Long Term Capital Gain of Rs.12,92,714/- on sale of diamonds having original cost of Rs.1,15,00,000/-. Since, the sale consideration was declared at Rs.7,85,07,000/-, the assessee was asked why not to treat balance Rs.7,72,14,286/- as income from other sources