OVEZ ARIFBHAI LAKHANI,BHAVNAGAR vs. THE PR. CIT, AHMEDABAD-1, AHMEDABAD

In the result, the appeal of the assessee is dismissed

Bench: Income Tax Appellate Tribunal, Ahmedabad Benches, Has Arisen From The Revisionary Order Dated 12.03.2024 Passed By Ld. Principal

long term capital gain/ loss to various entities. Based on above information, the case of the assessee was reopened u/s. 147 r.w.s. 148 of the Act, as a transaction in the penny stock being not commensurate with the income of the assessee. The Assessing Officer while finalizing the reassessment

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

long-term capital gains for the Shilpgram and Khoraj properties by applying indexation up to the year of transfer, and tax the capital gains year-wise as computed and directed by the CIT(A). B. Grounds relating to Addition in respect of Internal Circulation of Funds and Unaccounted Receipts and Payments 15. The issue involved under these grounds pertain

MOHSIN ZULFIKAR KORADIA,AHMEDABAD vs. THE PR. CIT-3, AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Smt.Annapurna Gupta & T.R. Senthil Kumarasstt.Year : 2011-12 Mohsin Zulfikar Koradia The Pr.Cit-3 C/O.Gujarat Food Industries Vs Ahmedabad. 4324 Phase Iv Gidc Vatva Ahmedabad 382 445 Pan : Htpk 0799 C

reassessment proceedings had been initiated on the assessee on the basis of information that the assessee had traded in scrips of penny stock company viz. M/s. Vas Infrastructure Ltd. (“VIL” for short) amounting to Rs.41,78,568/-. Thereafter case of the assessee was reopened and during the assessment proceedings, the assessee filed revised 3 return declaring capital gain on sale

THE ACIT, CIRCLE-3(2),, AHMEDABAD vs. VISHAL ENGINEERING & GALVANIZERS,, AHMEDABAD

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

long term capital gain. The appellant on the other hand has submitted that provisions of section 45(4) are not applicable as there was no transfer of assets by way of distribution of capital assets and there was no dissolution of the firm. The AO was not justified in observing that on conversion of the appellant from to the company

M/S. VISHAL ENGINEERS & GALVANIZERS,,AHMEDABAD vs. THE DY.CIT, CIRCLE-6,, AHMEDABAD

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

long term capital gain. The appellant on the other hand has submitted that provisions of section 45(4) are not applicable as there was no transfer of assets by way of distribution of capital assets and there was no dissolution of the firm. The AO was not justified in observing that on conversion of the appellant from to the company

THE DCIT, CIRCLE-6,, AHMEDABAD vs. VISHAL ENGINEERING & GALVANIZERS,, AHMEDABAD

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

long term capital gain. The appellant on the other hand has submitted that provisions of section 45(4) are not applicable as there was no transfer of assets by way of distribution of capital assets and there was no dissolution of the firm. The AO was not justified in observing that on conversion of the appellant from to the company

SHAMA AJAY PATEL,AHMEDABAD vs. THE CIT(IT & TP), AHMEDABAD

The appeal of the assessee is allowed

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarिनधा"रण वष"/Assessment Year: 2017-18 Shama Ajay Patel, Vs. 2, Chandroday Society, The Cit(It & Tp), Opp. Golden Triangle, Sp Ahmedabad Stadium Road, Navjivan Post, Ahmedabad-380014 Pan : Alxpp 5273 E अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" Assessee By : Shri Sunil Talati, Ar Revenue By : Dr. Darsi Suman Ratnam, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 01.02.2024 घोषणा क" तारीख /Date Of Pronouncement: 26.04.2024 आदेश आदेश/O R D E R आदेश आदेश Per Annapurna Gupta: The Present Appeal Filed By The Assessee Is Directed Against The Order Passed By The Learned Commissioner Of Income-Tax (It & Tp), Ahmedabad [Hereinafter Referred To As Ld. "Cit(It & Tp)" For Short] Dated 08.02.2023, In Exercise Of His Revisionary Powers Under Section 263 Of The Income-Tax Act, 1961 [Hereinafter Referred To As “The Act”], For The Assessment Year (Ay) 2017-18. 2. The Grounds Raised By The Assessee Challenging The Impugned Order Of The Ld. Cit (It & Tp) Reads As Under:- “1. The Ld. Cit Has Erred In Passing Order U/S 263 Without Jurisdiction & Appropriate Powers Available Under The Act. It Is Submitted That The Order Passed U/S. 263 Is Bad In Law As A.O. Has Neither Committed Any Error Nor It Is Prejudicial To The Interest Of Revenue. It Be Held Now.

