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

house property qua the properties held as stock in trade on account of deemed rental income. 6.4 As the assessee succeeds on the reasoning as elaborated in the preceding paragraph, therefore we are not inclined to adjudicate the other contentions raised by the Ld.AR for the assessee. Hence the ground of appeal of the assessee is allowed. ITA Nos.37-38/AHD/2021 A.Y.s

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

housing loan available to the assessee but the same was not utilized for the purpose of the investment in the property. In this connection we note that the AO has made charts for different assessment years in which the assessee has sold different lands. These charts are available on pages 51 and 52 of the assessment order. The allegation that

SHRI NARENDRA B. PATEL,,SABARKANTHA vs. THE INCOME TAX OFFICER, WARD-2,, HIMATNAGAR

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

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 3153/Ahd/2014 िनधा"रण वष"/Asstt. Year: 2011-12 Narendra B. Patel, I.T.O., 592, Pampaliva Vas, Vs. Ward-2, Moyad, Himatnagar. Sabarkantha-383110. Pan: Asupp6989M

section 251(2) of the Act. Accordingly, we reject the contention of the learned AR for the assessee. 10.8 With respect to the merit of the case in respect of the remaining amount of loan of ₹1.85 lacs from the party namely Shri Parshottambhai Mohanbhai Patel, we note that the assessee has discharged the onus by furnishing the details such

SHRI RAKESH AMBALAL PATEL,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-3(3)(9),, AHMEDABAD

In the result, appeal of the assessee is dismissed

Bench: Shri Pradip Kumar Kedia & Smt. Madhumita Royआयकर अपील सं./I.T.A. No. 465/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2010-11)

house property on 21.08.2009 for a consideration of Rs.8 Lakhs as per sale deed was very much present to the mind of the Assessing Officer and therefore invoking s.147 of the Act for substitution of ‘deemed sale consideration’ of Rs.13,17,000/- in place of Rs.8 Lakhs for the purposes of determination of capital gains with reference to Section

DIPAL SURESHBHAI PATEL,AHMEDABAD vs. ITO, WARD-3(3)(1),, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed& Ms. Madhumita Roy

house or in constructing a residential hour within the period stipulated in Section 54F(1), if the assessee wants the benefit of Section 54F, then he should deposit the said capital gains in an account which is duly notified by the Central Government. In the other words if he want of claim exemption from payment of income tax by retaining

SHRI POPATBHAI BHUDARBHAI PATEL,,AHMEDABAD vs. ITO, WARD-6(1)(3),, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Ms. Suchitra Kambleassessment Year: 2014-15

house property, capital gain and from other sources. The Assessing Officer observed that during the year under consideration, the assessee purchased property at Rs.50,00,000/-. The Assessing Officer asked the assessee to furnish the source of investment in property for which the assessee vide letter dated 12.08.2016 submitted the source of the funds as well as confirmation from

THE DCIT, CIRCLE-4,, BARODA vs. M/S. YUVRAJ INDUSTRIES LTD.,, BARODA

In the result, appeal of the Revenue is allowed

Bench: Shri Rajpal Yadav, Vice- & Shri Pradipkumar Kedia

property. However, in view of lots of disputes / litigations, immediate consideration payments demand by the assessee and many were not ready to buy assets viz. Hotel Yuvraj, Baroda, Bhadralok Project, Hotel Yurvraj, Surat and office premises at Baroda. The assessee could finalise sales deal in various years and able to settle dues of Tourism Finance Corporation Ltd., Bank of India

DCIT, CENTRAL CIRCLE-1(4), AHMEDABAD, AHMEDABAD vs. HINDVA BUILDERS, AHMEDABAD

In the result, all the four appeals of the Revenue are hereby dismissed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha

Housing Pvt. Ltd Vs. DCIT (ITAT Mumbai), the Hon'ble ITAT held "Thus, the net income element embedded in the on-money receipts could safely be taken in the case of the captioned assessee 15% of the amount of the on-money receipts, and the same were in the ITA Nos.1450&1451 and 1562&1563/Ahd/2024 (By Revenue) DCIT vs. Hindva

DCIT, CENTRAL CIRCLE-1(4), AHMEDABAD, AHMEDABAD vs. HINDVA BUILDERS, AHMEDABAD

In the result, all the four appeals of the Revenue are hereby dismissed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha

Housing Pvt. Ltd Vs. DCIT (ITAT Mumbai), the Hon'ble ITAT held "Thus, the net income element embedded in the on-money receipts could safely be taken in the case of the captioned assessee 15% of the amount of the on-money receipts, and the same were in the ITA Nos.1450&1451 and 1562&1563/Ahd/2024 (By Revenue) DCIT vs. Hindva

DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL CIRCLE)-1(4), AHMEDABAD, AHMEDABAD vs. HINDVA BUILDERS, AHMEDABAD

In the result, all the four appeals of the Revenue are hereby dismissed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha

Housing Pvt. Ltd Vs. DCIT (ITAT Mumbai), the Hon'ble ITAT held "Thus, the net income element embedded in the on-money receipts could safely be taken in the case of the captioned assessee 15% of the amount of the on-money receipts, and the same were in the ITA Nos.1450&1451 and 1562&1563/Ahd/2024 (By Revenue) DCIT vs. Hindva

