THE DY.CIT, CIRCLE-3(1)(1)., AHMEDABAD vs. N.K. INDUSTRIES LTD., AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

gains of the business or profession, and accordingly chargeable to income-tax as the income of that previous year. Explanation 1. - For the purposes of this sub-section, the expression "loss or expenditure or some benefit in respect of any such trading liability by way of remission or cessation thereof" shall include the remission or cessation of any liability

N.K. INDUSTRIES LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-3(1)(1), AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

gains of the business or profession, and accordingly chargeable to income-tax as the income of that previous year. Explanation 1. - For the purposes of this sub-section, the expression "loss or expenditure or some benefit in respect of any such trading liability by way of remission or cessation thereof" shall include the remission or cessation of any liability

DEPUTY COMMISSIONER OF INCOME -TAX CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD, GUJARAT vs. BHAVESHKUMAR GIRISHBHAI BHANDARI, AHMEDABAD, GUJARAT

Appeal is allowed in ITA 978/Ahd/2025 and ITA\n978/Ahd/2025 as well

256 ITR 360 (Guj), Dharmdev Finance (P.) Ltd. v.\nCIT [2014] 43 taxmann.com 395 (Guj), and PCIT v. Genuine Finance Pvt.\nLtd. [Tax Appeal No. 222 of 2023 (Guj)], to argue that once the identity,\ngenuineness, and creditworthiness were established, the burden stood\ndischarged and no addition under section 68 was warranted. The assessee\nalso referred to the order

DEPUTY COMMISSIONER OF INCOME -TAX CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD, GUJARAT vs. BHAVESHKUMAR GIRISHBHAI BHANDARI, AHMEDABAD, GUJARAT

In the result, the appeal of the Department is allowed and the order of\nthe Assessing Officer is restored

1) of the Act. Later, a report from the Investigation Wing,\nAhmedabad was received by the Assessing Officer (AO), which contained\ninformation regarding accommodation entries and manipulation of penny\nstock transactions allegedly carried out by the Kushal Group of Companies.\nBased on this information, the AO noted that the assessee was one of the\nbeneficiaries of such accommodation\nentries

DEPUTY COMMISSIONER OF INCOME -TAX CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD, GUJARAT vs. GIRISHKUMAR AMRATLAL BHANDARI HUF, HIMATNAGAR, GUJARAT

In the result, the appeal of the Department is allowed and the order of\nthe Assessing Officer is restored

1) of the Act. Later, a report from the Investigation Wing,\nAhmedabad was received by the Assessing Officer (AO), which contained\ninformation regarding accommodation entries and manipulation of penny\nstock transactions allegedly carried out by the Kushal Group of Companies.\nBased on this information, the AO noted that the assessee was one of the\nbeneficiaries of such accommodation\nentries

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

capital gains in accommodation entries. (ix) The decision of Hon'ble Madhya Pradesh High Court in the case of Chain House International Pvt. Limited, ratio of such decision cannot be made applicable to present, as in the appellant's case no affidavits or confirmation of Mr. Shirish Shah was filed which proved that loan/ICD taken by Appellant is genuine, whereas

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

capital gains in accommodation entries. (ix) The decision of Hon'ble Madhya Pradesh High Court in the case of Chain House International Pvt. Limited, ratio of such decision cannot be made applicable to present, as in the appellant's case no affidavits or confirmation of Mr. Shirish Shah was filed which proved that loan/ICD taken by Appellant is genuine, whereas

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

capital gains in accommodation entries. (ix) The decision of Hon'ble Madhya Pradesh High Court in the case of Chain House International Pvt. Limited, ratio of such decision cannot be made applicable to present, as in the appellant's case no affidavits or confirmation of Mr. Shirish Shah was filed which proved that loan/ICD taken by Appellant is genuine, whereas

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

capital gains in accommodation entries. (ix) The decision of Hon'ble Madhya Pradesh High Court in the case of Chain House International Pvt. Limited, ratio of such decision cannot be made applicable to present, as in the appellant's case no affidavits or confirmation of Mr. Shirish Shah was filed which proved that loan/ICD taken by Appellant is genuine, whereas

