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

Section 2 of the Income-tax Act, 1961 ('Act') defines the term "capital asset" to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not include any stock-in-trade or personal assets subject to certain exceptions. As regards shares and other securities, the same can be held either

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

Section 2 of the Income-tax Act, 1961 ('Act') defines the term "capital asset" to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not include any stock-in-trade or personal assets subject to certain exceptions. As regards shares and other securities, the same can be held either

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

Section 2 of the Income-tax Act, 1961 ('Act') defines the term "capital asset" to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not include any stock-in-trade or personal assets subject to certain exceptions. As regards shares and other securities, the same can be held either

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

Section 2 of the Income-tax Act, 1961 ('Act') defines the term "capital asset" to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not include any stock-in-trade or personal assets subject to certain exceptions. As regards shares and other securities, the same can be held either

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

Section 2 of the Income-tax Act, 1961 ('Act') defines the term "capital asset" to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not include any stock-in-trade or personal assets subject to certain exceptions. As regards shares and other securities, the same can be held either

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

Section 2 of the Income-tax Act, 1961 ('Act') defines the term "capital asset" to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not include any stock-in-trade or personal assets subject to certain exceptions. As regards shares and other securities, the same can be held either

DEVENDRA NARENDRABHAI THAKKER,,AHMEDABAD vs. ACIT, CIRCLE-5(2), AHMEDABAD

In the result, the appeal of the assessee is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./I.T.A. No. 762/Ahd/2018 ("नधा"रण वष" / Assessment Year : 2011-12) Devendra Narendrabhai Acit, बनाम/ Thakker, Cir – 5(2), Vs. C/O Maffick Logistics, 228, Ahmedabad. Akshar Arcade, Opp. Memnagar Fire Station, Navrangpura, Ahmedabad-14 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Abfpt 6354 E .. (अपीलाथ" /Appellant) (""यथ" / Respondent) अपीलाथ" ओर से / Appellant By : Shri Jyotish M. Shah, A.R. ""यथ" क" ओर से/Respondent By : Shri Prasoon Kabra, Sr.D.R.

section 54G of the Act. The assessee on the sale of such land has earned a long-term capital gain of Rs. 1,18,60,239

VIMARSH PRAKASHBHAI VASAVADA,VADODARA, GUJARAT vs. INCOME TAX OFFICER WARD 1(2)(2), VADODARA, VADODARA, GUJARAT

The appeal of the assessee is allowed for statistical purposes subject to payment of cost

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

section 143(3) of the Income-tax Act, 1961 (“the Act”). During the course of assessment proceedings, the Assessing Officer noticed that the assessee had disclosed Long Term Capital Gains in Schedule CG and had shown sale consideration of ₹25,12,46,239

THE DCIT, CIRCLE-6,, AHMEDABAD vs. SHRI RAJNIKANT KANUBHAI PATEL,, AHMEDABAD

In the result, all the appeals of the Revenue are dismissed, and that of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

section 148 on 4.3.2013. The ld.AO has observed that since vendees have accepted payment of on-money in this land transaction in their return of income, therefore, it is to be construed that vendors might have received on-money and capital gain ought to be assessed in their hands of that on-money. He worked out short capital gain

THE ITO, WARD-6(2),, AHMEDABAD vs. SHRI HARIBHAI MEGHJIBHAI PATEL,, AHMEDABAD

In the result, all the appeals of the Revenue are dismissed, and that of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

section 148 on 4.3.2013. The ld.AO has observed that since vendees have accepted payment of on-money in this land transaction in their return of income, therefore, it is to be construed that vendors might have received on-money and capital gain ought to be assessed in their hands of that on-money. He worked out short capital gain

THE ITO, WARD-6(2),, AHMEDABAD vs. SHRI UPENDRA GANPATRAM PATEL, HUF,, AHMEDABAD

In the result, all the appeals of the Revenue are dismissed, and that of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

section 148 on 4.3.2013. The ld.AO has observed that since vendees have accepted payment of on-money in this land transaction in their return of income, therefore, it is to be construed that vendors might have received on-money and capital gain ought to be assessed in their hands of that on-money. He worked out short capital gain

SHRI SHANTILAL RANCHODDAS PATEL,,AHMEDABAD vs. INCOME TAX OFFICER,, AHMEDABAD

In the result, all the appeals of the Revenue are dismissed, and that of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

section 148 on 4.3.2013. The ld.AO has observed that since vendees have accepted payment of on-money in this land transaction in their return of income, therefore, it is to be construed that vendors might have received on-money and capital gain ought to be assessed in their hands of that on-money. He worked out short capital gain

THE DCIT, CIRCLE-8,, AHMEDABAD vs. SHRI MAYUR MUKUNDBHAI DESAI,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Mahavir Prasad & Shri Amarjit Singh

Section 14A. cannot be accepted. Disallowance u/s 14A requires finding of incurring of expenditure; where it is found that for earning exempted income no expenditure has been incurred, disallowance u/s 14A cannot be stand. In the present case finding on this aspect, against the Revenue, is not shown to be perverse, consequently, disallowance is not permissible." vi. Without prejudice

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

SHRI ADHIRAJ PRANAY SHODHAN(HUF),,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-5(2)(3),, AHMEDABAD

In the result, the appeal is allowed in the terms indicated above

Bench: The Death Of A Mitakshara Coparcener.

capital gains are disclosed in the income tax return filed by Shodhan Jr in his individual capacity. It appears that the assessee also relied upon certain observations made in some judicial precedents, but these were held to be inapplicable on the facts of this case, and the matter rests there. The Assessing Officer referred to the provisions of Section

SHRI ADHIRAJ PRANAY SHODHAN,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-5(2)(3),, AHMEDABAD

In the result, the appeal is allowed in the terms indicated above

capital gains are disclosed in the income tax return filed by Shodhan Jr in his individual capacity. It appears that the assessee also relied upon certain observations made in some judicial precedents, but these were held to be inapplicable on the facts of this case, and the matter rests there. The Assessing Officer referred to the provisions of Section

SHRI BALASHAH BAVA SANSTHA SARVAJANIK TRUST,ANAND vs. THE CIT (EXEMPTION), AHMEDABAD

In the result, appeal of the assessee/applicant trust is allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains and he could not, in such cases, refuse to grant relief under section 143 to the assessee on the technical plea that the assessee had not filed a revised return. It is so since the paramount duty of the Assessing Officer is to complete the assessments in accordance with law. It is all the more

SHRI BALASHAH BAVA SANSTHA SARVAJANIK TRUST,ANAND vs. THE CIT (EXEMPTION), AHMEDABAD

In the result, appeal of the assessee/applicant trust is allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains and he could not, in such cases, refuse to grant relief under section 143 to the assessee on the technical plea that the assessee had not filed a revised return. It is so since the paramount duty of the Assessing Officer is to complete the assessments in accordance with law. It is all the more