VADODARA URBAN DEVELOPMENT AUTHORITY,VADODARA vs. THE ACIT, CIRCLE-2 (EXEMP), AHMEDABAD

In the result, the appeal of the Department is dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 10(46A) proposes to exempt any income derived by a body or authority, board, trust, or commission, other than a company, established or constituted by or under a central or state act for one or more of the following purposes: i) addressing and meeting the need for housing accommodations; (ii) City, town, or village planning, development, or improvement

VADODARA URBAN DEVELOPMENT AUTHORITY,VADODARA vs. THE ACIT, CIRCLE-2 (EXEMP), AHMEDABAD

In the result, the appeal of the Department is dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 10(46A) proposes to exempt any income derived by a body or authority, board, trust, or commission, other than a company, established or constituted by or under a central or state act for one or more of the following purposes: i) addressing and meeting the need for housing accommodations; (ii) City, town, or village planning, development, or improvement

VADODARA URBAN DEVELOPMENT AUTHORITY,VADODARA vs. THE ACIT, CIRCLE-2 (EXEMP), AHMEDABAD

In the result, the appeal of the Department is dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 10(46A) proposes to exempt any income derived by a body or authority, board, trust, or commission, other than a company, established or constituted by or under a central or state act for one or more of the following purposes: i) addressing and meeting the need for housing accommodations; (ii) City, town, or village planning, development, or improvement

JT.CIT(EXEMPTION)CIRCL-2 AHMEDABAD, AHMEDABAD vs. VADODARA URBAN DEVELOPMENT AUTHORITY, VADODARA

In the result, the appeal of the Department is dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 10(46A) proposes to exempt any income derived by a body or authority, board, trust, or commission, other than a company, established or constituted by or under a central or state act for one or more of the following purposes: i) addressing and meeting the need for housing accommodations; (ii) City, town, or village planning, development, or improvement

JT.CIT(E),CIRCLE -2 AHMEDABAD, AHMEDABAD vs. VADODARA URBAN DEVELOPMENT AUTHORITY , VADODARA

In the result, the appeal of the Department is dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 10(46A) proposes to exempt any income derived by a body or authority, board, trust, or commission, other than a company, established or constituted by or under a central or state act for one or more of the following purposes: i) addressing and meeting the need for housing accommodations; (ii) City, town, or village planning, development, or improvement

JT.CIT(E), CIRCLE-2 AHMEDABAD, AHMEDABAD vs. VADODARA URBAN DEVELOPMENT AUTHORITY , VADODARA

In the result, the appeal of the Department is dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 10(46A) proposes to exempt any income derived by a body or authority, board, trust, or commission, other than a company, established or constituted by or under a central or state act for one or more of the following purposes: i) addressing and meeting the need for housing accommodations; (ii) City, town, or village planning, development, or improvement

ATUL GOVINDJI SHROFF,VADODARA vs. THE DCIT, CENTRAL CIRCLE-3, VADODARA

In the result, appeal filed by the Assessee is dismissed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri Siddhartha Nautiyal (Judicial Member)

5% of the land area). Even if the property Vishubag is treated as a "farm house" and the alleged said "bungalow for the Shroff family" at the property at Vishubag is held as a "residential house", the issue is whether it is capable of being treated as residential house for the purpose of Section-54F. 5.9 In this regard, reference

GALAXY DEVELOPERS,AHMEDABAD vs. THE ACIT., CIRCLE-7(2), AHMEDABAD

In the result, the Appeal of the assessee is allowed

5), there was no express exclusion for stock-in-trade and the notional income from unsold flats had always been chargeable as income from house property. The AO accordingly added Rs.10,93,898/- under that head and also initiated penalty proceedings under section 270A for misreporting of income.\nITA No.1445/Ahd/2024\n4\n6. Apart from the aforesaid issue, the AO also

EFFECTIVE TELESERVICES PVT. LTD.,GANDHINAGAR vs. THE PR. CIT-3, AHMEDABAD

In the result, the order passed under Section 263 of the Act is directed to be set-aside

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

Section 263 of the Act dated 17.02.2023, in response to which the assessee filed reply dated 06.03.2023. After taking the submissions, of the assessee on record, the PCIT observed that the property on which rental income has been earned by the assessee has been classified as non-current investments in Schedule 11 of the Audited Annual Accounts. The PCIT

