PHELIX APPLIANCES LIMITED,BARODA vs. THE INCOME TAX OFFICER, WARD-4(2),, BARODA

In the result, assessee’s appeal is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 1310/Ahd/2016 ("नधा"रण वष"/Assessment Year : 2009-10 ) Phelix Appliances Ltd. The Income Tax बनाम/ 9, B, Shitalkunj Society Officer Vs. Manjalpur Ward-4(2) Baroda - 390 010 Baroda – 390 007 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcp 1857 C .. (अपीलाथ"/Appellant) (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant By : Shri Manish J. Shah, Ar ""यथ" क" ओर से/Respondent By: Shri Jaya Chaudhary, Sr.Dr

set off of the business loss amounting to Rs. 8,71,279/- against the income under the head “house property

AURA SECURITIES PVT.LTD.,,AHMEDABAD vs. THE ACIT.,CIRCLE-1,, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.834/Ahd/2012 "नधा"रण वष"/Asstt. Year: 2008-2009 Dcit, Aura Securities Pvt. Ltd. Circle-1, V Akhay Building, B/H, Vadilal Ahmedabad. S. House, 53, Shrimali Society, Navrangpura, Ahmedabad-380009 Pan: Aabct4637N आयकर अपील सं./Ita No.986/Ahd/2012 िनधा"रण वष"/Asstt. Year: 2008-2009 Aura Securities Pvt. Ltd. Acit, Akhay Building, B/H, Vadilal Vs. Circle-1, House, 53, Shrimali Society, Ahmedabad. Navrangpura, Ahmedabad-380009 Pan: Aabct4637N

loss arising from the sale of shares. ITA nos.834-986/AHD/2012 & No.3462-Ahd-2014 Asstt. Year 2008-09 15 10.6 We also note that there is no provision under the Act prescribing the guidelines for pricing of the shares unlike the provisions contained under section 50C of the Act concerning immovable properties under the head capital gain. Thus in the absence of any specific

AURA SECURITIES PVT. LTD.,AHMEDABAD vs. DY. COMMISSIONER OF INCOME TAX,, AHMEDABAD

In the result the appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.834/Ahd/2012 "नधा"रण वष"/Asstt. Year: 2008-2009 Dcit, Aura Securities Pvt. Ltd. Circle-1, V Akhay Building, B/H, Vadilal Ahmedabad. S. House, 53, Shrimali Society, Navrangpura, Ahmedabad-380009 Pan: Aabct4637N आयकर अपील सं./Ita No.986/Ahd/2012 िनधा"रण वष"/Asstt. Year: 2008-2009 Aura Securities Pvt. Ltd. Acit, Akhay Building, B/H, Vadilal Vs. Circle-1, House, 53, Shrimali Society, Ahmedabad. Navrangpura, Ahmedabad-380009 Pan: Aabct4637N

loss arising from the sale of shares. ITA nos.834-986/AHD/2012 & No.3462-Ahd-2014 Asstt. Year 2008-09 15 10.6 We also note that there is no provision under the Act prescribing the guidelines for pricing of the shares unlike the provisions contained under section 50C of the Act concerning immovable properties under the head capital gain. Thus in the absence of any specific

ADANI AGRO PVT. LTD.,,AHMEDABAD vs. THE DY.CIT.,CIRCLE-1,, AHMEDABAD

In the result, the assessee appeal is thus allowed

Bench: Shri O. P. Meena& Ms. Madhumita Roy

set off the impugned short term capital loss against the long term capital gain earned by it in the year under consideration. The claim of the assessee was finally decided favorable relying upon the assessee’s own case for A.Y. 2010-11 in ITA No.218/Ahd/2016 for A.Y. 2010-11. The relevant portion whereof is as follows: “11. We have heard

M/S. OCEANIC BUILDCON PVT.LTD.,,BARODA vs. THE ACIT, CIRCLE-4,, BARODA

In the result, all the four appeals filed by the Assessee are allowed

Bench: Shri Pramod Kumar & Shri Mahavir Prasad)

set up its business during the year and Mall under construction was capitalized and contended that loss was required to be allowed. But ld. CIT(A) held that income of the appellant to be taxed under the head income from house property

