DEPUTY COMMISSIONER OF INCOME -TAX CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD, GUJARAT vs. BHAVESHKUMAR GIRISHBHAI BHANDARI, AHMEDABAD, GUJARAT

Appeal is allowed in ITA 978/Ahd/2025 and ITA\n978/Ahd/2025 as well

2 to Rs. 469 within a short span of time without\nany corresponding improvement in the financials of the company, which\ndemonstrated that the scrip was artificially rigged.\n7. Despite repeated opportunities, the assessee failed to provide any\nconvincing explanation or rationale as to why he purchased such a large\nnumber of shares of a company having no financial fundamentals

PARUL AROGYA SEVA MANDAL TRUST,AHMEDABAD vs. THE DY.CIT, CENTRAL CIRCLE-1(2), AHMEDABAD

Appeals are allowed

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

164, lends a meaning that denial of entire exemption is not contemplated in Section 13. As there is no apparent violation of provisions of Section 13 as discussed herein above, benefit provided in Section 11 and 12 cannot be denied. 5.8 So far as the activities of the trust are genuine, and income of the trust are applied

PARUL UNIVERSITY,VADODARA vs. THE DY.CIT,EXEMPTION CIRCLE-1, AHMEDABAD

Appeals are allowed

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

164, lends a meaning that denial of entire exemption is not contemplated in Section 13. As there is no apparent violation of provisions of Section 13 as discussed herein above, benefit provided in Section 11 and 12 cannot be denied. 5.8 So far as the activities of the trust are genuine, and income of the trust are applied

DCIT, CENTRAL CIRCLE1(2), AHMEDABAD, AHMEDABAD vs. PARUL AROGYA SEVA MANDAL TRUST, AHMEDABAD

Appeals are allowed

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

164, lends a meaning that denial of entire exemption is not contemplated in Section 13. As there is no apparent violation of provisions of Section 13 as discussed herein above, benefit provided in Section 11 and 12 cannot be denied. 5.8 So far as the activities of the trust are genuine, and income of the trust are applied

DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD, AAYAKAR BHAWAN, ASHRAM ROAD, AHMEDABAD vs. PARUL AROGYA SEVA MANDAL TRUST, , AHMEDABAD

Appeals are allowed

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

164, lends a meaning that denial of entire exemption is not contemplated in Section 13. As there is no apparent violation of provisions of Section 13 as discussed herein above, benefit provided in Section 11 and 12 cannot be denied. 5.8 So far as the activities of the trust are genuine, and income of the trust are applied

PARUL AROGYA SEVA MANDAL TRUST,AHMEDABAD vs. THE DY.CIT, CENTRAL CIRCLE-1(2), AHMEDABAD

Appeals are allowed

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

164, lends a meaning that denial of entire exemption is not contemplated in Section 13. As there is no apparent violation of provisions of Section 13 as discussed herein above, benefit provided in Section 11 and 12 cannot be denied. 5.8 So far as the activities of the trust are genuine, and income of the trust are applied

GITABEN DINESHBHAI PATEL,AHMEDABAD vs. ITO WARD 5(3)(1), AHMEDABAD

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

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

164 taxmann.com 669 (Ahmedabad - Trib.), and Smt. Paramadevi Tekriwal v. ITO [2025] 172 taxmann.com 430 (Ahmedabad - Trib.), wherein it has been categorically held that long-term capital gains arising from manipulated penny stock transactions, supported only by paper documentation, cannot be treated as genuine. 12. We note that the assessee contended that the transactions were genuine and duly supported

TORRENT PHARMACEUTICALS LTD.,,AHMEDABAD vs. ACIT, CIRCLE-4(1)(2),, AHMEDABAD

In the result appeal of the Revenue is hereby partly allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

2 per cent. We observe that in the instant facts, the assessee has computed the ALP at LIBOR plus 2.5%. The Ld. CIT(Appeals) has upheld the order of the Ld. Assessing Officer on the Ground that the assessee has not given the comparable basis for arriving at the aforesaid rate. However, in our view, the Ld. CIT(Appeals

KAMINIBEN JAGDISHBHAI PATEL,ANAND vs. INCOME-TAX OFFICER, WARD-1, ANAND, ANAND

In the result, the appeal of the assessee is allowed

Bench: Dr. B.R.R. Kumar, Vice- & Ms Suchitra Kamblekaminiben Jagdishbhai Patel, The Income Tax Officer, Vs. 8, Akshar Bhuvan , Ward-1, Royal Park Opp. Aksharfarm, Anand. Pramukh Swami Marg, Anand-388001. [Pan :Awupp6590 L] (Appellant) .. (Respondent) Appellant By : Shri Ak Khandelwal, Ar Respondent By: Shri Veerabadram Vislavath, Sr. Dr Date Of Hearing 25.03.2026 Date Of Pronouncement 27.03.2026

section 144 of the Income- tax Act, 1961. On going through the records, we find that the Assessing Officer has not considered the cost of improvement and treated the entire sale consideration as “Short Term Capital Gain”. The Assessing Officer has also made additions in respect of fixed deposits made out of the sale proceeds. After considering the material placed