THE VARDHMAN STAMPINGS PVT. LTD.,,AHMEDABAD vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(2),, AHMEDABAD

In the result, both the appeals of the assessee are allowed

11\nBased on various documents placed on record during the course of\nassessment proceedings, the currency derivatives transactions\ncarried on MCX-SX platform were eligible transactions and were not\ntreated as speculative transactions.\nThe assessee-company has rightly claimed the loss arising out of\neligible currency derivatives as business loss u/s 37 of the I.T. Act.\nThe assessee has also

SHRI BHAGWANBHAI R. MAKWANA,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-14(2),, AHMEDABAD

Appeal is dismissed

Bench: Shri Siddhartha Nautiyal (Judicial Member), Shri Makarand V. Mahadeokar (Accountant Member)

Section 33 of Revenue Act the appellant has incurred several i.e. expenses which were paid by Shri Jaswantbhai D. Patel. Further with regard to the land leveling and development expenses of Rs.65 lakhs it is submitted that Shri Jaswantbhai D. Patel has spent this amount during the period 2000 to 2005 and the land leveling work carried by Shri Dineshbhai

LATE BHAGWATSINH JIBHUBHAI CHAVDA)L/H.BHAKTIBEN BHAGWATSINH CHAVDA,,AHMEDABAD vs. ITO, WARD-5(1)(2),, AHMEDABAD

Appeal is dismissed

Bench: Shri Siddhartha Nautiyal (Judicial Member), Shri Makarand V. Mahadeokar (Accountant Member)

Section 33 of Revenue Act the appellant has incurred several i.e. expenses which were paid by Shri Jaswantbhai D. Patel. Further with regard to the land leveling and development expenses of Rs.65 lakhs it is submitted that Shri Jaswantbhai D. Patel has spent this amount during the period 2000 to 2005 and the land leveling work carried by Shri Dineshbhai

BHAKTIBEN BHAGWATSINH CHAVDA, (L/H OF LATE BHAGWATSINH J CHAVDA),AHMEDABAD vs. ITO, WARD-14(2),, AHMEDABAD

Appeal is dismissed

Bench: Shri Siddhartha Nautiyal (Judicial Member), Shri Makarand V. Mahadeokar (Accountant Member)

Section 33 of Revenue Act the appellant has incurred several i.e. expenses which were paid by Shri Jaswantbhai D. Patel. Further with regard to the land leveling and development expenses of Rs.65 lakhs it is submitted that Shri Jaswantbhai D. Patel has spent this amount during the period 2000 to 2005 and the land leveling work carried by Shri Dineshbhai

SHRI BHAGWANBHAI RANCHHODBHAI MAKWANA,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-5(1)(2),, AHMEDABAD

Appeal is dismissed

Bench: Shri Siddhartha Nautiyal (Judicial Member), Shri Makarand V. Mahadeokar (Accountant Member)

Section 33 of Revenue Act the appellant has incurred several i.e. expenses which were paid by Shri Jaswantbhai D. Patel. Further with regard to the land leveling and development expenses of Rs.65 lakhs it is submitted that Shri Jaswantbhai D. Patel has spent this amount during the period 2000 to 2005 and the land leveling work carried by Shri Dineshbhai

THE VARDHMAN STAMPINGS PVT. LTD.,,AHMEDABAD vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(2),, AHMEDABAD

In the result, both the appeals of the assessee are allowed

11\n• Based on various documents placed on record during the course of\nassessment proceedings, the currency derivatives transactions\ncarried on MCX-SX platform were eligible transactions and were not\ntreated as speculative transactions.\n• The assessee-company has rightly claimed the loss arising out of\neligible currency derivatives as business loss u/s 37 of the I.T. Act.\nThe assessee

