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

Capital Gain needs to be accepted. We accordingly order so and allow the respective Ground No.4 of the assessee’s appeal for Assessment Years 2010-11and 2011-12 and dismiss Ground No.7 & 5 of Revenue for Assessment Years 2010-11 , 2011-12 and 2012-13 respectively. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14

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

Capital Gain needs to be accepted. We accordingly order so and allow the respective Ground No.4 of the assessee’s appeal for Assessment Years 2010-11and 2011-12 and dismiss Ground No.7 & 5 of Revenue for Assessment Years 2010-11 , 2011-12 and 2012-13 respectively. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14

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

Capital Gain needs to be accepted. We accordingly order so and allow the respective Ground No.4 of the assessee’s appeal for Assessment Years 2010-11and 2011-12 and dismiss Ground No.7 & 5 of Revenue for Assessment Years 2010-11 , 2011-12 and 2012-13 respectively. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14

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

Capital Gain needs to be accepted. We accordingly order so and allow the respective Ground No.4 of the assessee’s appeal for Assessment Years 2010-11and 2011-12 and dismiss Ground No.7 & 5 of Revenue for Assessment Years 2010-11 , 2011-12 and 2012-13 respectively. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14

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

Capital Gain needs to be accepted. We accordingly order so and allow the respective Ground No.4 of the assessee’s appeal for Assessment Years 2010-11and 2011-12 and dismiss Ground No.7 & 5 of Revenue for Assessment Years 2010-11 , 2011-12 and 2012-13 respectively. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14

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

Capital Gain needs to be accepted. We accordingly order so and allow the respective Ground No.4 of the assessee’s appeal for Assessment Years 2010-11and 2011-12 and dismiss Ground No.7 & 5 of Revenue for Assessment Years 2010-11 , 2011-12 and 2012-13 respectively. KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14

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

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

gain under section 48. Even further, section 55A is meant only to ascertain the fair market value of a capital asset but not meant to determine the full value of the consideration received as a result of the transfer therefore section 55

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

55,609/- in terms of Provision of Section 74 of the Act, operative w.e.f. A.Y. 2003-04. It was the case of the assessee that the Short Term Capital Loss of Rs.16,17,834/- was already determined in A.Y. 2009-10 and such loss was required to be set off against Capital Gain

SHRI ASHISH TANDON, ,VADODARA vs. THE ACIT, CIRCLE-1(1)(2),, VADODARA

In the result, the appeal is dismissed

gains arising on its transfer is not chargeable to tax. 2. The learned CIT(A) erred in fact and in law in computing the cost of acquisition of the capital asset at Rs. Nil by invoking the provisions of section 55

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

capital gains tax ITA No.1668/Ahd/2012(By Revenue) & CO No.178/Ahd/2012 (By Assessee) ACIT (OSD) vs. M/s.Torrent Power Ltd. Asst.Year – 2006-07 which is not intended by the legislature. Therefore, the argument of the, revenue which runs counter to the legislative intent cannot be accepted. 21) Apart from the above, Section 55

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 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

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 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

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 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

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 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

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 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

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 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

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 80 of the Companies Act, 1956 and observed that first proviso to this section provided that “no such shares shall be redeemed except out of profits of the company which would otherwise be available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption”. Thus, according to the ld.CIT

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)

capital gains and while adopting the cost of acquisition, exercised option of adopting fair market value of shares as on 1-4-81 in accordance with section 55