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 194H on payment in the nature of Sub brokerage/Commission. 7.The CIT(A) has erred in law and, on facts by directing to treat profit from sale of shares held only up to 30 days as business income and the balance as Capital gains

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 194H on payment in the nature of Sub brokerage/Commission. 7.The CIT(A) has erred in law and, on facts by directing to treat profit from sale of shares held only up to 30 days as business income and the balance as Capital gains

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 194H on payment in the nature of Sub brokerage/Commission. 7.The CIT(A) has erred in law and, on facts by directing to treat profit from sale of shares held only up to 30 days as business income and the balance as Capital gains

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

section 194H on payment in the nature of Sub brokerage/Commission. 7.The CIT(A) has erred in law and, on facts by directing to treat profit from sale of shares held only up to 30 days as business income and the balance as Capital gains

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 194H on payment in the nature of Sub brokerage/Commission. 7.The CIT(A) has erred in law and, on facts by directing to treat profit from sale of shares held only up to 30 days as business income and the balance as Capital gains

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 194H on payment in the nature of Sub brokerage/Commission. 7.The CIT(A) has erred in law and, on facts by directing to treat profit from sale of shares held only up to 30 days as business income and the balance as Capital gains

SCARLETT DESIGNS PVT. LTD.,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-8(1),, AHMEDABAD

In the result, the appeal of the assessee stands allowed

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

section 154 of the Act for the Assessment Years 2010-11 & 2011-12. Since both the appeals relate to the same assessee, these are heard analogously and are being disposed of by a common order. ITA Nos.2839 & 2840/Ahd/2015 Scarlett Designs Pvt. Ltd. vs. ITO Asst.Year –2010-11 & 2011-12 ITA No.2839/Ahd/2015 for A.Y. 2010-11: 2. The assessee filed

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

gains arising on transfer of a : capita! asset acquired by the assessee under a gift, the indexed cost of acquisition has to be computed with reference to the year in which the previous owner first held the asset and not the year in which the assessee became the owner of the asset. " On this issue, as pointed out earlier

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 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

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 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

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 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

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 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

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 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

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 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

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 28(i) of the Income-tax Act, 1061 - Business income - Chargeable as -Assessment year 1991-92 - After sale of tea estate assessee-company was engaged in business of real estate and purchase and sale of shares - It showed profit on sale of shares on investment account and claimed such profit as capital gain - Assessing Officer found profit on sale

M/S. CHANDAN INFRATECH LIMITED,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-1(3),, AHMEDABAD

capital gain of Rs. 22,36,38,580 as Income chargeable under the head "Profits and gains from Business or profession" and thereby computing tax at higher rate of 30% as against tax rate of 15% as provided under section

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