THE MEHSANA URBAN CO. OPERATIVE BANK LTD.,MEHSANA vs. THE ACIT, MEHSANA CIRCLE , MEHSANA

In the result, the appeal of the assessee in ITANo

Bench: Smt.Annapurna Gupta & Shri Siddhartha Nautiyal

reassess such income, other than the income involving matters which are the subject matters of any appeal, reference or revision, which is chargeable to tax and has escaped assessment.] The ld.counsel for the assessee thereafter drew our attention to the reasons recorded by the AO for reopening the case of the assessee and argued that the same did not reveal

WAVES TRADELINE PRIVATE LIMITED,AHMEDABAD vs. THE ITO, WARD-4(1)(1), AHMEDABAD

The appeals of the assessee are allowed

36,700/-. The case was taken up for reassessment proceeding by\nissue of notice under Section 148 of the Act on 07.06.2021. Thereafter

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD vs. MONARCH NETWORTH CAPITAL LIMITED, MUMBAI

Accordingly\ndismissed as not pressed.\n17. In the combined result, all three appeals filed by the Revenue for\nA.Ys.2013–14, 2014–15 and 2015–16 are dismissed

section 69A of the Act. Both the grounds raised by the Revenue are\ndismissed.\n Assessment Year 2014–15 (ITA No. 961/Ahd/2024)\n12.\nThe addition in the present year was made by the Assessing Officer on\nthe grounds that the assessee incurred a fictitious loss of Rs.1,40,65,890/- on\naccount of transactions in the scrip Looks Health Services

WAVES TRADELINE PRIVATE LIMITED,AHMEDABAD vs. THE ITO, WARD-4(1)(1), AHMEDABAD

The appeals of the assessee are allowed

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

36,700/-. The case was taken up for reassessment proceeding by issue of notice under Section 148 of the Act on 07.06.2021. Thereafter

WAVES TRADELINE PRIVATE LIMITED,AHMEDABAD vs. THE ITO, WARD-4(1)(1), AHMEDABAD

The appeals of the assessee are allowed

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

36,700/-. The case was taken up for reassessment proceeding by issue of notice under Section 148 of the Act on 07.06.2021. Thereafter

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), VADODARA, RACE COURSE CIRCLE, VADODARA vs. THE BHARUCH DIST. CENTRAL CO-OP BANK LIMITED, BHARUCH

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

36(1)(viia) of the Income Tax Act for bad and doubtful debts. In response to inquiries about this deduction, the assessee submitted that as a co-operative bank, it qualified for specific deductions under the mentioned section, which permits deductions based on a percentage of total income and rural advances. The calculations showed that while 7.5% of gross total

RASHMIN KANTILAL VAKTA,AHMEDABAD vs. THE DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD

Bench: Ms.Suchitra R. Kamble & Shri Makarand V.Mahadeokar

reassessment stage. During appellate proceedings before us, no material has been brought on record by the Departmental Representative to controvert the assessee’s explanation or to dispute the conclusion drawn by the CIT(A). 32. Accordingly, we find no infirmity in the conclusion of the CIT(A) in treating the amount of Rs.12,04,10,000/- as explained inter-bank

RASHMIN KANTILAL VAKTA,AHMEDABAD vs. THE DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD

Bench: Ms.Suchitra R. Kamble & Shri Makarand V.Mahadeokar

reassessment stage. During appellate proceedings before us, no material has been brought on record by the Departmental Representative to controvert the assessee’s explanation or to dispute the conclusion drawn by the CIT(A). 32. Accordingly, we find no infirmity in the conclusion of the CIT(A) in treating the amount of Rs.12,04,10,000/- as explained inter-bank

MANISH RANJAN, DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD, AAYKAR BHAWAN ASHRAM ROAD, AHMEDABAD vs. RASHMIN KANTILAL VAKTA, ELLISBRIDGE AHMEDABAD GUJARAT

Bench: Ms.Suchitra R. Kamble & Shri Makarand V.Mahadeokar

reassessment stage. During appellate proceedings before us, no material has been brought on record by the Departmental Representative to controvert the assessee’s explanation or to dispute the conclusion drawn by the CIT(A). 32. Accordingly, we find no infirmity in the conclusion of the CIT(A) in treating the amount of Rs.12,04,10,000/- as explained inter-bank

MANISH RANJAN, DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD, AHMEDABAD vs. RASHMIN KANTILAL VAKTA, AHMEDABAD

Bench: Ms.Suchitra R. Kamble & Shri Makarand V.Mahadeokar

reassessment stage. During appellate proceedings before us, no material has been brought on record by the Departmental Representative to controvert the assessee’s explanation or to dispute the conclusion drawn by the CIT(A). 32. Accordingly, we find no infirmity in the conclusion of the CIT(A) in treating the amount of Rs.12,04,10,000/- as explained inter-bank

SAI KRUPA DEVELOPERS,AHMEDABAD vs. THE ACIT, CEN. CIR.1(2), AHMEDABAD

In the result, this ground of appeal 1 to 4 of the Department is allowed for statistical purposes

Bench: Shri Ramit Kochar & Shri Siddhartha Nautiyal

reassessment proceedings with respect to ledger account seized were based on invalid order and were without jurisdiction. Reference is also drawn to the judgment/decision of Hon’ble Supreme Court in the case of ITO vs. Vikram Sujitkumar Bhatia, Civil Appeal No. 911 of 2022 (SLP) (C) No. 29096 of 2019 and oths. order dated 06.04.2023 and PCIT vs. Abhishar Buildwell

