THE ACIT, CIRCLE-2(1)(2),, AHMEDABAD vs. JAS INFRASPACE PRIVATE LIMITED,, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

section 68 of the Act. 111. In view of the above, we set aside the finding Ld. CIT (A) and direct the AO to delete the addition made by him. Hence the ground of appeal of the assessee is allowed. 112. In the result, appeal of the assessee is allowed. ITA No.2130&2131/Ahd/2017 & ITA No. 398/Ahd/2018 & 547/Ahd/2018 A.Ys

THE ACIT, CIRCLE-2(1)(2),, AHMEDABAD vs. JAS INFRA SPACE PRIVATE LTD.,, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

section 68 of the Act. 111. In view of the above, we set aside the finding Ld. CIT (A) and direct the AO to delete the addition made by him. Hence the ground of appeal of the assessee is allowed. 112. In the result, appeal of the assessee is allowed. ITA No.2130&2131/Ahd/2017 & ITA No. 398/Ahd/2018 & 547/Ahd/2018 A.Ys

JAS INFRASPACE PVT. LTD.,AHMEDABAD vs. DCIT, CIRCLE-2(2)(1),, AHMEDABAD

In the result, appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

section 68 of the Act. 111. In view of the above, we set aside the finding Ld. CIT (A) and direct the AO to delete the addition made by him. Hence the ground of appeal of the assessee is allowed. 112. In the result, appeal of the assessee is allowed. ITA No.2130&2131/Ahd/2017 & ITA No. 398/Ahd/2018 & 547/Ahd/2018 A.Ys

DCIT, CENTRAL CIRCLE-2, VADODARA vs. NEOTECH EDUCATION FOUNDATION, VADODARA

section 132 of the Act. 108. The facts of the case are that there was the search and seizure operation under the provisions of section 132 of the Act at the premises of the assessee dated 13th November 2014. Accordingly, the proceedings for the assessment under the provisions of section 153A of the Act were initiated

SHRI PRAVINCHANDRA R PATEL,VADODARA vs. DCIT, CENTRAL CIRCLE-2, VADODARA

section 132 of the Act. 108. The facts of the case are that there was the search and seizure operation under the provisions of section 132 of the Act at the premises of the assessee dated 13th November 2014. Accordingly, the proceedings for the assessment under the provisions of section 153A of the Act were initiated

DCIT, CENTRAL CIRCLE-2, VADODARA vs. NEOTECH EDUCATION FOUNDATION, VADODARA

section 132 of the Act. 108. The facts of the case are that there was the search and seizure operation under the provisions of section 132 of the Act at the premises of the assessee dated 13th November 2014. Accordingly, the proceedings for the assessment under the provisions of section 153A of the Act were initiated

RAVIKUMAR KAMLESHBHAI SHAH,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD -5(2)(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: SHRI WASEEM AHMED (Accountant Member), MS. MADHUMITA ROY (Judicial Member)

68 of the Act or not. There is nothing in law which prevents the Assessing Officer in an appropriate case in taxing the cash credit, the source and nature of which is not satisfactorily explained, and the business income estimated by him after rejecting the Asstt. Year- 2017-18 4 books of account of the assessee as unreliable

THE INCOME TAX OFFICER,WARD-3, GANDHINAGAR vs. SHRI RAMESH GOBARJI THAKOR, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

Bench: Smt.Annapurna Gupta & Ms. Suchitra Raghunath Kambleassessment Year : 2010-11 Income-Tax Officer Vs. Shri Ramesh Gobarji Thakor Ward-3 Sector 11 Gandhinagar. Gandhinagar. Pan : Aespt 3446 H (Applicant) (Responent) Assessee By : Shri S.N. Soparkar, Sr.Advocate & Shri Parin Shah, Ars. Revenue By : Shri Kamlesh Makwana, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 16/04/2024 घोषणा क" तारीख /Date Of Pronouncement: 11/07/2024 आदेश आदेश/O R D E R आदेश आदेश

section 68 does not attract and relied upon various case laws in support of his claim. 5. The above submission was not accepted by the A.O. since Smt. Hansaben M. Patel has never filed her Return of Income, except only for the AY 2009-10. Even for the AY 2009-10, she has filed Return of Income of Rs.8

SHRI BHUMIKA STRIPS PRIVATE LIMITED,AHMEDABAD vs. THE ITO, WARD-4(1)(1), AHMEDABAD

In the result, the appeal filed by the Assessee in ITA No

68 of the Act and also calculated tax under Section 115 BBE of the Act. 3. Aggrieved against the reassessment

SHRI BHUMIKA STRIPS PRIVATE LIMITED,AHMEDABAD vs. THE ITO, WARD-4(1)(1), AHMEDABAD

In the result, the appeal filed by the Assessee in ITA No

68 of the Act and also calculated tax under Section 115 BBE of the Act. 3. Aggrieved against the reassessment

SHRI BHUMIKA STRIPS PRIVATE LIMITED,AHMEDABAD vs. THE ITO, WARD-4(1)(1), AHMEDABAD

In the result, the appeal filed by the Assessee in ITA No

68 of the Act and also calculated tax under Section 115 BBE of the Act. 3. Aggrieved against the reassessment

