THE ACIT, CIRCLE-3(2),, AHMEDABAD vs. VISHAL ENGINEERING & GALVANIZERS,, AHMEDABAD

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

3. Ground No.1relates to deletion of disallowance of Rs.25,46,06,987/- on account of Long Term Capital Gain (LTCG) and Rs.3,26,02,919/- on account of Short Term Capital Gain (STCG). 4. The brief facts leading to this case is this that the assessee engaged in the business of Manufacturing of Transmission Towers and Job work of Engineering

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-2(1), AHMEDABAD vs. M/S. CLARIS LIFESCIENCES LIMITED, AHMEDABAD

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकरअपीलसं./Ita No. 295/Ahd/2022 धििाधरणवरध/Asstt. Year: 2018-2019 The D.C.I.T, M/S Claris Lifesciences Limited, Central Circle-2(1), Vs. Claris Corporate Hq, Ahmedabad. Near Parimal Rly. Crossing, Ellisbridge, Ahmedabad-380006. Pan: Aaacc6366Q

45 of the Income-tax Act. To put it simply, the benefit of section 54E will be available to the assessee irrespective of the fact that the computation of capital gains is done either under sections 48 and 49 or under section 50. The contention of the revenue that by amendment to section 50 the long-term capital asset

SMT. RASHIDABEN TAHER MORAWALA,GODHRA vs. THE DCIT, INT.-TAXA., BARODA

In the result, the appeal filed by the Assessee is hereby allowed

3. The initiation of penalty proceedings U/s 271(1) (c) of the Act is not justified 4.1. Ld. Counsel Mr. Bandish Soparkar appearing for the assessee submitted that the assessment order passed in the case is barred by time, because the reference made by the Assessing Officer under section 142A is bad and illegal and cannot claim extension of time

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

45. As far as the Short Term Capital Gain, it may be difficult at some point of time because the equity shares if purchased during the year then they will not appear in the last year balance sheet. Revenue authorities can easily question the taxability of such transaction because the assessee may be dealing in the similar scrip for trading

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

45. As far as the Short Term Capital Gain, it may be difficult at some point of time because the equity shares if purchased during the year then they will not appear in the last year balance sheet. Revenue authorities can easily question the taxability of such transaction because the assessee may be dealing in the similar scrip for trading

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

45. As far as the Short Term Capital Gain, it may be difficult at some point of time because the equity shares if purchased during the year then they will not appear in the last year balance sheet. Revenue authorities can easily question the taxability of such transaction because the assessee may be dealing in the similar scrip for trading

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

45. As far as the Short Term Capital Gain, it may be difficult at some point of time because the equity shares if purchased during the year then they will not appear in the last year balance sheet. Revenue authorities can easily question the taxability of such transaction because the assessee may be dealing in the similar scrip for trading

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

45. As far as the Short Term Capital Gain, it may be difficult at some point of time because the equity shares if purchased during the year then they will not appear in the last year balance sheet. Revenue authorities can easily question the taxability of such transaction because the assessee may be dealing in the similar scrip for trading

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

45. As far as the Short Term Capital Gain, it may be difficult at some point of time because the equity shares if purchased during the year then they will not appear in the last year balance sheet. Revenue authorities can easily question the taxability of such transaction because the assessee may be dealing in the similar scrip for trading

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

45. As far as the Short Term Capital Gain, it may be difficult at some point of time because the equity shares if purchased during the year then they will not appear in the last year balance sheet. Revenue authorities can easily question the taxability of such transaction because the assessee may be dealing in the similar scrip for trading

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

45. As far as the Short Term Capital Gain, it may be difficult at some point of time because the equity shares if purchased during the year then they will not appear in the last year balance sheet. Revenue authorities can easily question the taxability of such transaction because the assessee may be dealing in the similar scrip for trading

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)

3-4 years prior. The assessee has converted stock-in- trade into investment at the book value shown in the books of account. Subsequently, the shares so held in investment were sold and the assessee offered capital gains accrued on the sale of shares. Provisions of section 45

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)

3-4 years prior. The assessee has converted stock-in- trade into investment at the book value shown in the books of account. Subsequently, the shares so held in investment were sold and the assessee offered capital gains accrued on the sale of shares. Provisions of section 45

SHRI VIKAS NARAYAN BADDI,AHMEDABAD vs. THE ACIT,CENTRAL CIRCLE-1(3),, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Smt.Annapurna Gupta & Smt.Suchitra Kambleassessment Year :2012-13

3) Where the new asset is transferred within a period of three years from the date of its purchase or, as the case may be, its construction, the amount of capital gain arising from the transfer of the original asset not charged under section 45

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 45, of the Income-tax Act, 1061 - Business income - Chargeable as [Share dealings] - Assessment year 2008-09 - Assessee was an investor for past several years - During previous year, he sold certain shares and claimed gain arising on sale of shares as short-term capital gain - Assessing Officer treated said gain as business income - Commissioner (Appeals) held transactions to constitute

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 45, of the Income-tax Act, 1061 - Business income - Chargeable as [Share dealings] - Assessment year 2008-09 - Assessee was an investor for past several years - During previous year, he sold certain shares and claimed gain arising on sale of shares as short-term capital gain - Assessing Officer treated said gain as business income - Commissioner (Appeals) held transactions to constitute

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 45, of the Income-tax Act, 1061 - Business income - Chargeable as [Share dealings] - Assessment year 2008-09 - Assessee was an investor for past several years - During previous year, he sold certain shares and claimed gain arising on sale of shares as short-term capital gain - Assessing Officer treated said gain as business income - Commissioner (Appeals) held transactions to constitute

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 45, of the Income-tax Act, 1061 - Business income - Chargeable as [Share dealings] - Assessment year 2008-09 - Assessee was an investor for past several years - During previous year, he sold certain shares and claimed gain arising on sale of shares as short-term capital gain - Assessing Officer treated said gain as business income - Commissioner (Appeals) held transactions to constitute