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), AHMEDABAD, AHMEDABAD vs. HINDVA BUILDERS, AHMEDABAD

In the result, all the four appeals of the Revenue are hereby dismissed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha

Housing Pvt. Ltd Vs. DCIT (ITAT Mumbai), the Hon'ble ITAT held "Thus, the net income element embedded in the on-money receipts could safely be taken in the case of the captioned assessee 15% of the amount of the on-money receipts, and the same were in the ITA Nos.1450&1451 and 1562&1563/Ahd/2024 (By Revenue) DCIT vs. Hindva

M/S. ISCON MEGACITY MEMBERS ASSOCIATION ,,BHAVNAGAR vs. THE INCOME TAX OFFICER, (EXEMP. ), BHAVNAGAR

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

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./I.T.A. No.1290/Ahd/2014 ("नधा"रण वष" / Assessment Year : 2010-11)

property. The transfer fee TDR Premium charged by the society from its member is a commercial transaction and not eligible for exemption on grant of mutuality. In view of the above, the ground is rejected.” 11. Before us, on the strength of Hon’ble Gujarat High Court’s decision in the case of Manekbaug Co-operative Housing Society

ASSTT.COMMISSIONER OF INCOME TAX, CIRCLE-3(1)(1),, AHMEDABAD vs. M/S. PRIYAL INTERNATIONAL P.LTD.,, AHMEDABAD

In the result Ground No. 4 of the Revenues appeal is dismissed

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadआयकर अपील सं./I.T.A. No. 3115/Ahd/2015 ("नधा"रण वष" / Assessment Year: 2011-12)

256 and 205 of 2000. Thus the CIT(A) in our considered view has rightly hold interest income from FDRs to be ‘business income’ and consequently eligible for deduction under section 10AA of the Act in terms of formula provided under section 10AA(7) of the Act. We thus find no ITA No.3115/Ahd/2015 [Add. CIT vs. Priyal International

ARVIND LIFESTYLE BRANDS LTD.,,AHMEDABAD vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(2),, AHMEDABAD

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

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedsl. Ita No(S) Asset. Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 1817/Ahd/2016 2012-13 Arvind Lifestyle Brands D.C.I.T, Ltd., Circle-1(1)(2), Arvind Mills Premises, Ahmedabad. Naroda Road, Ahmedabad-380025. Pan No. Aaach7252A 2. 2056/Ahd/2016 2012-13 D.C.I.T, Arvind Lifestyle Circle-1(1)(2), Brands Ltd., Ahmedabad. 3. 2377/Ahd/2017 2013-14 Arvind Lifestyle Brands D.C.I.T, Ltd., Circle-1(1)(2), Ahmedabad. 4. 2618/Ahd/2017 2014-15 Arvind Lifestyle Brands Ito Ward-1(1)(3) Ltd., Ahmedabad

property on lease for a period of 3 years after making the deposit of the security amount say Rs. 1 lakh only. As per the arrangement between the assessee and the lessor, the assessee was to get the security deposit on termination of the lease period. Let us assume, the assessee was to get the refund of the security deposit

ABDULVAHED A. SHEIKH, LEGAL HEIROF LATE SMT. SARIFABEN BIKHUBHAI SHEK,,AHMEDABAD vs. THE ITO, WARD-7(2)(5),, AHMEDABAD

The appeal of the assessee is allowed in above terms

property during the year along with other Co-owners and his share in the transaction was Rs. 35,79,625/- ,but no return of income had been filed by the asseseee. Subsequently assessment was framed , subjecting the Long Term Capital Gain earned thereon, amounting to Rs. 32,63,644/-, to tax by taking the assessee’s share as the sale

AMBE TRADECORP PVT. LTD.,AHMEDABAD vs. THE PR. CIT (CENTRAL), AHMEDABAD

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

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita No.53/Ahd/2021 िनधा"रण वष"/Asstt. Year: 2010-2011 Ambe Tradecorp Private Limited, The P.C.I.T.(Central) Iscon House, Vs. Ahmedabad. B/H. Rembrandt Building, C.G. Road, Ahmedabad.

House Ltd reported in 194 taxman 324. The relevant portion of the judgment is reproduced as hereunder: While exercising power under section 263, the Commissioner has to be satisfied that the order is prejudicial to the interest of the revenue and there are materials available on record which require the Commissioner to satisfy him in a, prima facie, manner that

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(2),, AHMEDABAD vs. VIJAY M. MISTRY CONSTRUCTION PVT. LTD.,, AHMEDABAD