AANYA DEVELOPERS,AHMEDABAD vs. THE DCIT, CENTRAL CIRCLE-2(2), AHMEDABAD

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Rifaur Rahman

section 68 of the Act. He further observed that the assessee has alleged payment of interest on these loans which were termed as bogus, therefore, the expenses claimed in the shape of interest deserves to be disallowed. He disallowed such interest expenditure and made addition of Rs.3,01,277/-. 5. Dissatisfied with the additions, the assessee carried the matter

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

68/ 56(2) of the Act, then it will be subject to tax in the hands of ABC Ltd. Thus the value of share price along with premium at the most can be brought to tax in the hands of the ABC Ltd if it fails to justify the same. Now Mr. X sales the shares in the financial year

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

68/ 56(2) of the Act, then it will be subject to tax in the hands of ABC Ltd. Thus the value of share price along with premium at the most can be brought to tax in the hands of the ABC Ltd if it fails to justify the same. Now Mr. X sales the shares in the financial year

DR K R SHROFF FOUNDATION,AHMEDABAD vs. THE DY. CIT, CIRCLE-1, EXMP, AHMEDABAD

In the result, appeal of the assessee is partly allowed\n\n29

section u/s 68 of the Act in respect of proceeds\n\nITA Nos.1205 & 769/Ahd/2025\n Assessment Years: 2018-19\nACIT(E) vs. Dr. KR Shroff Foundation\nPage 7 of 24\nreceived by the assessee in respect of sale of shares is not found correct.\nThere is no dispute to the fact that a sum of Rs.538.40 Crores was\nreceived

SHYAM REALTIES,AHMEDABAD vs. THE DY. CIT, CIRLCE-2(2)(1), AHMEDABAD

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

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.1387/Ahd/2024 & 1388/Ahd/2024 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 Shyam Realities The Dy.Cit, बनाम/ Tejendra Arcade Circle-2(2)(1) V/S. Ganji Farak Mill Compound Ahmedabad – 380 015 Rakhiyal Cross Road Rakhiyal, Ahmedabad – 380 021 (Gujarat) "थायी लेखा सं./Pan: Abvfs 2603 M (अपीलाथ&/ Appellant) ('( यथ&/ Respondent) Assessee By : Shri Bandish Soparkar, Ar Revenue By : Shri Atul Pandey, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 23/04/2025 घोषणा की तारीख /Date Of Pronouncement: 28/04/2025 आदेश/O R D E R Per Makarand V. Mahadeokar, Am: These Two Appeals Filed By The Assessee For Assessment Years (Ays) 2017–18 & 2018–19 Are Directed Against The Respective Appellate Orders Passed By The Ld. Commissioner Of Income-Tax (Appeals), National Faceless Appeal Centre (Nfac), New Delhi [Hereinafter Referred To As “Cit(A)”], Dated 27.06.2024. In The Impugned Orders, The Ld. Cit(A) Confirmed The Disallowance Of Interest On Unsecured Loans To The Extent Of Rs.36,69,000/- For A.Y. 2017–18 & Rs.38,94,295/- For A.Y. 2018–19, As Originally Disallowed By

115 (Surat-Trib.). ITA Nos.1387 & 1388/Ahd/2024 Shyam Realties vs. Dy.CIT, Cir.2(2)(1) Asst. Years : 2017-18 & 2018-19 These decisions were cited to support the proposition that interest cannot be disallowed in the absence of a sustainable addition of principal under section 68

SHYAM REALTIES,AHMEDABAD vs. THE DY. CIT, CIRLCE-2(2)(1), AHMEDABAD

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

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.1387/Ahd/2024 & 1388/Ahd/2024 िनधा"रण वष" /Assessment Years : 2017-18 & 2018-19 Shyam Realities The Dy.Cit, बनाम/ Tejendra Arcade Circle-2(2)(1) V/S. Ganji Farak Mill Compound Ahmedabad – 380 015 Rakhiyal Cross Road Rakhiyal, Ahmedabad – 380 021 (Gujarat) "थायी लेखा सं./Pan: Abvfs 2603 M (अपीलाथ&/ Appellant) ('( यथ&/ Respondent) Assessee By : Shri Bandish Soparkar, Ar Revenue By : Shri Atul Pandey, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 23/04/2025 घोषणा की तारीख /Date Of Pronouncement: 28/04/2025 आदेश/O R D E R Per Makarand V. Mahadeokar, Am: These Two Appeals Filed By The Assessee For Assessment Years (Ays) 2017–18 & 2018–19 Are Directed Against The Respective Appellate Orders Passed By The Ld. Commissioner Of Income-Tax (Appeals), National Faceless Appeal Centre (Nfac), New Delhi [Hereinafter Referred To As “Cit(A)”], Dated 27.06.2024. In The Impugned Orders, The Ld. Cit(A) Confirmed The Disallowance Of Interest On Unsecured Loans To The Extent Of Rs.36,69,000/- For A.Y. 2017–18 & Rs.38,94,295/- For A.Y. 2018–19, As Originally Disallowed By

115 (Surat-Trib.). ITA Nos.1387 & 1388/Ahd/2024 Shyam Realties vs. Dy.CIT, Cir.2(2)(1) Asst. Years : 2017-18 & 2018-19 These decisions were cited to support the proposition that interest cannot be disallowed in the absence of a sustainable addition of principal under section 68

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

115 ITR 524, the Supreme Court had this to say : " . . .the authority making a best judgment assessment must make an honest and fair estimate of the income of the assessee and though arbitrariness cannot be avoided in such estimate the same must not be capricious but should have a reasonable nexus to the available material and the circumstances