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

29 KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 shares consistently held that such gain should be taxed as business income and not as Long Term/Short Term Capital Gain claimed by the assessee. Against the action of the Ld. A.O treating the gain from sale of equity shares as business

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

29 KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 shares consistently held that such gain should be taxed as business income and not as Long Term/Short Term Capital Gain claimed by the assessee. Against the action of the Ld. A.O treating the gain from sale of equity shares as business

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

29 KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 shares consistently held that such gain should be taxed as business income and not as Long Term/Short Term Capital Gain claimed by the assessee. Against the action of the Ld. A.O treating the gain from sale of equity shares as business

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

29 KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 shares consistently held that such gain should be taxed as business income and not as Long Term/Short Term Capital Gain claimed by the assessee. Against the action of the Ld. A.O treating the gain from sale of equity shares as business

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

29 KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 shares consistently held that such gain should be taxed as business income and not as Long Term/Short Term Capital Gain claimed by the assessee. Against the action of the Ld. A.O treating the gain from sale of equity shares as business

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

29 KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 shares consistently held that such gain should be taxed as business income and not as Long Term/Short Term Capital Gain claimed by the assessee. Against the action of the Ld. A.O treating the gain from sale of equity shares as business

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

29 KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 shares consistently held that such gain should be taxed as business income and not as Long Term/Short Term Capital Gain claimed by the assessee. Against the action of the Ld. A.O treating the gain from sale of equity shares as 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.

gains have been included in the other income. Provision for diminution in value of investment has been added back in the computation. Further, the assessee has itself added back Rs.20 lakhs u/s.14A on estimate basis in respect of tax free income earned on such investment. No deduction has been claimed under section 88E for the securities transaction tax paid during

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.

gains have been included in the other income. Provision for diminution in value of investment has been added back in the computation. Further, the assessee has itself added back Rs.20 lakhs u/s.14A on estimate basis in respect of tax free income earned on such investment. No deduction has been claimed under section 88E for the securities transaction tax paid during

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.

gains have been included in the other income. Provision for diminution in value of investment has been added back in the computation. Further, the assessee has itself added back Rs.20 lakhs u/s.14A on estimate basis in respect of tax free income earned on such investment. No deduction has been claimed under section 88E for the securities transaction tax paid during

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.

gains have been included in the other income. Provision for diminution in value of investment has been added back in the computation. Further, the assessee has itself added back Rs.20 lakhs u/s.14A on estimate basis in respect of tax free income earned on such investment. No deduction has been claimed under section 88E for the securities transaction tax paid during

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.

gains have been included in the other income. Provision for diminution in value of investment has been added back in the computation. Further, the assessee has itself added back Rs.20 lakhs u/s.14A on estimate basis in respect of tax free income earned on such investment. No deduction has been claimed under section 88E for the securities transaction tax paid during

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.

gains have been included in the other income. Provision for diminution in value of investment has been added back in the computation. Further, the assessee has itself added back Rs.20 lakhs u/s.14A on estimate basis in respect of tax free income earned on such investment. No deduction has been claimed under section 88E for the securities transaction tax paid during

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.

gains have been included in the other income. Provision for diminution in value of investment has been added back in the computation. Further, the assessee has itself added back Rs.20 lakhs u/s.14A on estimate basis in respect of tax free income earned on such investment. No deduction has been claimed under section 88E for the securities transaction tax paid during

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

In the result, the appeal is dismissed

section 28(va) of the Act. 4. Without prejudice to Ground No. 3, the learned CIT(A) erred in fact and in law in attributing the entire receipt of Rs.9,70,59,873 towards non- compete fees. Capital Gains - Alternate Grounds of Appeal: Without prejudice to Grounds No. 1 and 2: 5. The learned CIT(A) ought to have directed

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)

gain on such conversion is in question. CIT(A) has appreciated the issue in correct legal perspective and in in sync with host of judgments holding the field in this regard. Therefore, there is no perceptible reason to interfere with the order of the CIT(A). 7. Pertinently, we also take note of the clause (via) to Section

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)

gain on such conversion is in question. CIT(A) has appreciated the issue in correct legal perspective and in in sync with host of judgments holding the field in this regard. Therefore, there is no perceptible reason to interfere with the order of the CIT(A). 7. Pertinently, we also take note of the clause (via) to Section

SHRI ASHOKKUMAR KHIMRAJ,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-3(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Smt Madhumita Royआयकर अपील सं./I.T.A. No. 1247/Ahd/2015 ("नधा"रण वष" / Assessment Year : 2006-07) Shri Ashokkumar Khimraj Ito, बनाम/ Prop. Ridhi Siddhi Ward – 3(1), Vs. Enterprises, 21, Shitalkunj Ahmedabad. Society, Rambaug Road, Ahmedabad. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Afdpk 6404 N .. (अपीलाथ"/Appellant) (""यथ" / Respondent) Shri Parin Shah, A.R. अपीलाथ" ओर से/ Appellant By : Shri Vinod Talwani, Sr. D.R. ""यथ" क" ओर से/Respondent By:

gains are dealt with under section 2(42A) and section 2(42B). 3. Trading asset is dealt with under section 28 of the Act. 4. The Central Board of Direct Taxes (CBDT) through Instruction No. 1827, dated August 31, 1989 had brought to the notice of the Assessing Officers that there is a distinction between shares held as investment (capital