long term capital gain earned. All evidences substantiating the aforesaid explanation being her computation of income, copy of bank statement of NRE account, broker’s note, and details of all scrips share trading were all filed to the Assessing Officer. The Assessing Officer was satisfied with the reply of the assessee and accepted the short term capital gain earned from

SHRI JANI PARASMAL VAGHMAL (HUF),,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-3(1)(5),, VADODARA

In the result, appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 1354/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2010-2011 Jain Parasmal Vaghmal(Huf), I.T.O., 27, Vijay Society, Vs. Ward-3(1)(5), New Khanderao Road, Vadodara. Baroda.

long term capital gain shown by him. Such information is on the basis of statement give by Shri Mukesh Choksi and also on the basis of other incriminating documents found during the course of search in his group companies which were found to be engaged in the business of providing accommodation entries, It is mentioned that the reopening

HEMANTKUMAR MANSUKHLAL SONI, HUF,AHMEDABAD vs. THE ITO, WARD-1(3)(1), AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarassessment Year : 2017-18 Hemantkumar Mansukhlal Soni, Huf Ito, Ward-1(3)(1) 2254 Mahurat Pole Vs Ahmedabad. Manekchowk Ahmedabad-380001. Pan : Aabhh 1182 F (Applicant) (Responent) : Assessee By Shri S.N. Divatia, Ar & Shri Samir Vora, Ar Revenue By : Ms.Saumya Pandey Jain, Sr.Dr सुनवाई क" तारीख/Date Of Hearing : 18/06/2024 घोषणा क" तारीख /Date Of Pronouncement: 04/09/2024 आदेश/O R D E R आदेश आदेश आदेश Per Annapurna Guptathis Is Assessee’S Appeal Against The Order Of The Ld.Cit(A), National Faceless Appeal Centre (Nfac), Delhi Dated 27.04.203 15.3.2023 Passed Under Section 250 Of The Income Tax Act, 1961 (“The Act” For Short) For The Assessment Year 2017-18. 2. The Grounds Raised In The Appeal Are As Under:

long term capital gain earned and treated the same as exempt under section 10(38) of the Act, which was denied by the AO, whose order was confirmed by the ld.CIT(A). This addition was made to the income of the assessee in re-assessment proceedings in order passed under section 147 of the Act. The reassessment

NRUPAL NARESHCHANDRA RAJA,AHMEDABAD vs. THE PR. CIT, AHMEDABAD-1, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

reassessment proceedings, the assessee had specifically submitted that during the impugned year under consideration, the assessee had not earned any exempt Long term capital gains

DEPUTY COMMISSIONER OF INCOME -TAX CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD, GUJARAT vs. BHAVESHKUMAR GIRISHBHAI BHANDARI, AHMEDABAD, GUJARAT

Appeal is allowed in ITA 978/Ahd/2025 and ITA\n978/Ahd/2025 as well

Long-Term Capital Gain of Rs. 14,63,004/-, which was\nclaimed as exempt under section 10(38) of the Act. The AO asked the\nassessee to explain why the LTCG should not be treated as bogus. In\nresponse, the assessee filed a reply dated 13.03.2023 and subsequently\nanother reply on 16.03.2023, contending that the notice was short-timed

VINODKUMAR S TOTLA,AHMEDABAD vs. ITO, WARD-7(1)(4),, AHMEDABAD

In the result, the appeal of the assessee is allowed

reassessment in the guise of a rectification proceeding and such an order could not stand. 6.1 Now coming to the facts of the case, the issue before us whether it can be said that the facts are straightforward enough to come to an unmistakable conclusion that the assessee has earned short term capital gains and assessee held the asset only

RAMILABEN GANPATBHAI PATEL,,AHMEDABD vs. THE ITO, WARD-3(3)(4),, AHMEDABAD

In the result, the appeal of the Revenue is dismissed, while the appeal of the assessee is partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Years : 2012-13 Ramilaben Ganpatbhai Patel, The Income-Tax Officer, 5, Rajsurya Bungalows, Vs Ward 3(3)(4), Nr. Fun Republic, Ramdevnagar, Ahmedabad Satellite, Ahmedabad-380051 Pan : Aaspp 2683 G Assessment Years : 2012-13 The Income-Tax Officer, Ramilaben Ganpatbhai Patel, Ward 3(3)(4), Vs 5, Rajsurya Bungalows, Ahmedabad Nr. Fun Republic, Ramdevnagar, Satellite, Ahmedabad-380051 Pan : Aaspp 2683 G अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.C. Shah, Ar & Shri Bhadresh Gandhakwala, Ar Revenue By : Shri R.R. Makwana, Sr. Dr सुनवाई क" तार"ख/Date Of Hearing : 26/04/2022 घोषणा क" तार"ख /Date Of Pronouncement: 11/05/2022 आदेश / O R D E R Per P.M. Jagtap, Vice-:

