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 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

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 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

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 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,(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

Section 2(42 A) of the. Act, the assessee is deemed to have held the capital asset from 29/1/1993. By reason of the deemed holding of the asset from 29/1/1993, the assessee is deemed to have held the asset, as a long term capital. asset. If the long term capital gains

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

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

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

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

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

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

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

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:

42 in case of minor son). The activity is spread out throughout the year i.e. there is regularity of transactions. Further, same scrips are purchased and sold again and again i.e. there is repetition. Further, and most importantly the volume of transactions of sale and purchase of shares is very high. The total sale consideration on these transactions

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

42,98,580/- which comprised of income from property of Rs. 7,35,000/- and short term capital gain of Rs. 22,36,30,580/- which has arisen on sale of shares held by the assessee as investment. The return was processed u/s. 143(1) of the Act and then selected for scrutiny assessment. 3. During the course of assessment

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 2 1 1, AHMEDABAD, AHMEDABAD vs. BHARAT LAKHAJI NANDWANA, AHMEDABAD

In the result, the appeal filed by the Department is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

42 / 355 ITR 474 (Bom.) had occasion to consider this precise issue. The Hon’ble High Court held that when the legislature by introducing the deeming fiction under section 49(1) seeks to tax the gains arising on transfer of a capital

SMT. JYOTI SUNIL MANIYAR,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-2(4),, AHMEDABAD

In the result, the appeal of the assessee is dismissed

Bench: Shri Waseem Ahmed & Smt Madhumita Royआयकर अपील सं./I.T.A. No. 888/Ahd/2014 ("नधा"रण वष" / Assessment Year : 2009-10) Smt Joyti Sunil Maniyar, Ito, बनाम/ C/O. Ketan H. Shah, Advocate Ward – 2(4), Vs. 903, Sapphire Complex, Ahmedabad. C.G. Road, Navrangpura, Ahmedabad. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Agepa 2433 K .. (अपीलाथ"/Appellant) (""यथ" / Respondent) Shri Ketan Shah, A.R. अपीलाथ" ओर से/ Appellant By : ""यथ" क" ओर से/Respondent By: Shri Lalit P Jain, Sr. D.R.

capital gain during the assessment proceedings. 5.6 The assessee in support of his argument has also furnished the affidavit of the accountant dated 21.11.2011 which is reproduced as under: “6.1 The attention is also drawn to the facts that, assessee's Accountant has firstly prepared the return as on 01.08.2010 and the tax / interest calculated thereon, on that date comes