ERIS LIFESCIENCES LIMITED,AHMEDABAD vs. NFAC, DELHI (PRESENT JURISDICTION- THE DY. CIT, CIRCLE-2(1)(1)), AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

DCIT CIRCLE-2(1)(1), AHMEDABAD, VEJALPUR vs. ERIS LIFESCIENCES LIMITED SHIVARTH AMBIT, BODAKDEV AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

ERIS LIFESCIENCES LIMITED,AHMEDABAD vs. NFAC, DEHI (PRESENT JURISDICTION- THE DY.CIT, CIRCLE-2(1)(1)), AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

ERIS LIFESCIENCES LIMITED,AHMEDABAD vs. NFAC, DELHI (PRESENT JURISDICTION - THE DY. CIT, CIRCLE-2(1)(1)), AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

DCIT, CIRCLE-2(1)(1) AHMEDABAD, AHMEDABAD vs. ERIS LIFESCIENCE LIMITED SHIVARTH AMBIT, AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

DCIE CIRCLE-2(1)(1), AHEMDABAD, VEJALPUR vs. ERIS LIFESCIENCES LIMITED SHIVARTH AMBIT, BODAKDEV AHMEDABAD

In the result, for assessment year 2022-23, the appeal of the Department is partly allowed for statistical purposes

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

capital gains have been credited to the profit and loss account prepared in accordance with the Companies Act. Once such gains form part of net profit, the computation of their quantum must necessarily follow the computation mechanism contained in section 48, which statutorily mandates indexation. Denial of indexation would artificially inflate book profit and result in MAT being levied

DCIT CIRCLE-2(1)(1), AHMEDABAD, AHMEDABAD vs. ERIS LIFESCIENCES LIMITED SHIVARTH AMBIT , BODAKDEV AHMEDABAD

Appeal are dismissed

capital gains have been credited to\nthe profit and loss account prepared in accordance with the Companies Act.\nOnce such gains form part of net profit, the computation of their quantum\nmust necessarily follow the computation mechanism contained in section 48,\nwhich statutorily mandates indexation. Denial of indexation would artificially\ninflate book profit and result in MAT being levied

ERIS LIFESCIENCES LIMITED,AHMEDABAD vs. NFAC, DEHI (PRESENT JURISDICTION- THE DY. CIT, CIRCLE-2(1)(1), AHMEDABAD

Appeal are dismissed

capital gains have been credited to\nthe profit and loss account prepared in accordance with the Companies Act.\nOnce such gains form part of net profit, the computation of their quantum\nmust necessarily follow the computation mechanism contained in section 48,\nwhich statutorily mandates indexation. Denial of indexation would artificially\ninflate book profit and result in MAT being levied

SMT. NITIN R SHAH,VADODARA vs. THE DCIT, CENTRAL CIRCLE-2, VADODARA

In the result the appeal filed by the assessee is allowed for statistical purposes

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

capital gain arose in that year irrespective of the fact that the consideration in full has been received or not. So even if the said amount of Rs. 50,00,000/- has been received in F.Y. 2012-13, in my considered view, the date of transfer of the original asset will remain 21/01/2010 only. And even if it is conceded

BABUBHAI RAMANBHAI PATEL,AHMEDABAD vs. NATIONAL FACELESS ASSESSMENT CENTRE,DELHI PRESENT JURISDICTION THE ITO, WARD-1(2)(1), AHMEDABAD

In the result, appeal of the assessee is allowed for statistical purposes

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

gains / losses, and Assessing Officer was of the view that the assessee had traded in a script, namely, Prerna Infrabuild Limited, which was a bogus company and did not exist at its address. Accordingly, the Assessing Officer was of the view that the assessee had incurred bogus short-term capital losses amount amounting to Rs.3,25,511/- which were required

BABUBHAI RAMANBHAI PATEL,AHMEDABAD vs. THE DY.CIT, CIRCLE-1(1)(1) PRESENT JURISDICTION THE ITO, WARD-1(2)(1), AHMEDABAD

In the result, appeal of the assessee is allowed for statistical purposes

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

gains / losses, and Assessing Officer was of the view that the assessee had traded in a script, namely, Prerna Infrabuild Limited, which was a bogus company and did not exist at its address. Accordingly, the Assessing Officer was of the view that the assessee had incurred bogus short-term capital losses amount amounting to Rs.3,25,511/- which were required

