GUJARAT FLUOROCHEMICALS LIMITED,,VADODARA vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1),, VADODARA

In the result, both appeals of the assessee are partly allowed

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.805/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 & Asst.Year : 2013-2014

gain. Accordingly there will be no difference on the tax to be levied on the income of the appellant under such situation also. Thus in the alternate situation also, there shall be no change in the total income of the appellant. 11.3 On the basis of these discussions, it is held that the revenue earned by the appellant company

THE ACIT, CIRCLE-5,, AHMEDABAD vs. NIRMA CHEMICALS WORKS PVT.LTD., AHMEDABAD

In the result appeal of the revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

capital gain assessable in the year when sale was made and loss from the date of conversion to the date of sale was to be treated as business loss, which assessee claimed. The valuation on date of conversion into stock in trade was taken on the basis of report of Chartered Accountant. There was no contrary sale price available

NIRMA CHEMICAL WORKS PVT.LTD.,,AHMEDABAD vs. THE ACIT.,CIRCLE-5,, AHMEDABAD

In the result appeal of the revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

capital gain assessable in the year when sale was made and loss from the date of conversion to the date of sale was to be treated as business loss, which assessee claimed. The valuation on date of conversion into stock in trade was taken on the basis of report of Chartered Accountant. There was no contrary sale price available

THE ACIT, CIRCLE-5,, AHMEDABAD vs. NIRMA CHEMICALS WORKS PVT.LTD., AHMEDABAD

In the result appeal of the revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

capital gain assessable in the year when sale was made and loss from the date of conversion to the date of sale was to be treated as business loss, which assessee claimed. The valuation on date of conversion into stock in trade was taken on the basis of report of Chartered Accountant. There was no contrary sale price available

NIRMA CHEMICALS WORKS PVT.LTD.,AHMEDABAD vs. THE DY.CIT.,CIRCLE-5,, AHMEDABAD

In the result appeal of the revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

capital gain assessable in the year when sale was made and loss from the date of conversion to the date of sale was to be treated as business loss, which assessee claimed. The valuation on date of conversion into stock in trade was taken on the basis of report of Chartered Accountant. There was no contrary sale price available

THE ACIT, CIRCLE-5,, AHMEDABAD vs. NIRMA CHEMICALS WORKS PVT.LTD., AHMEDABAD

In the result appeal of the revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

capital gain assessable in the year when sale was made and loss from the date of conversion to the date of sale was to be treated as business loss, which assessee claimed. The valuation on date of conversion into stock in trade was taken on the basis of report of Chartered Accountant. There was no contrary sale price available

NIRMA CHEMICALS WORKS PVT.LTD.,AHMEDABAD vs. THE DY.CIT.,CIRCLE-5,, AHMEDABAD

In the result appeal of the revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

capital gain assessable in the year when sale was made and loss from the date of conversion to the date of sale was to be treated as business loss, which assessee claimed. The valuation on date of conversion into stock in trade was taken on the basis of report of Chartered Accountant. There was no contrary sale price available

MOHSIN ZULFIKAR KORADIA,AHMEDABAD vs. THE PR. CIT-3, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Smt.Annapurna Gupta & T.R. Senthil Kumarasstt.Year : 2011-12 Mohsin Zulfikar Koradia The Pr.Cit-3 C/O.Gujarat Food Industries Vs Ahmedabad. 4324 Phase Iv Gidc Vatva Ahmedabad 382 445 Pan : Htpk 0799 C

191 shares of VIL which was accepted by the AO. 5. As per the ld.Pr.CIT this act of acceptance of short term capital gain returned by the assessee on shares traded of VIL without making any inquiries and considering the information in the possession of the AO, from the Investigation wing of the department ,that these scrips traded were mere

KANTILAL MANILAL PATEL,,AHMEDABAD vs. THE ITO, WARD-4(2)(2),, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Pradipkumar Kedia

gain of just Rs.2,54,566/- which in his assumption far less on such transaction. In order to eliminate his apprehension or suspicion, he reopened the assessment. But he is not authorized to reopen on such assumption. He has to form his concrete opinion demonstrating the escapement of income. Had he visualized the return filed by the assessee, probably

SHRI MOHIT RAMESHCHANDRA KHANNA,,AHMEDABAD vs. THE ITO, WARD-3(3)(3),, AHMEDABAD

In the result the appeal filed by the assessee is dismissed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.2132/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2008-2009 Shri Mohit Rameshchandra Khanna, I.T.O, 174-175, Sunrise Park, Vs. Ward-3(3)(3), Opp. Drive In Cinema, Ahmedabad. Drive-In-Road, Ahmedabad.

capital gain account scheme. Thus we disagree with the contention of the Ld. AR for the assessee. From the above discussion, there remains no ambiguity to the fact that the assessee has furnished the inaccurate particulars of income by claiming the deduction under section 54F of the Act despite the fact that the assessee failed to comply the formalities/conditions

