SHRI ROHITJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

unexplained deposits in bank which has been added without considering & appreciating the facts that that relevant bank deposit has been declared in return of income filled by the assessee. And also the penalty levied on additions made by the Assessing Officer on account of alleged capital gain of Rs.49,00,000 & Rs.1,89,43,840 on account of undisclosed capital

SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

unexplained deposits in bank which has been added without considering & appreciating the facts that that relevant bank deposit has been declared in return of income filled by the assessee. And also the penalty levied on additions made by the Assessing Officer on account of alleged capital gain of Rs.49,00,000 & Rs.1,89,43,840 on account of undisclosed capital

SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

unexplained deposits in bank which has been added without considering & appreciating the facts that that relevant bank deposit has been declared in return of income filled by the assessee. And also the penalty levied on additions made by the Assessing Officer on account of alleged capital gain of Rs.49,00,000 & Rs.1,89,43,840 on account of undisclosed capital

SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

unexplained deposits in bank which has been added without considering & appreciating the facts that that relevant bank deposit has been declared in return of income filled by the assessee. And also the penalty levied on additions made by the Assessing Officer on account of alleged capital gain of Rs.49,00,000 & Rs.1,89,43,840 on account of undisclosed capital

SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

unexplained deposits in bank which has been added without considering & appreciating the facts that that relevant bank deposit has been declared in return of income filled by the assessee. And also the penalty levied on additions made by the Assessing Officer on account of alleged capital gain of Rs.49,00,000 & Rs.1,89,43,840 on account of undisclosed capital

SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

unexplained deposits in bank which has been added without considering & appreciating the facts that that relevant bank deposit has been declared in return of income filled by the assessee. And also the penalty levied on additions made by the Assessing Officer on account of alleged capital gain of Rs.49,00,000 & Rs.1,89,43,840 on account of undisclosed capital

SHRI ASHOKJI CHANDUJI THAKOR,,AHMEDABAD vs. THE ITO, WARD-3(3)(1), AHMEDABAD

Bench: Shri Siddhartha Nautiyal & Shri Narendra Prasad Sinha

unexplained deposits in bank which has been added without considering & appreciating the facts that that relevant bank deposit has been declared in return of income filled by the assessee. And also the penalty levied on additions made by the Assessing Officer on account of alleged capital gain of Rs.49,00,000 & Rs.1,89,43,840 on account of undisclosed capital

SABBIRALI ALIMIYA SAIYED,VADODARA vs. THE ITO, WARD-3(1)(1),, VADODARA

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No. 904/Ahd/2018 िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष"/Asstt. Year: 2014-15 वष"

unexplained money under section 68 of the Act. 4.2 The assessee in in response to such show cause notice made a detailed reply vide letter dated 27th December 2016 and furnished in support of his claim being long-term capital gain the following documents: a. Source of investment

THE ITO, WARD-1(2)(3), AHMEDABAD vs. SHRI MAHESH SOMABHAI PATEL, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

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

investments made in other shares namely Valchand Nagar, Adani Enterprise, Power Grid, Adani Power, India Bulls and relevant statement, Demat account, confirmation of accounts, bank accounts, etc. Thus the assessing officer is not correct in holding the transaction whereas the Ld. CIT(A) after verifying the entire transactions held the transactions as genuine and allowed the deduction

THE ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), AHMEDABAD vs. SHRI KAILASH RAMAVATAR GOENKA, AHMEDABAD

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokar

capital gain. 6. The learned CIT(A) has erred in law and on facts of the case in not accepting the contention of the appellant that the amount of Rs. 1,00,00,000 received from Mr. Pawan Jalan was part of internal circulation and therefore, not unexplained receipt at all. 7. Alternatively and without prejudice, such

SHRI SUBHASH BECHULAL SONI,AHMEDABAD vs. THE INCOME TAX OFFICER,WARD-6(4),, AHMEDABAD

In the result, the appeal filed by the assessee is allowed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No. 220/Ahd/2018 िनधा"रण वष"/Asstt. Year: 2009-10 Subhash Bechulal Soni, I.T.O., B/H Shahwadi Bus Stand, Vs. Ward-6(4), Shahwadi, Ahmedabad. Narol, Ahmedabad-382405. Pan: Adzps9498J

unexplained cash credit under section 68 of the Act. 10.5 Moving to the next amount of penalty levied on the addition of short-term capital gain and disallowance of long-term capital loss and treating the long-term capital gain as income from other sources. The assessee with respect to two pieces of land has shown short-term capital gain

