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

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

gain arises on the said transaction : • CIT vs. Texspin Engg. & Mfg. Works 263 ITR 345 5. In this matter, we are concerned with assessment year 1996-97. Section 45(1) is a charging section as far as capital

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

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 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 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 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

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

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

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

45(4) also prescribes that the fair market value be deemed to the fall value of the consideration in respect of distribution of capital asset on the dissolution of a firm. Certain specific instances have been prescribed under the Act and only under those circumstances the fair market value can be substituted with the amount of full value of consideration

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)

45(2) to deal with a situation where stock-in-trade is converted into investment and later on investment is sold on profit, formula which is favourable to an assessee should be accepted - Held, yes Whether, therefore. Commissioner (Appeals) rightly directed Assessing Officer to accept capital gain offered by assessee - Held, yes" 17. Considering the above we submit that

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)

45(2) to deal with a situation where stock-in-trade is converted into investment and later on investment is sold on profit, formula which is favourable to an assessee should be accepted - Held, yes Whether, therefore. Commissioner (Appeals) rightly directed Assessing Officer to accept capital gain offered by assessee - Held, yes" 17. Considering the above we submit that

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

45 as income of the previous year in which the period of three years from the date of the transfer of the original asset expires; and (ii) the assessee shall be entitled to withdraw the unutilised amount in accordance with the scheme aforesaid. 11. As is evident from a bare reading of the section, to be entitled to claim exemption

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.

45 read with section 28(i), of the Income-tax Act, 1961 - Capital gains -Chargeable as (Capital gain v. business income/dealing in Mutual fund units) -Assessment year 2005-06 - Assessee - company had shown certain short- term capital gain on sale of mutual fund units - Assessing Officer taxed said income as business income - On appeal, Commissioner(Appeals) upheld order of Assessing

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.

45 read with section 28(i), of the Income-tax Act, 1961 - Capital gains -Chargeable as (Capital gain v. business income/dealing in Mutual fund units) -Assessment year 2005-06 - Assessee - company had shown certain short- term capital gain on sale of mutual fund units - Assessing Officer taxed said income as business income - On appeal, Commissioner(Appeals) upheld order of Assessing

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.

45 read with section 28(i), of the Income-tax Act, 1961 - Capital gains -Chargeable as (Capital gain v. business income/dealing in Mutual fund units) -Assessment year 2005-06 - Assessee - company had shown certain short- term capital gain on sale of mutual fund units - Assessing Officer taxed said income as business income - On appeal, Commissioner(Appeals) upheld order of Assessing

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.

45 read with section 28(i), of the Income-tax Act, 1961 - Capital gains -Chargeable as (Capital gain v. business income/dealing in Mutual fund units) -Assessment year 2005-06 - Assessee - company had shown certain short- term capital gain on sale of mutual fund units - Assessing Officer taxed said income as business income - On appeal, Commissioner(Appeals) upheld order of Assessing