THE DCIT, CIRCLE-1(3), AHMEDABAD vs. EDELWEISS BROKING LTD., AHMEDABAD

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

price of shares had been credited in the respective accounts. The CIT(A) follows special bench decision of the tribunal (2010) 5 ITR (Trib) 1 (Bom.) DCIT vs. Shreyas S. Morakhia as upheld in (2012) 342 ITR 285 (Bom.) CIT vs. Shreyas S. Morakhia that value of the share transacted by a broker-assessee on behalf of the concerned client

THE DCIT, CIRCLE-1(3), AHMEDABAD vs. EDELWEISS FINANCIAL ADVISORS LTD., ( FORMERLY KNOWN ANAGRAM STOCK BROKING LTD.,), AHMEDABAD

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Justice P.P. Bhatt, Hon’Ble & Shri Waseem Ahmed

price of shares had been credited in the respective accounts. The CIT(A) follows special bench decision of the tribunal (2010) 5 ITR (Trib) 1 (Bom.) DCIT vs. Shreyas S. Morakhia as upheld in (2012) 342 ITR 285 (Bom.) CIT vs. Shreyas S. Morakhia that value of the share transacted by a broker-assessee on behalf of the concerned client

KIFS SECURITIES PVT. LTD.,AHMEDABAD vs. THE ACIT, CIRCLE-1(3), AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

194I r.w.s. 40(a)(ia) of the I.T. Act,1961. 5.The CIT(A) has erred in law and on facts by deleting the addition of Rs.66,24,640/- made by AO on account of STCG of Rs.56,86,282/- on shares as business income and LTCG of Rs.9,38,358/- on shares as business income without appreciating the decision

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3), AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

194I r.w.s. 40(a)(ia) of the I.T. Act,1961. 5.The CIT(A) has erred in law and on facts by deleting the addition of Rs.66,24,640/- made by AO on account of STCG of Rs.56,86,282/- on shares as business income and LTCG of Rs.9,38,358/- on shares as business income without appreciating the decision

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3),, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

194I r.w.s. 40(a)(ia) of the I.T. Act,1961. 5.The CIT(A) has erred in law and on facts by deleting the addition of Rs.66,24,640/- made by AO on account of STCG of Rs.56,86,282/- on shares as business income and LTCG of Rs.9,38,358/- on shares as business income without appreciating the decision

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

194I r.w.s. 40(a)(ia) of the I.T. Act,1961. 5.The CIT(A) has erred in law and on facts by deleting the addition of Rs.66,24,640/- made by AO on account of STCG of Rs.56,86,282/- on shares as business income and LTCG of Rs.9,38,358/- on shares as business income without appreciating the decision

DY.COMMISSIONER OF INCOME TAX CIRCLE-1(3),, AHMEDABAD vs. KIFS PVT.LTD.,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

194I r.w.s. 40(a)(ia) of the I.T. Act,1961. 5.The CIT(A) has erred in law and on facts by deleting the addition of Rs.66,24,640/- made by AO on account of STCG of Rs.56,86,282/- on shares as business income and LTCG of Rs.9,38,358/- on shares as business income without appreciating the decision

THE ACIT, CIRCLE-3,, AHMEDABAD vs. KIFS SECURITIES LIMITED,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

194I r.w.s. 40(a)(ia) of the I.T. Act,1961. 5.The CIT(A) has erred in law and on facts by deleting the addition of Rs.66,24,640/- made by AO on account of STCG of Rs.56,86,282/- on shares as business income and LTCG of Rs.9,38,358/- on shares as business income without appreciating the decision

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

194I r.w.s. 40(a)(ia) of the I.T. Act,1961. 5.The CIT(A) has erred in law and on facts by deleting the addition of Rs.66,24,640/- made by AO on account of STCG of Rs.56,86,282/- on shares as business income and LTCG of Rs.9,38,358/- on shares as business income without appreciating the decision

THE DY. CIT., CIRCLE-3,, AHMEDABAD vs. KHANDWALA INTEGRATED FINANCIAL SERVICES PVT. LTD, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

194I r.w.s. 40(a)(ia) of the I.T. Act,1961. 5.The CIT(A) has erred in law and on facts by deleting the addition of Rs.66,24,640/- made by AO on account of STCG of Rs.56,86,282/- on shares as business income and LTCG of Rs.9,38,358/- on shares as business income without appreciating the decision

DCIT, CIRCLE-1(3), , AHMEDABAD vs. EDELWEISS BROKING LTD.(ON BEHALF OF AMALGAMATING COMPANY EDELWEISS FINANCIAL ADVISORS LTD.), AHMEDABAD

Appeal of the Revenue is dismissed whereas the ground of appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Wassem Ahmedआयकर अपील सं./I.T.A. No. 2021/Ahd/2017 ("नधा"रण वष" / Assessment Year: 2013-14) M/S. Edelweiss Broking Ltd. Dcit बनाम/ (On Behalf Of Amalgamating Cricle-1(3), Vs. 1St Floor, B-109, Company, Edelweiss Financial Advisors Ltd.) Pratyaksh Kar Bhavan, Nr. 801-804, 8Th Floor, Abhishree Panjrapole, Ambawadi, Avenue, Opp. Hanumanji Ahmedabad-380015 Temple, Nehrunagar, Ambawadi, Ahmedabad- 380015 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabce9421H .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

