MRS. SHIKHA SANJAYA SHARMA,MUMBAI vs. THE DCIT, CIRCLE-1(1)(1), AHMEDABAD

In the result, this appeal of assessee is allowed

Bench: Smt. Annapurna Gupta& Ms. Madhumita Roy

3) and assessed the Total Income at the same amount of Rs. 17,25,67,630/- as declared by the assessee, but made set-off of Long-Term Capital Loss (STT not paid) of Rs.15,41,625/- and Short-Term Capital Loss of Rs. 2,46,64,662/- against the Long-Term Capital Gain

THE ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), AHMEDABAD vs. SHRI KAILASH RAMAVATAR GOENKA, AHMEDABAD

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokar

3,76,77,305/-. • Short-Term Capital Gains (Silver Harmony - AY 2020-21): Rs. 33,17,936/-. 10.1. Accordingly, the AO was directed to tax the capital gains year-wise under the appropriate heads and provide relief for the disallowed expenses IT(SS)A No.1/Ahd/2023 Kailash Ramavatar Goenka vs. ACIT and seven other appeals (By Assessee and By Revenue) Asst

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

3 Court, he became shareholder of M/s SRK Industries Ltd. Subsequently, the assessee found the opportunity of earning long term capital gain and thus he sold the shares at the stock exchange and received proceeds in the form of ECS through broker. 4. However, the AO found that the Directorate of Investigation Kolkata carried out countrywide enquiry/ investigation with respect

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-:

3) of the Act, an appeal was preferred by the assessee before the learned CIT(A) challenging the action of the Assessing Officer in treating the profits arising from the share transactions claimed as Long Term Capital Gain, Short Term Capital Gain, Speculation Profit and Dividend Income as business income; and, after considering the submissions made by the assessee

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-:

3 above totaling of Rs.54,26,000/- and at Sr. No.4 has gone to Govt. as premium for conversion of Navi Sharat to Purani Sharat. In fact this was also one of the conditions in original banakhat that asset has to be converted into Purani ITA Nos. 2968/Ahd/2017 & 157/Ahd/2018 Smt Ramilaben Ganpatbhai Patel-Cross Appeals AY : 2012-13 13 Sherat

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-:

3 above totaling of Rs.54,26,000/- and at Sr. No.4 has gone to Govt. as premium for conversion of Navi Sharat to Purani Sharat. In fact this was also one of the conditions in original banakhat that asset has to be converted into Purani ITA Nos. 2968/Ahd/2017 & 157/Ahd/2018 Smt Ramilaben Ganpatbhai Patel-Cross Appeals AY : 2012-13 13 Sherat

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.”

3. It is, therefore, prayed that the order of the Ld. Commissioner of Income tax (A) may be set-aside and that of the Assessing Officer be restored.” 4. The brief facts of the case are that the assessee filed return of income for assessment year 2012-13 on 29-09-2012 declaring total income of " 8,90,060/-. During

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.”

3. It is, therefore, prayed that the order of the Ld. Commissioner of Income tax (A) may be set-aside and that of the Assessing Officer be restored.” 4. The brief facts of the case are that the assessee filed return of income for assessment year 2012-13 on 29-09-2012 declaring total income of " 8,90,060/-. During

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

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

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

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

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

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

3 - deduction of tax in the said sale agreement. However, surprisingly, it has also been noticed that there was no provision of section 194IA of the Act existed as on the date of making the sale agreement i.e. on 07.07.2010 as the said provision has been brought in the Statute Book w.e.f. 01.03.2013. Further, it has also been noticed that

SHRI ANILBHAI HIRALAL SHAH,AHMEDABAD vs. DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD

In the result the appeal filed by the Revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

capital gain on sale of shares of shell companies or the assessee was engaged in systemic evasion of taxes. Thereafter, the AO recorded the reason to believe that income has been escaped to the extent of sale amount of shares. However in the A.Y. 2008-09 18 case of appellant assessee before us, the AO has not applied his mind

ACIT CC 2(3) AHMEDABAD, AHMEDABAD vs. AISHA DHIRAJ GOGIA, AHMEDABAD

In the result: 50. To summarize the final outcome:

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha["ी संजय गग", "ाियक सद" एवं "ी नरे" साद िस!ा, लेखा सद" के सम#।]

Capital Gains under section 10(38) of the Act, treating the underlying shares as "penny stocks"; and (iv) Addition on account of alleged on-money received on the sale of property in the Earth Erita project. These additions were made based on material allegedly found during the search action, including digital data like WhatsApp chats retrieved from third-party mobile

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