THE ITO, WARD-1(3)(4), AHMEDABAD vs. SHRI NILESHKUMAR DASHRATHBHAI PATEL, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

capital gains from penny stocks: If the transaction is supported by documents like contract notes, demat statements etc and is routed through the stock exchange and if the payments are by account payee cheques and there is no evidence that the cash has gone back to the assessee's account, it has to be treated as a genuine transaction

SHRI KETAN RAMNIKLAL MEHTA,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-7(2),, AHMEDABAD

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

Bench: Shri P.M. Jagtap, Vice- & Shri T.R. Senthil Kumarassessment Years : 2010-11 Shri Ketan Ramniklal Mehta, Income-Tax Officer, 10, Nishant Bungalows, Part-1, Vs Ward 7(2), Nr. Shyamal Char Rasta, Satellite Ahmedabad Road, Ahmedabad – 380015 Pan : Aevpm 2649 Q अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri D.K. Parikh, Ar Revenue By : Shri V.K. Singh, Sr Dr सुनवाई क" तार"ख/Date Of Hearing : 02/03/2022 घोषणा क" तार"ख /Date Of Pronouncement: 25/03/2022 आदेश/O R D E R Per P.M. Jagtap, Vice-:

200, 100, 265 i.e. total 565 were purchased on 31/03/06 and sold on 21/04/09, 04/05/09 and 03/07/09 respectively. It is therefore there are repetitive purchasing and sale. The shares purchased on 31/03/06 were sold on 27/04/09 & 04/05/09 but again purchased on 27/05/09 (7850 Nos.) while again these were sold on 27/06/09, thereafter sale of long term capital gain sale

RAMILABEN GANPATBHAI PATEL,,AHMEDABD vs. THE ITO, WARD-3(3)(4),, AHMEDABAD

In the result, the appeal of the Revenue is dismissed, while the appeal of the assessee is partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Years : 2012-13 Ramilaben Ganpatbhai Patel, The Income-Tax Officer, 5, Rajsurya Bungalows, Vs Ward 3(3)(4), Nr. Fun Republic, Ramdevnagar, Ahmedabad Satellite, Ahmedabad-380051 Pan : Aaspp 2683 G Assessment Years : 2012-13 The Income-Tax Officer, Ramilaben Ganpatbhai Patel, Ward 3(3)(4), Vs 5, Rajsurya Bungalows, Ahmedabad Nr. Fun Republic, Ramdevnagar, Satellite, Ahmedabad-380051 Pan : Aaspp 2683 G अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.C. Shah, Ar & Shri Bhadresh Gandhakwala, Ar Revenue By : Shri R.R. Makwana, Sr. Dr सुनवाई क" तार"ख/Date Of Hearing : 26/04/2022 घोषणा क" तार"ख /Date Of Pronouncement: 11/05/2022 आदेश / O R D E R Per P.M. Jagtap, Vice-:

section 50C of IT Act, 1961. I also don't find any objection filed by the appellant against jantri value during assessment proceedings. Hence recourse to the provisions of Sec.50C by the AO is found to be correct. As the appellant is one of the four heirs of Ganpatbhai K. Patel, it is decided that the appellant has earned taxable

ITO, WARD-3(3)(4),, AHMEDABAD vs. SMT. RAMILABEN G. PATEL,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed, while the appeal of the assessee is partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Years : 2012-13 Ramilaben Ganpatbhai Patel, The Income-Tax Officer, 5, Rajsurya Bungalows, Vs Ward 3(3)(4), Nr. Fun Republic, Ramdevnagar, Ahmedabad Satellite, Ahmedabad-380051 Pan : Aaspp 2683 G Assessment Years : 2012-13 The Income-Tax Officer, Ramilaben Ganpatbhai Patel, Ward 3(3)(4), Vs 5, Rajsurya Bungalows, Ahmedabad Nr. Fun Republic, Ramdevnagar, Satellite, Ahmedabad-380051 Pan : Aaspp 2683 G अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.C. Shah, Ar & Shri Bhadresh Gandhakwala, Ar Revenue By : Shri R.R. Makwana, Sr. Dr सुनवाई क" तार"ख/Date Of Hearing : 26/04/2022 घोषणा क" तार"ख /Date Of Pronouncement: 11/05/2022 आदेश / O R D E R Per P.M. Jagtap, Vice-:

section 50C of IT Act, 1961. I also don't find any objection filed by the appellant against jantri value during assessment proceedings. Hence recourse to the provisions of Sec.50C by the AO is found to be correct. As the appellant is one of the four heirs of Ganpatbhai K. Patel, it is decided that the appellant has earned taxable

ARUNABEN KAUSHIKKUMAR PATEL,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-3(3)(1),, AHMEDABAD

In the result, the order of ld

Bench: Or During The Course Of The Appellate Proceedings.”

