JCIT(OSD), CIR-3(1)(2), AHMEDABAD vs. RECKITT BENCKISER HEALTHCARE (INDIA) LTD, HARYANA

In the result, appeal of the Revenue is dismissed

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamble

gains tax by virtue of various clauses forming a part of Section 47 of the IT Act subjected to the applications of provisions of Section 2(19AA) of the Act. It is also settled position of law that the scheme of demerger once approved by the Hon’ble Jurisdictional High Court, it cannot be re-visited by any statutory authority

THE DCIT, CIRCLE-6,, AHMEDABAD vs. VISHAL ENGINEERING & GALVANIZERS,, AHMEDABAD

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

vi) Shares of enhanced value allotted to the erstwhile partners worth increase value and thus increasing the value of capital in the hands of thepartners, (vii) Thus the capital gain arose on distribution of assets i.e. land to the partners by the assessee firm, due to revaluation and thereby ITA No. 2316/Ahd/2014 & CO No.271/Ahd/2014 and ITA Nos.2954 & 3055/Ahd/2015 Vishal Engineerings

M/S. VISHAL ENGINEERS & GALVANIZERS,,AHMEDABAD vs. THE DY.CIT, CIRCLE-6,, AHMEDABAD

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

vi) Shares of enhanced value allotted to the erstwhile partners worth increase value and thus increasing the value of capital in the hands of thepartners, (vii) Thus the capital gain arose on distribution of assets i.e. land to the partners by the assessee firm, due to revaluation and thereby ITA No. 2316/Ahd/2014 & CO No.271/Ahd/2014 and ITA Nos.2954 & 3055/Ahd/2015 Vishal Engineerings

THE ACIT, CIRCLE-3(2),, AHMEDABAD vs. VISHAL ENGINEERING & GALVANIZERS,, AHMEDABAD

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

vi) Shares of enhanced value allotted to the erstwhile partners worth increase value and thus increasing the value of capital in the hands of thepartners, (vii) Thus the capital gain arose on distribution of assets i.e. land to the partners by the assessee firm, due to revaluation and thereby ITA No. 2316/Ahd/2014 & CO No.271/Ahd/2014 and ITA Nos.2954 & 3055/Ahd/2015 Vishal Engineerings

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3), AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3),, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

THE ACIT, CIRCLE-3,, AHMEDABAD vs. KIFS SECURITIES LIMITED,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

DY.COMMISSIONER OF INCOME TAX CIRCLE-1(3),, AHMEDABAD vs. KIFS PVT.LTD.,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

KIFS SECURITIES PVT. LTD.,AHMEDABAD vs. THE ACIT, CIRCLE-1(3), AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

THE DY. CIT., CIRCLE-3,, AHMEDABAD vs. KHANDWALA INTEGRATED FINANCIAL SERVICES PVT. LTD, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

vi) ClT-11 vs. Vaibhav J Shah HUF - Tax Appeal no 77 & 78 of KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 2010 order dated 27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that

JECHINS PHARMACEUTICALS LIMITED (IN LIQN.),,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-2(1)(2),, AHMEDABAD

In the result, the appeal preferred by the assessee is, thus, allowed for statistical purposes

Bench: Shri Waseem Ahmed& Ms. Madhumita Roy

gain which arose from transfer of capital asset which could be brought to tax under Section 45 r.w.s 48 of the Act. While dealing with the matter the Hon’ble Apex Court has been pleased to observe as follows:- “19. It is also well-settled by this Court that the protection provided under Section 53A is only a shield

DCIT (EXEMPTION), CIRCLE-1, BANGLORE vs. VYAKTI VIKAS KENDRA INDIA,, AHMEDABAD

In the result revenue’s appeal is dismissed

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

gain as is equal to the amount, if any, by which the appropriate fraction of the amount utilised for acquiring the new asset exceeds the appropriate fraction of the cost of the transferred asset. Explanation.—In this sub-section,— (i) “appropriate fraction” means the fraction which represents the extent to which the income derived from the capital asset transferred

DCIT (EXEMPTION), CIRCLE-1, BANGLORE vs. VYAKTI VIKAS KENDRA INDIA,, AHMEDABAD

In the result revenue’s appeal is dismissed

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

gain as is equal to the amount, if any, by which the appropriate fraction of the amount utilised for acquiring the new asset exceeds the appropriate fraction of the cost of the transferred asset. Explanation.—In this sub-section,— (i) “appropriate fraction” means the fraction which represents the extent to which the income derived from the capital asset transferred

DCIT (EXEMPTION), CIRCLE-1, BANGLORE vs. VYAKTI VIKAS KENDRA INDIA,, AHMEDABAD

In the result revenue’s appeal is dismissed

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

gain as is equal to the amount, if any, by which the appropriate fraction of the amount utilised for acquiring the new asset exceeds the appropriate fraction of the cost of the transferred asset. Explanation.—In this sub-section,— (i) “appropriate fraction” means the fraction which represents the extent to which the income derived from the capital asset transferred

THE ACIT, (EXEMPTION) CIRCLE-1, AHMEDABAD vs. VYAKTI VIKAS KENDRA INDIA, AHMEDABAD

In the result revenue’s appeal is dismissed

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

gain as is equal to the amount, if any, by which the appropriate fraction of the amount utilised for acquiring the new asset exceeds the appropriate fraction of the cost of the transferred asset. Explanation.—In this sub-section,— (i) “appropriate fraction” means the fraction which represents the extent to which the income derived from the capital asset transferred

GUJARAT FLUROCHEMICALS LIMITED.,,VADODARA vs. THE ACIT, 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

section 50D would be applicable after the AO comes to a finding that consideration received is not ascertainable or cannot be determined. We have extracted the finding of the ld.DRP. Nowhere such aspect is discernible. The ld.AO as matter of fact accepted the sale consideration at Rs.1 crore. He only replaced with fair market value on the basis