SAI KRUPA DEVELOPERS,AHMEDABAD vs. THE ACIT, CEN. CIR.1(2), AHMEDABAD

In the result, this ground of appeal 1 to 4 of the Department is allowed for statistical purposes

Bench: Shri Ramit Kochar & Shri Siddhartha Nautiyal

reassessment proceedings with respect to ledger account seized were based on invalid order and were without jurisdiction. Reference is also drawn to the judgment/decision of Hon’ble Supreme Court in the case of ITO vs. Vikram Sujitkumar Bhatia, Civil Appeal No. 911 of 2022 (SLP) (C) No. 29096 of 2019 and oths. order dated 06.04.2023 and PCIT vs. Abhishar Buildwell

ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1(2), AHMEDABAD, AHMEDABAD vs. SAI KRUPA DEVELOPERS, AHMEDABAD

In the result, this ground of appeal 1 to 4 of the Department is allowed for statistical purposes

Bench: Shri Ramit Kochar & Shri Siddhartha Nautiyal

reassessment proceedings with respect to ledger account seized were based on invalid order and were without jurisdiction. Reference is also drawn to the judgment/decision of Hon’ble Supreme Court in the case of ITO vs. Vikram Sujitkumar Bhatia, Civil Appeal No. 911 of 2022 (SLP) (C) No. 29096 of 2019 and oths. order dated 06.04.2023 and PCIT vs. Abhishar Buildwell

ASSTT. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1(2), AHMEDABAD, AHMEDABAD vs. SAI KRUPA DEVELOPERS, AHMEDABAD

In the result, this ground of appeal 1 to 4 of the Department is allowed for statistical purposes

Bench: Shri Ramit Kochar & Shri Siddhartha Nautiyal

reassessment proceedings with respect to ledger account seized were based on invalid order and were without jurisdiction. Reference is also drawn to the judgment/decision of Hon’ble Supreme Court in the case of ITO vs. Vikram Sujitkumar Bhatia, Civil Appeal No. 911 of 2022 (SLP) (C) No. 29096 of 2019 and oths. order dated 06.04.2023 and PCIT vs. Abhishar Buildwell

SAI KRUPA DEVELOPERS,AHMEDABAD vs. THE ACIT, CEN. CIR.1(2), AHMEDABAD

In the result, this ground of appeal 1 to 4 of the Department is allowed for statistical purposes

Bench: Shri Ramit Kochar & Shri Siddhartha Nautiyal

reassessment proceedings with respect to ledger account seized were based on invalid order and were without jurisdiction. Reference is also drawn to the judgment/decision of Hon’ble Supreme Court in the case of ITO vs. Vikram Sujitkumar Bhatia, Civil Appeal No. 911 of 2022 (SLP) (C) No. 29096 of 2019 and oths. order dated 06.04.2023 and PCIT vs. Abhishar Buildwell

DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD vs. MONARCH NETWORTH CAPITAL LIMITED, MUMBAI

Accordingly\ndismissed as not pressed.\n17. In the combined result, all three appeals filed by the Revenue for\nA.Ys.2013–14, 2014–15 and 2015–16 are dismissed

section 69A of the Act. Both the grounds raised by the Revenue are\ndismissed.\n Assessment Year 2014–15 (ITA No. 961/Ahd/2024)\n12. The addition in the present year was made by the Assessing Officer on\nthe grounds that the assessee incurred a fictitious loss of Rs.1,40,65,890/- on\naccount of transactions in the scrip Looks Health Services

MANISH RANJAN, DEPUTY COMMISSIONER OF INCOME -TAX, CENTRAL CIRCLE-1(1), AHMEDABAD, AHMEDABAD vs. MONARCH NETWORTH CAPITAL LIMITED, MUMBAI

Accordingly, the ground raised by the Revenue for A.Y. 2015–16 is dismissed

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

section 69A of the Act. Both the grounds raised by the Revenue are dismissed. Assessment Year 2014–15 (ITA No. 961/Ahd/2024) 12. The addition in the present year was made by the Assessing Officer on the grounds that the assessee incurred a fictitious loss of Rs.1,40,65,890/- on account of transactions in the scrip Looks Health Services

AARVEE DENIMS & EXPORTS LTD.,AHMEDABAD vs. THE PR. CIT, AHMEDABAD-1, AHMEDABAD

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

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.396/Ahd/2024 िनधा"रण वष" /Assessment Year : 2018-19 Aarvee Denims & Exports Ltd. The Pr.Cit बनाम/ 191, Shahwadi Ahmedabad-1 V/S. Narol–Sarkhej Highway Ahmedabad – 382 405 (Gujarat) "थायी लेखा सं./Pan: Aabca 6019 P (अपीलाथ&/ Appellant) ('( यथ&/ Respondent) Assessee By : Shri Divyakant Parikh, Ar Revenue By : Shri Prithviraj Meena, Cit-Dr सुनवाई की तारीख/Date Of Hearing : 19/09/2024 घोषणा की तारीख /Date Of Pronouncement: 27/09/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

reassess futile and without prejudice to the revenue. The AR relied on CBDT Circular No. 37/2016, which acknowledges that disallowances such as those under sections 43B and 40(a)(ia) enhance eligible business profits, and the enhanced profits qualify for deductions under Chapter VI-A. The said circular referred judgements of Hon’ble High Courts in case