ANILKUMAR DWARKAPRASAD MODANI,AHMEDABAD vs. THE DY. CIT, CIRCLE-2(1)(1)(PREVIOUSLY DY.CIT, CIRCLE-3(1)), VADODARA

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

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.1572/Ahd/2024 िनधा"रण वष" /Assessment Year : 2013-14 Anilkumar Dwarkaprasad Modani The Dy.Cit बनाम/ A-17, Videocon Housing Colony Circle-2(1)(1) V/S. Chavaj, Bharuch 392 002 Vadodara (Gujarat) "थायी लेखा सं./Pan:Acnpm 0273 C अपीलाथ&/ (Appellant) '( यथ&/ (Respondent) Assessee By : Shri Hemant Suthar, Ar Revenue By : Shri Surendra Kumar, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 12/11/2024 घोषणा की तारीख /Date Of Pronouncement: 21/11/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am: This Appeal By The Assessee Is Directed Against The Order Dated 26/12/2023 Passed By The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi [Hereinafter Referred To As “Cit(A)”] For The Assessment Year (Ay) 2013-14, In Which The Addition Made By The Assessing Officer [Hereinafter Referred To As “Ao)”] Under Section 50C Of The Income Tax Act, 1961 [Hereinafter Referred To As “The Act”] Was Confirmed Vide Assessment Order Dated 28/03/2016. Facts Of The Case: 2. The Assessee, An Individual Earning Income From Salaries, Trading In Shares & Securities, Capital Gains & Other Sources, Filed His Return Of Anilkumar Dwarkaprasad Modani Vs. The Dcit Asst. Year : 2013-14

capital gain determined by substitution of stamp duty value in place of actual sale consideration. The impugned addition of Rs.54,99,196/- being bad in law and in facts is prayed to be deleted. 4. Your appellant craves liberty to add, alter, amend substitute or withdraw any of the ground(s) of appeal hereinabove contained. Anilkumar Dwarkaprasad Modani

SURESH KANTILAL THAKKAR,BANASKANTHA vs. THE PCIT, AHMEDABAD-3, AHMEDABAD

In the result, the appeal of the assessee is dismissed and the Assessing

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

Section 263 of the Act. The Counsel for the assessee drew our attention to the Pages 136 - 137 of the 263 notice, wherein the PCIT initiated 263 proceedings on the ground that the assessee has claimed the bogus Long Term Capital Loss (LTCL) of Rs. 3,75,14,478/- and set off this LTCL against Long Term Capital Gains (LTCG

SHRI ARVINDBHAI POPATLAL PATEL,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-13(4),, AHMEDABAD

In the result appeal filed by the assessee is partly allowed

Bench: Shri Waseem Ahmed, Accountant Memebr & Shri Siddhartha Nautiyal, Judicial Memebr

gain of the AO with regard to sale of bungalow. 7. Being aggrieved by the order of the learned CIT(A) the assessee is in appeal before us. 7.1 The learned AR before us filed a paper book running from pages 1 to 468 and submitted that the assessee has declared the value of the land

THE ITO, WARD-2(2)(1),, AHMEDABAD vs. SHRI JAGDISHCHANDRA B. PATEL,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No. 2166/Ahd/2016 With C.O.159/Ahd/2016 "नधा"रण वष"/Asstt. Year: 2010-2011 I.T.O, Shri Jagdishchandra B. Patel, Ward-2(2)(1), Vs. 4A, Ketan Society, Ahmedabad. Nr. Sardar Patel Colony, Navjivan Post, Ahmedabad. Pan: Afupp4222L

capital gains. The fixation of the quantum of consideration for the transfer was finally effected only by the decision rendered by the civil court. Such fixation formed an integral part of the process of transfer by way of compulsory acquisition provided by the Land Acquisition Act. The Tribunal was, therefore, right in holding that the expenses incurred by the assessee

ASHISH MANOJ BHATIA,AHMEDABAD vs. DCIT, CIRLCE-4(2), AHMEDABAD

In the result, the appeal of the assessee is dismissed

Bench: Smt.Annapurna Guptaasstt.Year : 2015-16 Ashish Manoj Bhatia Dcit, Cir.4(2) 10, Kameshwardev Society Vs Ahmedabad. Opp: Kishan Bungalows Bodakdev, Ahmedabad. Pan : Ahspb 1199 E

section 10(38) of the Act, being held as bogus and addition made of the entire sale consideration received accordingly to the income of assessee treating entire transaction only as accommodation entry. The relevant facts and finding of the ld.CIT(A) in this regard at para 4 of his order is as under: “4. DECISION: I have gone through

GUJARAT VENTURE CAPITAL FUND 1995,,AHMEDABAD vs. THE ACIT, CIRCLE-10,, AHMEDABAD

In the result, the appeal of the assessee is allowed

Capital Gains Rs. 2,43,43,404 10.7 As per the agreement between the assessee and “20 ML”, there was no obligation on the assessee to incur any cost in connection with the transfer of the shares. As such it was the responsibility of “20 ML” to provide an exit route to the assessee for the disinvestment of the shares

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

GENUINE FINANCE PVT. LTD.,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1), AHMEDABAD

The appeal of the assessee is allowed

Bench: Ms. Suchitra Kamble

Capital Gain (LTCG) while claiming tax exemption under Section 10(38) of the Income Tax Act, 1961. Thus, the Assessing Officer assessed the total income of the assessee at Rs. 2,70,191