SHRI DINESH CHHAGANLAL THAKKAR,AHMEDABAD vs. THE PR. CIT-1 , AHMEDABAD

In the result, the appeal filed by the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 51/Ahd/2020 िनधा"रण वष"/Asstt. Year: 2015-2016

Investment and Commercial Enterprises Ltd. (ix) Application for equity shares 67-69 (x) Bank Statement evidencing payment 70 (xi) NEFT details for purchase of shares 71 (xiii) Form 2 filed with Ministry of Corporates Affairs 72-77 (xiii) Demat Startement 78 Contract notes for sale of shares 89-307 10.9 The assessee further during the assessment proceedings vide letter dated

THE ITO, WARD-1(3)(4), AHMEDABAD vs. SHRI NILESHKUMAR DASHRATHBHAI PATEL, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

investments in the books of accounts. The relief to the appellant has recently been given by Hon'ble Rajasthan High Court in the case of CIT vs. Pooja Agarwal. "Bogus capital gains from penny stocks: If the transaction is supported by documents like contract notes, demat statements etc and is routed through the stock exchange and if the payments

SHAILESH S. JHAVERI,AHMEDABAD vs. THE DY.CIT, CENT. CIRCLE-1(1), AHMEDABAD

In the result, the appeal of the assessee is dismissed for both the year under consideration

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

invested and the identity of the persons to whom the transactions were done, have to fail necessarily. • In such a factual scenario, the Assessing Officers, as well as the CIT(A), have adopted an inferential process which is a process which would be followed by a reasonable and prudent person. The Assessing Officers and the CIT(A) had culled

SHAILESH SUBODHCHANDRA JHAVERI,AHMEDABAD vs. THE DY.CIT, CENTRAL CIRCLE-1(1), AHMEDABAD

In the result, the appeal of the assessee is dismissed for both the year under consideration

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

invested and the identity of the persons to whom the transactions were done, have to fail necessarily. • In such a factual scenario, the Assessing Officers, as well as the CIT(A), have adopted an inferential process which is a process which would be followed by a reasonable and prudent person. The Assessing Officers and the CIT(A) had culled

SHAILESH SUBODHCHANDRA JHAVERI,AHMEDABAD vs. THE DY.CIT, CENTRAL CIRCLE-1(1), AHMEDABAD

In the result, the appeal of the assessee is dismissed for both the year under consideration

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

invested and the identity of the persons to whom the transactions were done, have to fail necessarily. • In such a factual scenario, the Assessing Officers, as well as the CIT(A), have adopted an inferential process which is a process which would be followed by a reasonable and prudent person. The Assessing Officers and the CIT(A) had culled

SHRI PANNALAL BAIJNATH JAISWAL,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-2(3),, AHMEDABAD

In the result, assessee’s appeal is dismissed

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadआयकर अपील सं./I.T.A. No.1142/Ahd/2015 ("नधा"रण वष" / Assessment Year : 2011-12)

capital gain arising from the property as STCGs instead of LTCGs. 10. As regards second ground agitated, the CIT(A) noted that the assessee filed affidavit of the son and wife of the deceased brother as ‘additional evidence’ of the receipt of cash on death of brother. However, the CIT(A) noted that the assessee has failed to file

DCIT CIRCLE-3(3), AHMEDABAD vs. SHRI ALPESHKUMAR C.PATEL, AHMEDABAD

In the result, the appeal of the assessee is partly allowed

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumarआयकर अपील सं./Ita No. 1908/Ahd/2018 िनधा"रण वष"/Asstt. Year: 2011-2012 Alpeshkumar C. Patel, A.C.I.T., 503, Milestone Building, Vs. Circle-3(3), Drive In Road, Ahmedabad. Thaltej, Ahmedabad-380052. Pan: Aeapp9489G

investment in the properties in the later years instead of depositing the same in the capital gain account scheme, the assessee cannot be denied the benefit of the provisions of section 54F of the Act. 15.15 It was also alleged that the expenditures shown by the assessee against the construction of the bungalow were bogus in nature. Admittedly, the amount