MAGIC SHARE TRADERS LTD.,AHMEDABAD vs. THE ITO, WARD-2(1)(4), AHMEDABAD

In the result, appeal of the assessee is partly allowed

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadआयकर अपील सं./I.T.A. No. 635/Ahd/2018 ("नधा"रण वष" / Assessment Year: 2014-15) Magic Share Traders Ltd. बनाम/ Ito 101, Akashganga Building, Ward- 2(1)(4) Vs. Nr. Gujarat College Road, Ahmedabad Ellis Bridge, Ahmedabad- 380006 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aae Cm9 542 L .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

loss on sale of shares shall not be permitted to be set off except profit and gains arising from speculative business. Pertinent to say, the Explanation covers only shares and not other goods or commodities etc. and applicable to only company assessees. Two exceptions were provided for non- applicability of the Explanation to sec. 73(1) of the Act prior

GULMOHAR PARK MALL PVT. LTD.,,AHMEDABAD vs. THE DY.CIT, CIRCLE-4,, AHMEDABAD

In the result, both appeals are allowed as indicated above

set of facts, and were heard together. As a matter of convenience, therefore, we are disposing of these appeals together by this consolidated order. 2. We first take up ITA No. 3559/Ahd/2015. This appeal is directed against the order dated 23.10.2015 passed by the CIT(A)-2, Ahmedabad in the matter of assessment under section 143(3) of the Income

GULMOHAR PARK MALL PVT. LTD.,,AHMEDABAD vs. THE DY.CIT, CIRCLE-4,, AHMEDABAD

In the result, both appeals are allowed as indicated above

set of facts, and were heard together. As a matter of convenience, therefore, we are disposing of these appeals together by this consolidated order. 2. We first take up ITA No. 3559/Ahd/2015. This appeal is directed against the order dated 23.10.2015 passed by the CIT(A)-2, Ahmedabad in the matter of assessment under section 143(3) of the Income

THE DY.COMMISSIONER OF INCOME TAX.,ANAND CIRCLE,, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, Ground No. 7 of the assessee’s appeal is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

House Property ought to have directed to grant standard deduction u/s 24 of the Act. ITA Nos.2004/Ahd/2014, 1873/Ahd/2014, 2994/Ahd/2016 & 2954/Ahd/2016 & C.O. No. 14/Ahd/2017 National Dairy Development Board vs. ACIT/DCIT Asst.Years– 2010-11 to 2011-12 6. The Hon'ble CIT(A) erred in not adjudicating on the ground of appeal that the interest earned on North Kerala Project Development Fund

NATIONAL DAIRY DEVELOPMENT BOARD,,ANAND vs. THE ASSTT. COMMISSIONER OF INCOME TAX, ANAND CIRCLE,, ANAND

In the result, Ground No. 7 of the assessee’s appeal is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

House Property ought to have directed to grant standard deduction u/s 24 of the Act. ITA Nos.2004/Ahd/2014, 1873/Ahd/2014, 2994/Ahd/2016 & 2954/Ahd/2016 & C.O. No. 14/Ahd/2017 National Dairy Development Board vs. ACIT/DCIT Asst.Years– 2010-11 to 2011-12 6. The Hon'ble CIT(A) erred in not adjudicating on the ground of appeal that the interest earned on North Kerala Project Development Fund

THE ACIT,ANAND CIRCLE,, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, Ground No. 7 of the assessee’s appeal is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

House Property ought to have directed to grant standard deduction u/s 24 of the Act. ITA Nos.2004/Ahd/2014, 1873/Ahd/2014, 2994/Ahd/2016 & 2954/Ahd/2016 & C.O. No. 14/Ahd/2017 National Dairy Development Board vs. ACIT/DCIT Asst.Years– 2010-11 to 2011-12 6. The Hon'ble CIT(A) erred in not adjudicating on the ground of appeal that the interest earned on North Kerala Project Development Fund