JHAVERI TRADING AND INVESTMENT PVT.LTD.,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Shri Tr Senthil Kumarआयकर अपील सं./Ita Nos. 401 To 403/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2012-2013 To 2014-2015) & आयकर अपील सं./Ita Nos. 399 & 400/Ahd/2023 "नधा"रण वष"/Asstt. Years: (2010-2011 & 2011-12)

capital gains in accommodation entries. (ix) The decision of Hon'ble Madhya Pradesh High Court in the case of Chain House International Pvt. Limited, ratio of such decision cannot be made applicable to present, as in the appellant's case no affidavits or confirmation of Mr. Shirish Shah was filed which proved that loan/ICD taken by Appellant is genuine, whereas

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 1(1)(1), VADODARA vs. GUJARAT URJA VIKAS NIGAM LIMITED, VADODARA

In the result, the appeal filed by the Revenue in ITA No

Bench: Shri Ramit Kochar (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

gain. In that view of I.T.A Nos. 166/Ahd/22 & 231/Ahd/24 and Ors. A.Ys. 2017-18 & 2020-21 Page No 9 Gujarat Urja Vikas Nigam Ltd. . vs. DCIT the matter, the impugned amount of 26.74 lakhs on account of interest income from other loans and advances and miscellaneous income of 186.61 lakhs are rightly been treated as income from other sources

GUJARAT URJA VIKAS NIGAM LTD.,VADODARA vs. THE DY.CIT, CIRCLE-1(1)(1), VADODARA

In the result, the appeal filed by the Revenue in ITA No

Bench: Shri Ramit Kochar (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

gain. In that view of I.T.A Nos. 166/Ahd/22 & 231/Ahd/24 and Ors. A.Ys. 2017-18 & 2020-21 Page No 9 Gujarat Urja Vikas Nigam Ltd. . vs. DCIT the matter, the impugned amount of 26.74 lakhs on account of interest income from other loans and advances and miscellaneous income of 186.61 lakhs are rightly been treated as income from other sources

THE JT.CIT, (OSD)CIRCLE-1(1)(1), VADODARA vs. GUJARAT URJA VIKAS NIGAM LTD., VADODARA

In the result, the appeal filed by the Revenue in ITA No

Bench: Shri Ramit Kochar (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

gain. In that view of I.T.A Nos. 166/Ahd/22 & 231/Ahd/24 and Ors. A.Ys. 2017-18 & 2020-21 Page No 9 Gujarat Urja Vikas Nigam Ltd. . vs. DCIT the matter, the impugned amount of 26.74 lakhs on account of interest income from other loans and advances and miscellaneous income of 186.61 lakhs are rightly been treated as income from other sources

GUJARAT URJA VIKAS NIGAM LTD.,VADODARA vs. THE ACIT, CIRCLE-1(1)(1), VADODARA

In the result, the appeal filed by the Revenue in ITA No

Bench: Shri Ramit Kochar (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

gain. In that view of I.T.A Nos. 166/Ahd/22 & 231/Ahd/24 and Ors. A.Ys. 2017-18 & 2020-21 Page No 9 Gujarat Urja Vikas Nigam Ltd. . vs. DCIT the matter, the impugned amount of 26.74 lakhs on account of interest income from other loans and advances and miscellaneous income of 186.61 lakhs are rightly been treated as income from other sources