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD vs. PRAKASH MISRIMAL SANGHVI, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

164 taxmann.com 663 (Bombay) (v) Ravindra Reddy Katamreddy vs. DCIT,(2024) 159 taxmann.com 5 (Bombay) (vi) Gigantic Mercantile P. Ltd. vs. ACIT, (2024) 165 taxmann.com 646 (Bombay) (ii) The second challenge to the reopening was on the ground that the reopening for A.Ys. 2013-14 to 2015-16 was time barred in as much as u/s.149

PRAKASH MISRIMAL SANGHVI,AHMEDABAD vs. DCIT CC 1(1) AHMEDABAD, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

164 taxmann.com 663 (Bombay) (v) Ravindra Reddy Katamreddy vs. DCIT,(2024) 159 taxmann.com 5 (Bombay) (vi) Gigantic Mercantile P. Ltd. vs. ACIT, (2024) 165 taxmann.com 646 (Bombay) (ii) The second challenge to the reopening was on the ground that the reopening for A.Ys. 2013-14 to 2015-16 was time barred in as much as u/s.149

PRAKASH MISRIMAL SANGHVI,AHMEDABAD vs. DCIT CC 1(1) AHMEDABAD, AHEMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

164 taxmann.com 663 (Bombay) (v) Ravindra Reddy Katamreddy vs. DCIT,(2024) 159 taxmann.com 5 (Bombay) (vi) Gigantic Mercantile P. Ltd. vs. ACIT, (2024) 165 taxmann.com 646 (Bombay) (ii) The second challenge to the reopening was on the ground that the reopening for A.Ys. 2013-14 to 2015-16 was time barred in as much as u/s.149

PRAKASH MISRIMAL SANGHVI,AHMEDABAD vs. DCIT CC 1(1) AHMEDABAD, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

164 taxmann.com 663 (Bombay) (v) Ravindra Reddy Katamreddy vs. DCIT,(2024) 159 taxmann.com 5 (Bombay) (vi) Gigantic Mercantile P. Ltd. vs. ACIT, (2024) 165 taxmann.com 646 (Bombay) (ii) The second challenge to the reopening was on the ground that the reopening for A.Ys. 2013-14 to 2015-16 was time barred in as much as u/s.149

PRAKASH MISRIMAL SANGHVI,AHMEDABAD vs. DCIT CC (1) AHMEDABAD, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

164 taxmann.com 663 (Bombay) (v) Ravindra Reddy Katamreddy vs. DCIT,(2024) 159 taxmann.com 5 (Bombay) (vi) Gigantic Mercantile P. Ltd. vs. ACIT, (2024) 165 taxmann.com 646 (Bombay) (ii) The second challenge to the reopening was on the ground that the reopening for A.Ys. 2013-14 to 2015-16 was time barred in as much as u/s.149

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD vs. PRAKASH MISRIMAL SANGHVI, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

164 taxmann.com 663 (Bombay) (v) Ravindra Reddy Katamreddy vs. DCIT,(2024) 159 taxmann.com 5 (Bombay) (vi) Gigantic Mercantile P. Ltd. vs. ACIT, (2024) 165 taxmann.com 646 (Bombay) (ii) The second challenge to the reopening was on the ground that the reopening for A.Ys. 2013-14 to 2015-16 was time barred in as much as u/s.149

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD vs. PRAKASH MISRIMAL SANGHVI, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

164 taxmann.com 663 (Bombay) (v) Ravindra Reddy Katamreddy vs. DCIT,(2024) 159 taxmann.com 5 (Bombay) (vi) Gigantic Mercantile P. Ltd. vs. ACIT, (2024) 165 taxmann.com 646 (Bombay) (ii) The second challenge to the reopening was on the ground that the reopening for A.Ys. 2013-14 to 2015-16 was time barred in as much as u/s.149

DEPUTY COMMISSIONER OF INCOME -TAX, AHMEDABAD vs. PRAKASH MISRIMAL SANGHVI, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

164 taxmann.com 663 (Bombay) (v) Ravindra Reddy Katamreddy vs. DCIT,(2024) 159 taxmann.com 5 (Bombay) (vi) Gigantic Mercantile P. Ltd. vs. ACIT, (2024) 165 taxmann.com 646 (Bombay) (ii) The second challenge to the reopening was on the ground that the reopening for A.Ys. 2013-14 to 2015-16 was time barred in as much as u/s.149

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1) , AHMEDABAD, AHMEDABAD vs. PRAKASH MISRIMAL SANGHVI, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

164 taxmann.com 663 (Bombay) (v) Ravindra Reddy Katamreddy vs. DCIT,(2024) 159 taxmann.com 5 (Bombay) (vi) Gigantic Mercantile P. Ltd. vs. ACIT, (2024) 165 taxmann.com 646 (Bombay) (ii) The second challenge to the reopening was on the ground that the reopening for A.Ys. 2013-14 to 2015-16 was time barred in as much as u/s.149