NATIONAL DAIRY DEVELOPMENT BOARD,,ANAND vs. THE ACIT.,ANAND CIRCLE,, ANAND

In the result, Ground No. 7 of the assessee’s appeal is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

House Property ought to have directed to grant standard deduction u/s 24 of the Act. ITA Nos.2004/Ahd/2014, 1873/Ahd/2014, 2994/Ahd/2016 & 2954/Ahd/2016 & C.O. No. 14/Ahd/2017 National Dairy Development Board vs. ACIT/DCIT Asst.Years– 2010-11 to 2011-12 6. The Hon'ble CIT(A) erred in not adjudicating on the ground of appeal that the interest earned on North Kerala Project Development Fund

INDUCTOTHERM (INDIA) PRIVATE LTD.,AHMEDABAD vs. THE DY.CIT.,CIRCLE-4,, AHMEDABAD

In the result, the assessee’s appeal for the assessment year 2011-12 is also partly allowed in the terms indicated above

set off in subsequent assessment year was incurred prior to 1st Oct., 2004 when s. 10(38) was not in existence. The case of the Revenue is that such loss is adjustable against the long-term capital gains, which were under the same head though the same was exempt under s. 10(38) of the Act. 5.1 We shall

INDUCTOTHERM (INDIA) PRIVATE LTD.,AHMEDABAD vs. THE JT.CIT.,RANGE-4,, AHMEDABAD

In the result, the assessee’s appeal for the assessment year 2011-12 is also partly allowed in the terms indicated above

set off in subsequent assessment year was incurred prior to 1st Oct., 2004 when s. 10(38) was not in existence. The case of the Revenue is that such loss is adjustable against the long-term capital gains, which were under the same head though the same was exempt under s. 10(38) of the Act. 5.1 We shall

INDUCTOTHERM (INDIA) PRIVATE LTD.,AHMEDABAD vs. THE DY.CIT.,CIRCLE-2(1)(1),, AHMEDABAD

In the result, the assessee’s appeal for the assessment year 2011-12 is also partly allowed in the terms indicated above

set off in subsequent assessment year was incurred prior to 1st Oct., 2004 when s. 10(38) was not in existence. The case of the Revenue is that such loss is adjustable against the long-term capital gains, which were under the same head though the same was exempt under s. 10(38) of the Act. 5.1 We shall

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(1),, AHMEDABAD vs. SHANTI EXPORTS PVT. LTD.,, AHMEDABAD

In the result, appeal is partly allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No.884/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2016-2017 D.C.I.T., Shanti Exports Pvt. Ltd., Circle-4,(1)(1), Vs. 2Nd Floor, Ahmedabad. Chiripal House, Satellite Road, Ahmedabad.

set aside to the AO for fresh adjudication as per the provisions of law. 8.2 With respect to 5th floor, we note that the learned CIT-A has given detailed and reasoned finding that the impugned floor was being used by the assessee for its commercial purposes besides renting out the table spaces to the group companies on the annual

VYAPTI INFRABUILD PVT. LTD.,,AHMEDABAD vs. THE DY. CIT, CIRCLE-4(1)(2),, AHMEDABAD

The appeal of the Revenue is dismissed

house property, therefore, this ground of appeal of the assessee is allowed. ITA No. 2505/Ahd/2017 filed by assessee 9. The ground no. 1 of the appeal of the assessee pertaining to disallowance of Rs. 28,430/- on account of delay in depositing employees contribution to PF and ESIC is dismissed as not pressed. The second ground of appeal

THE ACIT, CIRCLE-4(1)(2),, AHMEDABAD vs. M/S. VYAPTI INFRABUILD PVT. LTD.,, AHMEDABAD

The appeal of the Revenue is dismissed

house property, therefore, this ground of appeal of the assessee is allowed. ITA No. 2505/Ahd/2017 filed by assessee 9. The ground no. 1 of the appeal of the assessee pertaining to disallowance of Rs. 28,430/- on account of delay in depositing employees contribution to PF and ESIC is dismissed as not pressed. The second ground of appeal