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

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

23. In view of the above, the irresistible conclusion is that no capital gain under section 45(4) of the Act would

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

Capital gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 7.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.59 lacs uls 14A to Book profit despite the fact that the same is required to be added to Book profit

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

Capital gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 7.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.59 lacs uls 14A to Book profit despite the fact that the same is required to be added to Book profit

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

Capital gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 7.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.59 lacs uls 14A to Book profit despite the fact that the same is required to be added to Book profit

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

Capital gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 7.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.59 lacs uls 14A to Book profit despite the fact that the same is required to be added to Book profit

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

Capital gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 7.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.59 lacs uls 14A to Book profit despite the fact that the same is required to be added to Book profit

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

Capital gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 7.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.59 lacs uls 14A to Book profit despite the fact that the same is required to be added to Book profit

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

Capital gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 7.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.59 lacs uls 14A to Book profit despite the fact that the same is required to be added to Book profit

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

Capital gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 7.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.59 lacs uls 14A to Book profit despite the fact that the same is required to be added to Book profit

THE ACIT,(OSD)CIRCLE-8,, AHMEDABAD vs. TORRENT POWER LTD.,, AHMEDABAD

In the result, the appeal of the Revenue and the Cross-objection of the assessee, both are dismissed

Bench: Shri Sandeep Gosain & Shri Amarjit Singh

23) Since the assessee in the present case is held liable for long term capital gains tax by treating the period for which the capital asset in question was held by the previous owner as the period for which the said asset was held by the assessee, the indexed cost of acquisition has also to be determined

GUJARAT FLUROCHEMICALS LIMITED,,BARODA vs. THE ADDL. CIT, RANGE-1,, BARODA

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

section 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

THA ADDL. CIT, RANGE-1,, BARODA vs. M/S. GUJARAT FLUROCHEMICALS LIMITED.,, BARODA

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

section 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

THE DCIT, CIRCLE-1(1),, BARODA vs. GUJARAT FLUROCHEMICALS LTD.,, BARODA

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

section 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

GUJARAT FLUROCHEMICALS LTD.,,BARODA vs. THE DY.CIT.,CIRCLE-1(1),, BARODA

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

section 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

THE ADDL.CIT, RANGE-1, BARODA vs. GUJARAT FLUOROCHEMEICALS LTD, BARODA

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

section 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

GUJARAT FLUOROCHEMEICALS LTD,,BARODA vs. THE DY.CIT.,CIRCLE-1(1)(1),, BARODA

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

section 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

GUJARAT FLUROCHEMICALS LIMITED,,BARODA vs. THE DY.CIT, CIRCLE-1(1),, BARODA

Appeals of the Revenue are dismissed, whereas appeals of the assessee are partly allowed for statistical purpose

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediasr. No.

section 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

SHRI JIGNESH JAYSUKHLAL GHIYA,VADODARA vs. THE DCIT CIRLCE-4(2), VADODARA

In the result, the appeal filed by the Assessee is allowed

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

Section 54(1) would not have allowed adjustment and/or exemption in respect of property purchased one year prior to the transfer, which gave rise to the capital gain or may be in the alternative have expressly made the exemption in case of prior purchase, subject to purchase from any advance that might have been received for the transfer