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

27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that the appellant company has made investment and the activity may kindly be treated as investment and not business. Surplus/Deficit on shares investment may kindly be treated as long-term/short term capital gain/loss

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

27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that the appellant company has made investment and the activity may kindly be treated as investment and not business. Surplus/Deficit on shares investment may kindly be treated as long-term/short term capital gain/loss

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

27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that the appellant company has made investment and the activity may kindly be treated as investment and not business. Surplus/Deficit on shares investment may kindly be treated as long-term/short term capital gain/loss

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

27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that the appellant company has made investment and the activity may kindly be treated as investment and not business. Surplus/Deficit on shares investment may kindly be treated as long-term/short term capital gain/loss

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

27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that the appellant company has made investment and the activity may kindly be treated as investment and not business. Surplus/Deficit on shares investment may kindly be treated as long-term/short term capital gain/loss

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

27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that the appellant company has made investment and the activity may kindly be treated as investment and not business. Surplus/Deficit on shares investment may kindly be treated as long-term/short term capital gain/loss

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

27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that the appellant company has made investment and the activity may kindly be treated as investment and not business. Surplus/Deficit on shares investment may kindly be treated as long-term/short term capital gain/loss

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

27-06-2012 (Guj HC) In View of the above facts. submissions. Explanations and decisions of Hon'ble Courts and Tribunals, it is prayed that the appellant company has made investment and the activity may kindly be treated as investment and not business. Surplus/Deficit on shares investment may kindly be treated as long-term/short term capital gain/loss

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.

Capital loss 37.37(including - 5.67 43.04 2011-12 LTG Rs.32.59) 27. The ld.counsel for the assessee submitted that in the books of accounts, the assessee has valued the shares/securities at cost and not at lower of cost or market value. It is submitted that the main objects of the memorandum of association do not authorise the assessee to undertake business

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.

Capital loss 37.37(including - 5.67 43.04 2011-12 LTG Rs.32.59) 27. The ld.counsel for the assessee submitted that in the books of accounts, the assessee has valued the shares/securities at cost and not at lower of cost or market value. It is submitted that the main objects of the memorandum of association do not authorise the assessee to undertake business

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.

Capital loss 37.37(including - 5.67 43.04 2011-12 LTG Rs.32.59) 27. The ld.counsel for the assessee submitted that in the books of accounts, the assessee has valued the shares/securities at cost and not at lower of cost or market value. It is submitted that the main objects of the memorandum of association do not authorise the assessee to undertake business

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.

Capital loss 37.37(including - 5.67 43.04 2011-12 LTG Rs.32.59) 27. The ld.counsel for the assessee submitted that in the books of accounts, the assessee has valued the shares/securities at cost and not at lower of cost or market value. It is submitted that the main objects of the memorandum of association do not authorise the assessee to undertake business

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.

Capital loss 37.37(including - 5.67 43.04 2011-12 LTG Rs.32.59) 27. The ld.counsel for the assessee submitted that in the books of accounts, the assessee has valued the shares/securities at cost and not at lower of cost or market value. It is submitted that the main objects of the memorandum of association do not authorise the assessee to undertake business

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.

Capital loss 37.37(including - 5.67 43.04 2011-12 LTG Rs.32.59) 27. The ld.counsel for the assessee submitted that in the books of accounts, the assessee has valued the shares/securities at cost and not at lower of cost or market value. It is submitted that the main objects of the memorandum of association do not authorise the assessee to undertake business

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.

Capital loss 37.37(including - 5.67 43.04 2011-12 LTG Rs.32.59) 27. The ld.counsel for the assessee submitted that in the books of accounts, the assessee has valued the shares/securities at cost and not at lower of cost or market value. It is submitted that the main objects of the memorandum of association do not authorise the assessee to undertake business

SHRI ASHISH TANDON, ,VADODARA vs. THE ACIT, CIRCLE-1(1)(2),, VADODARA

In the result, the appeal is dismissed

Section 28(va)(a) provides for exception to cases where, such receipts are taxable as capital gain viz., where any sum is received for transfer of a right to carry on any business which is chargeable to tax as capital gain. When the transferor is already carrying on business and agrees not to carry on business transferred, then the same

M/S. PRATHAM DEVELOPERS,,VADODARA vs. THE DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2),, BARODA

In the result, Ground No.4 of the assessee’s appeal is allowed in part

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad, Judicial Memebr आयकर अपील सं./I.T.A. Nos. 742/Ahd/2015, 3078 & 3077/Ahd/2016 With Cross Objection No. 76/Ahd/2015 & 9/Ahd/2017 & I.T.A. No. 3087/Ahd/2016 (In I.T.A. Nos. 742/Ahd/2015, 3078 & 3077/Ahd/2016) & ("नधा"रण वष" / Assessment Years : 2010-11, 2012-13 & 2013-14)

gains arising from conversion of trading asset into capital asset is squarely covered in favour of the assessee by the decision of the Hon’ble Gujarat High Court in the case of Aditya Medisales Ltd. vs. DCIT [2016] 73 taxmann.com 197 (Guj) and the decision of the co-ordinate bench in ACIT vs. Bright Star Investments

THE DCIT, CIRCLE-1(2),, BARODA vs. M/S. PRATHAM INVESTMENTS,, BARODA

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad, Judicial Memebr आयकर अपील सं./I.T.A. Nos. 742/Ahd/2015, 3078 & 3077/Ahd/2016 With Cross Objection No. 76/Ahd/2015 & 9/Ahd/2017 & I.T.A. No. 3087/Ahd/2016 (In I.T.A. Nos. 742/Ahd/2015, 3078 & 3077/Ahd/2016) & ("नधा"रण वष" / Assessment Years : 2010-11, 2012-13 & 2013-14)

gains arising from conversion of trading asset into capital asset is squarely covered in favour of the assessee by the decision of the Hon’ble Gujarat High Court in the case of Aditya Medisales Ltd. vs. DCIT [2016] 73 taxmann.com 197 (Guj) and the decision of the co-ordinate bench in ACIT vs. Bright Star Investments