reassessment is bad in law inasmuch as there is no escapement of income. ITA Nos. 2968/Ahd/2017 & 157/Ahd/2018 Smt Ramilaben Ganpatbhai Patel-Cross Appeals AY : 2012-13 9 2. The learned CIT(A) has erred in confirming the addition of Long Term Capital Gain

ITO, WARD-3(3)(4),, AHMEDABAD vs. SMT. RAMILABEN G. PATEL,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed, while the appeal of the assessee is partly allowed

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Years : 2012-13 Ramilaben Ganpatbhai Patel, The Income-Tax Officer, 5, Rajsurya Bungalows, Vs Ward 3(3)(4), Nr. Fun Republic, Ramdevnagar, Ahmedabad Satellite, Ahmedabad-380051 Pan : Aaspp 2683 G Assessment Years : 2012-13 The Income-Tax Officer, Ramilaben Ganpatbhai Patel, Ward 3(3)(4), Vs 5, Rajsurya Bungalows, Ahmedabad Nr. Fun Republic, Ramdevnagar, Satellite, Ahmedabad-380051 Pan : Aaspp 2683 G अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.C. Shah, Ar & Shri Bhadresh Gandhakwala, Ar Revenue By : Shri R.R. Makwana, Sr. Dr सुनवाई क" तार"ख/Date Of Hearing : 26/04/2022 घोषणा क" तार"ख /Date Of Pronouncement: 11/05/2022 आदेश / O R D E R Per P.M. Jagtap, Vice-:

reassessment is bad in law inasmuch as there is no escapement of income. ITA Nos. 2968/Ahd/2017 & 157/Ahd/2018 Smt Ramilaben Ganpatbhai Patel-Cross Appeals AY : 2012-13 9 2. The learned CIT(A) has erred in confirming the addition of Long Term Capital Gain

DEPUTY COMMISSIONER OF INCOME -TAX CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD, GUJARAT vs. BHAVESHKUMAR GIRISHBHAI BHANDARI, AHMEDABAD, GUJARAT

In the result, the appeal of the Department is allowed and the order of\nthe Assessing Officer is restored

Long-Term Capital Gain of Rs.14,63,004/-, which was\nclaimed as exempt under section 10(38) of the Act. The AO asked the\nassessee to explain why the LTCG should not be treated as bogus. In\nresponse, the assessee filed a reply dated 13.03.2023 and subsequently\nanother reply on 16.03.2023, contending that the notice was short-timed and\nthat

DEPUTY COMMISSIONER OF INCOME -TAX CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD, GUJARAT vs. GIRISHKUMAR AMRATLAL BHANDARI HUF, HIMATNAGAR, GUJARAT

In the result, the appeal of the Department is allowed and the order of\nthe Assessing Officer is restored

Long-Term Capital Gain of Rs.14,63,004/-, which was\nclaimed as exempt under section 10(38) of the Act. The AO asked the\nassessee to explain why the LTCG should not be treated as bogus. In\nresponse, the assessee filed a reply dated 13.03.2023 and subsequently\nanother reply on 16.03.2023, contending that the notice was short-timed and\nthat

ACIT CC 2(3) AHMEDABAD, AHMEDABAD vs. AISHA DHIRAJ GOGIA, AHMEDABAD

In the result: 50. To summarize the final outcome:

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha["ी संजय गग", "ाियक सद" एवं "ी नरे" साद िस!ा, लेखा सद" के सम#।]

Long Term Capital Gains under section 10(38) of the Act, treating the underlying shares as "penny stocks"; and (iv) Addition on account of alleged on-money received on the sale of property in the Earth Erita project. These additions were made based on material allegedly found during the search action, including digital data like WhatsApp chats retrieved from third

GUJARAT FLUOROCHEMICALS LIMITED,,VADODARA vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1),, VADODARA

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

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./ Ita No.805/Ahd/2017 "नधा"रण वष"/Asstt. Year: 2012-2013 & Asst.Year : 2013-2014

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001. 12. A perusal of this section would indicate that sub-section-1 contemplates that deduction of expenditure incurred