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 gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 8.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.91 lacs u/s 14A to Book profit despite the fact that the same is required to be added to Book profit

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 gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 8.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.91 lacs u/s 14A to Book profit despite the fact that the same is required to be added to Book profit

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

Capital gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 8.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.91 lacs u/s 14A to Book profit despite the fact that the same is required to be added to Book profit

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 gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 8.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.91 lacs u/s 14A to Book profit despite the fact that the same is required to be added to Book profit

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 gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 8.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.91 lacs u/s 14A to Book profit despite the fact that the same is required to be added to Book profit

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

Capital gains disregarding the findings in the assessment order which reveals that the profit was earned from systematic business activity with substantial turnover. 8.The CIT(A) has erred in law and on facts by deleting the addition of Rs.45.91 lacs u/s 14A to Book profit despite the fact that the same is required to be added to Book profit

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 88E for the securities transaction tax paid during the year. (Rs.in) Asstt.Year Amount added back to Amount added the total income back in the total income in previous Asstt.Year 2005-06 Rs.31,565/- Rs.6,02,99,64/- 2006-07 Rs.NIL Rs.31,565/- 2007-08 Rs.27,58,400/- - 2008-09 Rs.10,19,61,651/- Rs.27,58,400/- 2009-10 Rs.2

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 88E for the securities transaction tax paid during the year. (Rs.in) Asstt.Year Amount added back to Amount added the total income back in the total income in previous Asstt.Year 2005-06 Rs.31,565/- Rs.6,02,99,64/- 2006-07 Rs.NIL Rs.31,565/- 2007-08 Rs.27,58,400/- - 2008-09 Rs.10,19,61,651/- Rs.27,58,400/- 2009-10 Rs.2

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 88E for the securities transaction tax paid during the year. (Rs.in) Asstt.Year Amount added back to Amount added the total income back in the total income in previous Asstt.Year 2005-06 Rs.31,565/- Rs.6,02,99,64/- 2006-07 Rs.NIL Rs.31,565/- 2007-08 Rs.27,58,400/- - 2008-09 Rs.10,19,61,651/- Rs.27,58,400/- 2009-10 Rs.2

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 88E for the securities transaction tax paid during the year. (Rs.in) Asstt.Year Amount added back to Amount added the total income back in the total income in previous Asstt.Year 2005-06 Rs.31,565/- Rs.6,02,99,64/- 2006-07 Rs.NIL Rs.31,565/- 2007-08 Rs.27,58,400/- - 2008-09 Rs.10,19,61,651/- Rs.27,58,400/- 2009-10 Rs.2

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 88E for the securities transaction tax paid during the year. (Rs.in) Asstt.Year Amount added back to Amount added the total income back in the total income in previous Asstt.Year 2005-06 Rs.31,565/- Rs.6,02,99,64/- 2006-07 Rs.NIL Rs.31,565/- 2007-08 Rs.27,58,400/- - 2008-09 Rs.10,19,61,651/- Rs.27,58,400/- 2009-10 Rs.2

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 88E for the securities transaction tax paid during the year. (Rs.in) Asstt.Year Amount added back to Amount added the total income back in the total income in previous Asstt.Year 2005-06 Rs.31,565/- Rs.6,02,99,64/- 2006-07 Rs.NIL Rs.31,565/- 2007-08 Rs.27,58,400/- - 2008-09 Rs.10,19,61,651/- Rs.27,58,400/- 2009-10 Rs.2

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 88E for the securities transaction tax paid during the year. (Rs.in) Asstt.Year Amount added back to Amount added the total income back in the total income in previous Asstt.Year 2005-06 Rs.31,565/- Rs.6,02,99,64/- 2006-07 Rs.NIL Rs.31,565/- 2007-08 Rs.27,58,400/- - 2008-09 Rs.10,19,61,651/- Rs.27,58,400/- 2009-10 Rs.2

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)

gains arising from conversion of trading asset into capital asset is squarely covered in favour of the assessee by the decision of the Hon’ble Gujarat High Court in the case of Aditya Medisales Ltd. vs. DCIT [2016] 73 taxmann.com 197 (Guj) and the decision of the co-ordinate bench in ACIT vs. Bright Star Investments

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)

gains arising from conversion of trading asset into capital asset is squarely covered in favour of the assessee by the decision of the Hon’ble Gujarat High Court in the case of Aditya Medisales Ltd. vs. DCIT [2016] 73 taxmann.com 197 (Guj) and the decision of the co-ordinate bench in ACIT vs. Bright Star Investments

SHRI AJAY REGHUBHAI BHARWAD,VADODARA vs. THE ITO, WARD-2(1), VADODARA

In the result, the appeals filed by the Assessees are dismissed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

section 45(1) of the act, any profits or gains arising from the transfer of a capital asset effected in the previous year I.T.A No. 595, 596 & 597/Ahd/2020 A.Ys. 2009-10 & 2010-11 Page No 10 Shri Piyush M. Dobariya vs. ITO & Ors. shall be chargeable to income-tax under the head "Capital gains" with certain conditions and exemptions

SHRI PIYUSH M DOBARIYA,VADODARA vs. THE ITO, WARD-5(4), VADODARA

In the result, the appeals filed by the Assessees are dismissed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

section 45(1) of the act, any profits or gains arising from the transfer of a capital asset effected in the previous year I.T.A No. 595, 596 & 597/Ahd/2020 A.Ys. 2009-10 & 2010-11 Page No 10 Shri Piyush M. Dobariya vs. ITO & Ors. shall be chargeable to income-tax under the head "Capital gains" with certain conditions and exemptions

AJAY REGHUBHAI BHARWAD,VADODARA vs. THE ITO, WARD-1(2)(1), VADODARA

In the result, the appeals filed by the Assessees are dismissed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

section 45(1) of the act, any profits or gains arising from the transfer of a capital asset effected in the previous year I.T.A No. 595, 596 & 597/Ahd/2020 A.Ys. 2009-10 & 2010-11 Page No 10 Shri Piyush M. Dobariya vs. ITO & Ors. shall be chargeable to income-tax under the head "Capital gains" with certain conditions and exemptions