THE DCIT, CENTRAL CIRCLE-1(1),, AHMEDABAD vs. M/S. VENUS INFRASTRUCTURE & DEVELOPERS PVT. LTD.,, AHMEDABAD

In the result, the appeal of the Revenue is hereby dismissed

Bench: Ms Suchitra Kamble & Shri Waseem Ahmedआयकरअपीलसं./Ita Nos. 37 & 38/Ahd/2021 धििाधरणणवध/Asstt. Years: 2008-09 & 2017-18 D.C.I.T, M/S Venus Infrastructure & Central Circle-1(1), Vs. Developers Pvt. Ltd., Ahmedabad 1101 Venus Amadeus, Jodhpur Cross Road, Ahmedabad-380015. Pan: Aahcs6254J (Applicant) (Respondent) Revenue By : Shri Akhilendra Pratap Yadaw Assessee By : Shri Tushar Hemani, Sr. Advocate With Shri Parimalsinh B. Parmar & Shri Vijay Govani A.Rs सुिणाईकीतारीख/Date Of Hearing : 08/02/2024 घोवणाकीतारीख/Date Of Pronouncement: 14/02/2024 आदेश/O R D E R Per Waseem Ahmed: The Captioned Two Appeal Have Been Filed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-11, Ahmedabad, Of Even Dated 20/01/2021 Arising In The Matter Of Assessment Order Passed Under S. 147 R.W.S. 143(3) & 143(3) Of The Income Tax Act 1961 (Here- In-After Referred To As "The Act") Relevant To The Assessment Years 2008-09 & 2017-18. First, We Take Up Ita No. 38/Ahd/2021, An Appeal By The Revenue For Ay 2017-18

11. The next issue raised by the Revenue in ground No. 5 is that the Ld. CIT(A) erred in deleting the addition of Rs. 1,57,43,977/- made by the AO on account of income from house property. 12. During the assessment proceedings, the AO found that the assessee has shown its completed units of residential project

THE DCIT, CENTRAL CIRCLE-1(1),, AHMEDABAD vs. M/S. VENUS INFRASTRUCTURE & DEVELOPERS PVT. LTD.,, AHMEDABAD

In the result, the appeal of the Revenue is hereby dismissed

Bench: Ms Suchitra Kamble & Shri Waseem Ahmedआयकरअपीलसं./Ita Nos. 37 & 38/Ahd/2021 धििाधरणणवध/Asstt. Years: 2008-09 & 2017-18 D.C.I.T, M/S Venus Infrastructure & Central Circle-1(1), Vs. Developers Pvt. Ltd., Ahmedabad 1101 Venus Amadeus, Jodhpur Cross Road, Ahmedabad-380015. Pan: Aahcs6254J (Applicant) (Respondent) Revenue By : Shri Akhilendra Pratap Yadaw Assessee By : Shri Tushar Hemani, Sr. Advocate With Shri Parimalsinh B. Parmar & Shri Vijay Govani A.Rs सुिणाईकीतारीख/Date Of Hearing : 08/02/2024 घोवणाकीतारीख/Date Of Pronouncement: 14/02/2024 आदेश/O R D E R Per Waseem Ahmed: The Captioned Two Appeal Have Been Filed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-11, Ahmedabad, Of Even Dated 20/01/2021 Arising In The Matter Of Assessment Order Passed Under S. 147 R.W.S. 143(3) & 143(3) Of The Income Tax Act 1961 (Here- In-After Referred To As "The Act") Relevant To The Assessment Years 2008-09 & 2017-18. First, We Take Up Ita No. 38/Ahd/2021, An Appeal By The Revenue For Ay 2017-18

11. The next issue raised by the Revenue in ground No. 5 is that the Ld. CIT(A) erred in deleting the addition of Rs. 1,57,43,977/- made by the AO on account of income from house property. 12. During the assessment proceedings, the AO found that the assessee has shown its completed units of residential project

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

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

11,90,670/- by making disallowances/additions as follows:  Claim of deduction u/s 36(1)(viii) of the Act in respect of transfer of funds to special reserve.  Disallowance of expenses u/s 14A r.w.r 8D  Taxing of rental income from building as ‘Income from House Property’ instead of “business income” and disallowance of depreciation on building  Disallowance of deduction of interest

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

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

11,90,670/- by making disallowances/additions as follows:  Claim of deduction u/s 36(1)(viii) of the Act in respect of transfer of funds to special reserve.  Disallowance of expenses u/s 14A r.w.r 8D  Taxing of rental income from building as ‘Income from House Property’ instead of “business income” and disallowance of depreciation on building  Disallowance of deduction of interest