200/- (being 1/4th share of " 1,18,92.800/- stated to be received by the co-owners). Both the assessee and the revenue are in appeal before us against the aforesaid order of the Ld. CIT(Appeals). 5. We note that the ITAT Ahmedabad in the case of assessee’s co- owner’s appeal (Ramilaben Ganpatbhai Patel) against

THE ITO, WARD-3(3)(1),, AHMEDABAD vs. SMT. ARUNABEN KAUSHIKKUMAR PATEL,, AHMEDABAD

In the result, the order of ld

Bench: Or During The Course Of The Appellate Proceedings.”

200/- (being 1/4th share of " 1,18,92.800/- stated to be received by the co-owners). Both the assessee and the revenue are in appeal before us against the aforesaid order of the Ld. CIT(Appeals). 5. We note that the ITAT Ahmedabad in the case of assessee’s co- owner’s appeal (Ramilaben Ganpatbhai Patel) against

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

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

SHRI CHAITANYA BANSIBHAI. NAGORI,AHMEDABAD vs. THE PR. CIT-4, AHMEDABAD

In the result, the appeal of the assessee is partly allowed

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

200/- had been paid between the period 06.07.2010 to 15.10.2011 and not during the previous year ending on 31.03.2015. vii) The interest on housing loan of Rs.9,52,006/- had already been disallowed in the statement of total income out of interest paid of Rs.20,57,926/- against the receipt of gross interest of Rs.1

THE ACIT CIRCLE-3(3), AHMEDABAD vs. SHRI CHANDRAKANT G PATEL, AHMEDABAD

Appeal of the Revenue is dismissed

200/- levied by the Assessing Officer u/s 271(1)(c) of the Act. ITA No. 799/Ahd/2019 A.Y. 2014-15 ACIT vs. Shri Chandrakant G. Patel 2. The Ld. CIT(A) has erred in law and on facts in considering the mistake by the assessee as bonafide even though it is clear from the facts of the case that the assessee

SHAILESH NATVARLAL PATEL,AHMEDABAD vs. THE ITO, WARD-4(2)(3), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Siddhartha Nautiyal & Shri Makarand V.Mahadeokarasstt.Year : 2018-19

section 54 shall include: o Stamp duty of Rs.88,200/-, as evidenced in the sale deed of the new property. 16. The Assessing Officer is directed to re-compute the long-term capital gain

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

Appeal are dismissed

capital gains have been credited to\nthe profit and loss account prepared in accordance with the Companies Act.\nOnce such gains form part of net profit, the computation of their quantum\nmust necessarily follow the computation mechanism contained in section 48,\nwhich statutorily mandates indexation. Denial of indexation would artificially\ninflate 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

Appeal are dismissed

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

SHAMA AJAY PATEL,AHMEDABAD vs. THE CIT(IT & TP), AHMEDABAD

The appeal of the assessee is allowed

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarिनधा"रण वष"/Assessment Year: 2017-18 Shama Ajay Patel, Vs. 2, Chandroday Society, The Cit(It & Tp), Opp. Golden Triangle, Sp Ahmedabad Stadium Road, Navjivan Post, Ahmedabad-380014 Pan : Alxpp 5273 E अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" Assessee By : Shri Sunil Talati, Ar Revenue By : Dr. Darsi Suman Ratnam, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 01.02.2024 घोषणा क" तारीख /Date Of Pronouncement: 26.04.2024 आदेश आदेश/O R D E R आदेश आदेश Per Annapurna Gupta: The Present Appeal Filed By The Assessee Is Directed Against The Order Passed By The Learned Commissioner Of Income-Tax (It & Tp), Ahmedabad [Hereinafter Referred To As Ld. "Cit(It & Tp)" For Short] Dated 08.02.2023, In Exercise Of His Revisionary Powers Under Section 263 Of The Income-Tax Act, 1961 [Hereinafter Referred To As “The Act”], For The Assessment Year (Ay) 2017-18. 2. The Grounds Raised By The Assessee Challenging The Impugned Order Of The Ld. Cit (It & Tp) Reads As Under:- “1. The Ld. Cit Has Erred In Passing Order U/S 263 Without Jurisdiction & Appropriate Powers Available Under The Act. It Is Submitted That The Order Passed U/S. 263 Is Bad In Law As A.O. Has Neither Committed Any Error Nor It Is Prejudicial To The Interest Of Revenue. It Be Held Now.

200/-. However, the opening value of shares could not be ascertained from her submission. Therefore, in absence of details, the amount of short term gain is considered of Rs.51,16,561.25 as per information available with the Department. 8.2. The assessee has in her reply submitted that she has offered said short term capital gain for taxation. However, the same