PRAKASH MISRIMAL SANGHVI,AHMEDABAD vs. DCIT CC 1(1) AHMEDABAD, AHEMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

548/- (@20% of total addition) u/s.28 of the Income Tax Act in respect of the ledger maal khate/ shreemaal khaate." ITA Nos. 1138 to 1146, 1148 to 1155 & 1184/Ahd/2024 [Prakash Mishrimal Sanghvi vs. DCIT] A.Ys. 2013-14 to 2021-22 - 6 – 5. "The Revenue craves leave to add/alter/armed and/or substitute any or all of the grounds of appeal." Grounds

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD vs. PRAKASH MISRIMAL SANGHVI, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

548/- (@20% of total addition) u/s.28 of the Income Tax Act in respect of the ledger maal khate/ shreemaal khaate." ITA Nos. 1138 to 1146, 1148 to 1155 & 1184/Ahd/2024 [Prakash Mishrimal Sanghvi vs. DCIT] A.Ys. 2013-14 to 2021-22 - 6 – 5. "The Revenue craves leave to add/alter/armed and/or substitute any or all of the grounds of appeal." Grounds

DEPUTY COMMISSIONER OF INCOME -TAX, AHMEDABAD vs. PRAKASH MISRIMAL SANGHVI, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

548/- (@20% of total addition) u/s.28 of the Income Tax Act in respect of the ledger maal khate/ shreemaal khaate." ITA Nos. 1138 to 1146, 1148 to 1155 & 1184/Ahd/2024 [Prakash Mishrimal Sanghvi vs. DCIT] A.Ys. 2013-14 to 2021-22 - 6 – 5. "The Revenue craves leave to add/alter/armed and/or substitute any or all of the grounds of appeal." Grounds

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1) , AHMEDABAD, AHMEDABAD vs. PRAKASH MISRIMAL SANGHVI, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

548/- (@20% of total addition) u/s.28 of the Income Tax Act in respect of the ledger maal khate/ shreemaal khaate." ITA Nos. 1138 to 1146, 1148 to 1155 & 1184/Ahd/2024 [Prakash Mishrimal Sanghvi vs. DCIT] A.Ys. 2013-14 to 2021-22 - 6 – 5. "The Revenue craves leave to add/alter/armed and/or substitute any or all of the grounds of appeal." Grounds

PRAKASH MISRIMAL SANGHVI,AHMEDABAD vs. DCIT CC (1) AHMEDABAD, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

548/- (@20% of total addition) u/s.28 of the Income Tax Act in respect of the ledger maal khate/ shreemaal khaate." ITA Nos. 1138 to 1146, 1148 to 1155 & 1184/Ahd/2024 [Prakash Mishrimal Sanghvi vs. DCIT] A.Ys. 2013-14 to 2021-22 - 6 – 5. "The Revenue craves leave to add/alter/armed and/or substitute any or all of the grounds of appeal." Grounds

PRAKASH MISRIMAL SANGHVI,AHMEDABAD vs. DCIT CC 1(1) AHMEDABAD, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

548/- (@20% of total addition) u/s.28 of the Income Tax Act in respect of the ledger maal khate/ shreemaal khaate." ITA Nos. 1138 to 1146, 1148 to 1155 & 1184/Ahd/2024 [Prakash Mishrimal Sanghvi vs. DCIT] A.Ys. 2013-14 to 2021-22 - 6 – 5. "The Revenue craves leave to add/alter/armed and/or substitute any or all of the grounds of appeal." Grounds

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD vs. PRAKASH MISRIMAL SANGHVI, AHMEDABAD

In the result, the appeal of the Revenue in ITA No

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

548/- (@20% of total addition) u/s.28 of the Income Tax Act in respect of the ledger maal khate/ shreemaal khaate." ITA Nos. 1138 to 1146, 1148 to 1155 & 1184/Ahd/2024 [Prakash Mishrimal Sanghvi vs. DCIT] A.Ys. 2013-14 to 2021-22 - 6 – 5. "The Revenue craves leave to add/alter/armed and/or substitute any or all of the grounds of appeal." Grounds