In the result, assessee’s appeals are allowed and Revenue’s appeal is dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./I.T.A. No. 2938/Ahd/2011, 2939/Ahd/2011, 2286/Ahd/2012, 268/Ahd/2015, 269/Ahd/2015, 502/Ahd/2017, 1145/Ahd/2019 & 1468/Ahd/2019 ("नधा"रण वष" / Assessment Year : 2007-08, 2008-09, 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 & 2016-17) Address In A.Ys. 2007-08, बनाम/ 2008-09 & 2009-10 Vs. Vijay M. Mistry Cons. P. Asst. Commissioner Of Ltd. Income Tax Circle–8, B-209, 2Nd Floor, 501, Swagat, C. G. Road, Panjara Pole, Pratyakshkar Ellisbridge, Ahmedabad – & Bhavan, Ambawadi, 380006 (Gujarat) Ahmedabad Address In A.Ys. 2010-11 Joint Commissioner Of Income Tax Vijay M. Mistry Cons. P. Range-8, B-209, 2Nd Floor, Ltd. Panjara Pole, Pratyakshkar “Mistry House”, 9, Preyas Bhavan, Ambawadi, Society, Opp. Gulbai Ahmedabad Tekra Police Choki & Ambawadi, Ahmedabad – 380015 Address In A.Ys. 2011-12 Vijay M. Mistry Cons. P. Dy. Commissioner Of Ltd. Income Tax (Osd) & Circle–8, B-209, 2Nd Floor, “Mistry House”, 9, Preyas Panjara Pole, Pratyakshkar Society, Opp. Gulbai Bhavan, Ambawadi, Tekra Police Choki, Ahmedabad Ambawadi, Ahmedabad –

Property and Land Developers P.Ltd.(Mumbai ITAT) [2018] 93 taxmann.com 296 (Mum) 5. Rohan & Rajdeep Infrastructure (Pune ITAT) [2013] 40 tax.com 136 (Pune) 6. ABG Heavy Industries Ltd.(BOM HC) [2010] 189 taxman.com 54 (Bom) 7. Koya& Co. Construction P.Ltd. [2012] 21 taxmann.com 35 (Hyd.ITAT) 8 . GVPR Engineers Ltd. [2012] 21 taxmann.com 25 (Hyd ITAT) 9. B.T. Patil & Sons Belgaum

VIJAY M.MISTRY CONSTRUCTION PVT.LTD.,,AHMEDABAD vs. THE ACIT.,CIRCLE-8,, AHMEDABAD

In the result, assessee’s appeals are allowed and Revenue’s appeal is dismissed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./I.T.A. No. 2938/Ahd/2011, 2939/Ahd/2011, 2286/Ahd/2012, 268/Ahd/2015, 269/Ahd/2015, 502/Ahd/2017, 1145/Ahd/2019 & 1468/Ahd/2019 ("नधा"रण वष" / Assessment Year : 2007-08, 2008-09, 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 & 2016-17) Address In A.Ys. 2007-08, बनाम/ 2008-09 & 2009-10 Vs. Vijay M. Mistry Cons. P. Asst. Commissioner Of Ltd. Income Tax Circle–8, B-209, 2Nd Floor, 501, Swagat, C. G. Road, Panjara Pole, Pratyakshkar Ellisbridge, Ahmedabad – & Bhavan, Ambawadi, 380006 (Gujarat) Ahmedabad Address In A.Ys. 2010-11 Joint Commissioner Of Income Tax Vijay M. Mistry Cons. P. Range-8, B-209, 2Nd Floor, Ltd. Panjara Pole, Pratyakshkar “Mistry House”, 9, Preyas Bhavan, Ambawadi, Society, Opp. Gulbai Ahmedabad Tekra Police Choki & Ambawadi, Ahmedabad – 380015 Address In A.Ys. 2011-12 Vijay M. Mistry Cons. P. Dy. Commissioner Of Ltd. Income Tax (Osd) & Circle–8, B-209, 2Nd Floor, “Mistry House”, 9, Preyas Panjara Pole, Pratyakshkar Society, Opp. Gulbai Bhavan, Ambawadi, Tekra Police Choki, Ahmedabad Ambawadi, Ahmedabad –

Property and Land Developers P.Ltd.(Mumbai ITAT) [2018] 93 taxmann.com 296 (Mum) 5. Rohan & Rajdeep Infrastructure (Pune ITAT) [2013] 40 tax.com 136 (Pune) 6. ABG Heavy Industries Ltd.(BOM HC) [2010] 189 taxman.com 54 (Bom) 7. Koya& Co. Construction P.Ltd. [2012] 21 taxmann.com 35 (Hyd.ITAT) 8 . GVPR Engineers Ltd. [2012] 21 taxmann.com 25 (Hyd ITAT) 9. B.T. Patil & Sons Belgaum

ROBIN RAMAVTAR GOENKA,AHMEDABAD vs. THE ACIT, CENTRAL CIRCLE-1(2), AHMEDABAD

In the result, the appeal filed by the Revenue IT[SS]A Nos

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Makarand Vasant Mahadeokar (Accountant Member)

House, B/h. Rajpath Club, Bodakdev, Ahmedabad, Gujarat 380054 (Appellant) PAN: ANDPG9739Q (Respondent) Assessee Represented: Shri Tushar Hemani, Sr. Adv. & Shri Parimalsinh B. Parmar, A.R. Revenue Represented: Shri Durga Dutt, CIT-DR & Shri B.P. Srivastava, Sr. D.R. Date of hearing : 03-04-2025 Date of pronouncement : 30-05-2025 आदेश/ORDER PER BENCH:- These appeals are filed by the Assessee