THE ACIT, CIRCLE-5,, AHMEDABAD vs. M/S. JUBILEE TRADELINK PVT. LTD., AHMEDABAD

In the result, the appeal of the Department is dismissed

Bench: Mrs. Annapurna Gupta & Shri Siddhartha Nautiyalिनधा"रणवष"/Assessment Year: 2008-09 Vs. M/S. Jubilee Tradelink Pvt. Ltd., The Acit, 9B, Bansidhar Apartments, Circle-5, Gyanganga Classes, Ahmedabad Jawaharnagar, Vasna, Ahmedabad Pan : Aabcj 0614 P अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" Assessee By : Shri S.N. Soparkar, Sr. Advocate & Shri Parin Shah, Ar Revenue By : Shri Ravindra, Sr Dr तारीख/Date Of Hearing : 08.05.2024 सुनवाई क" क" तारीख सुनवाई सुनवाई सुनवाई क" क" तारीख तारीख घोषणा क" क" तारीख तारीख /Date Of Pronouncement: 29.05.2024 घोषणा घोषणा घोषणा क" क" तारीख तारीख आदेश आदेश/O R D E R आदेश आदेश Per Siddhartha Nautiyal: This Appeal Has Been Filed By The Department Against The Order Of The Learned Commissioner Of Income-Tax (Appeals)-9, Ahmedabad [Hereinafter Referred To As "Cit(A)" For Short] Dated 05.01.2016, Passed Under Section 250(6) Of The Income Tax Act, 1961 [Hereinafter Referred To As "The Act" For Short], For The Assessment Year (Ay) 2008-09. 2. The Department Has Taken The Following Grounds Of Appeal:- “1. The Ld. Cit(A) Has Erred In Law & On Facts In Holding The Reassessment Proceedings As Void. 2. The Ld. Cit(A) Has Erred In Law & On Facts By Not Appreciating That The Assessment Was Reopened Within Four Years From The Relevant Assessment Year & The Issue Decided In Reassessment Proceedings Was Not Dealt With During Original Assessment Proceedings..

gains. 4. Before Ld. CIT(A), the assessee objected to initiation of reassessment proceedings on the assessee under Section 147 of the Act. The main ground of objection of the assessee with regards to proceedings under Section 147 of the Act were that proceedings were initiated by way of change of opinion, without bringing on any new facts on record

SURESHBHAI RANCHHODBHAI PATEL,AHMEDABAD vs. ACIT CIRCLE 5(2)(1), AHMEDABAD, AHMEDABAD

In the result, both the appeals of the assessee are allowed for statistical purposes

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1327 & 1328/Ahd/2024 ("नधा"रण वष" / Assessment Year: 2016-17 & 2017-18) बनाम/ Sureshbhai Ranchhodbhai Acit Circle 5(2)(1), Ahmedabad Patel Vs. 1, Shayona Darshan & Bunglow, Opp. Gujarat High Court, Ghatlodia, Acit, Circle 6(1), Gujarat – 380061 Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Actpp1167A (Appellant) .. (Respondent) Assessee By : Shri R B Tank, A.R. Shri Kavan Limbasiya, Sr. Dr Revenue By : 26/03/2025 Date Of Hearing Date Of Pronouncement 29/04/2025

Section 56(2)(vii) of the Income Tax Act, 1961 (in short ‘the Act’) and accordingly addition of Rs.5,06,404/- was made in the hands of the assessee. Further, the sale consideration of Rs.65,20,000/- in respect of other two properties was considered as capital gain and added to income. The assessment was completed u/s.143

SURESHBHAI RANCHHODBHAI PATEL,AHMEDABAD vs. ACIT CIRCLE 6(1), AHMEDABAD, AHMEDABAD

In the result, both the appeals of the assessee are allowed for statistical purposes

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1327 & 1328/Ahd/2024 ("नधा"रण वष" / Assessment Year: 2016-17 & 2017-18) बनाम/ Sureshbhai Ranchhodbhai Acit Circle 5(2)(1), Ahmedabad Patel Vs. 1, Shayona Darshan & Bunglow, Opp. Gujarat High Court, Ghatlodia, Acit, Circle 6(1), Gujarat – 380061 Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Actpp1167A (Appellant) .. (Respondent) Assessee By : Shri R B Tank, A.R. Shri Kavan Limbasiya, Sr. Dr Revenue By : 26/03/2025 Date Of Hearing Date Of Pronouncement 29/04/2025

Section 56(2)(vii) of the Income Tax Act, 1961 (in short ‘the Act’) and accordingly addition of Rs.5,06,404/- was made in the hands of the assessee. Further, the sale consideration of Rs.65,20,000/- in respect of other two properties was considered as capital gain and added to income. The assessment was completed u/s.143

THE DCIT, CENTRAL CIRCLE-1(2),, AHMEDABAD vs. M/S. VOLGA INTERNATIONAL LTD.,, SARANGPUR

In the result appeal of the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Ms Madhumita Roy

capital gains was factually not correct. Therefore, after having regard to the facts and circumstances of the case and position of law on issue, in my considered opinion the action of the AO is not sustainable. Accordingly, the ground of appeal is allowed. 8. Being aggrieved by the order of the learned CIT(A), the Revenue is in appeal before