194I”. 119. Being aggrieved by the order of the Learned CIT (A), the assessee is in appeal before us. 120. The Learned AR before us submitted that the stock exchange is not providing any service in the nature of technical services. Therefore, the provisions for the TDS under Section 194J of the Act cannot be applied on the payment made

M/S. EDELWEISS BROKING LIMITED,AHMEDABAD vs. THE DCIT, CIRCLE-1(3), AHMEDABAD

Appeal of the Revenue is dismissed whereas the ground of appeal of the assessee is allowed

Bench: Shri Mahavir Prasad & Shri Wassem Ahmedआयकर अपील सं./I.T.A. No. 2021/Ahd/2017 ("नधा"रण वष" / Assessment Year: 2013-14) M/S. Edelweiss Broking Ltd. Dcit बनाम/ (On Behalf Of Amalgamating Cricle-1(3), Vs. 1St Floor, B-109, Company, Edelweiss Financial Advisors Ltd.) Pratyaksh Kar Bhavan, Nr. 801-804, 8Th Floor, Abhishree Panjrapole, Ambawadi, Avenue, Opp. Hanumanji Ahmedabad-380015 Temple, Nehrunagar, Ambawadi, Ahmedabad- 380015 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabce9421H .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

194I”. 119. Being aggrieved by the order of the Learned CIT (A), the assessee is in appeal before us. 120. The Learned AR before us submitted that the stock exchange is not providing any service in the nature of technical services. Therefore, the provisions for the TDS under Section 194J of the Act cannot be applied on the payment made

ASSTT. COMMISSIONER OF INCOME TAX, AHMEDABAD vs. MAHALAXMI INFRACONTRACT PRIVATE LIMITED, AHMEDABAD

Bench: Shri Ramit Kochar & Ms. Madhumita Royआयकर अपील सं./I.T.A. Nos. 484, 485 & 486/Ahd/2023 ("नधा"रण वष" / Assessment Years : 2015-16, 2017-18 & 2018-19) बनाम/ Assistant Commissioner Mahalaxmi Infracontract Of Income Tax Private Limited Vs. Central Circle-1(4), B-21, Corporate House, Ahmedabad Opp-Pakwan-Ii, S. G. Highway, Bodakdev, Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagcm4615E (Appellant) .. (Respondent) Assessee By : Shri S. N. Divatia & Shri B. K. Patel, A.Rs. Shri Sudhendu Das, Cit. Dr Revenue By : सुनवाई क" तार"ख / Date Of 22/01/2024 & Hearing घोषणा क" तार"ख /Date Of 31/05/2024 Pronouncement

Section 32 of the Income Tax Act, 1961 - Depreciation - Allowance/Rate of Assessment years 1991-92 and 1996-97-whether higher rate of depreciation is also admissible when motor lorry is used by assessee in his own business of transportation of goods on hire - In the judgement Hon'ble court Held- Yes' ITA Nos. 484 to 486/Ahd/2023 (ACIT Vs. Mahalaxmi Inferacontract

ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), AHMEDABAD vs. MAHALAXMI INFRACONTRACT PRIVATE LIMITED, AHMEDABAD

Bench: Shri Ramit Kochar & Ms. Madhumita Royआयकर अपील सं./I.T.A. Nos. 484, 485 & 486/Ahd/2023 ("नधा"रण वष" / Assessment Years : 2015-16, 2017-18 & 2018-19) बनाम/ Assistant Commissioner Mahalaxmi Infracontract Of Income Tax Private Limited Vs. Central Circle-1(4), B-21, Corporate House, Ahmedabad Opp-Pakwan-Ii, S. G. Highway, Bodakdev, Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagcm4615E (Appellant) .. (Respondent) Assessee By : Shri S. N. Divatia & Shri B. K. Patel, A.Rs. Shri Sudhendu Das, Cit. Dr Revenue By : सुनवाई क" तार"ख / Date Of 22/01/2024 & Hearing घोषणा क" तार"ख /Date Of 31/05/2024 Pronouncement

Section 32 of the Income Tax Act, 1961 - Depreciation - Allowance/Rate of Assessment years 1991-92 and 1996-97-whether higher rate of depreciation is also admissible when motor lorry is used by assessee in his own business of transportation of goods on hire - In the judgement Hon'ble court Held- Yes' ITA Nos. 484 to 486/Ahd/2023 (ACIT Vs. Mahalaxmi Inferacontract

ASSTT. COMMISSIONER OF INCOME TAX,, CENTRAL CIRCLE - 1(4), AHMEDABAD vs. MAHALAXMI INFRACONTRACT PVT. LTD., AHMEDABAD

Bench: Shri Ramit Kochar & Ms. Madhumita Royआयकर अपील सं./I.T.A. Nos. 484, 485 & 486/Ahd/2023 ("नधा"रण वष" / Assessment Years : 2015-16, 2017-18 & 2018-19) बनाम/ Assistant Commissioner Mahalaxmi Infracontract Of Income Tax Private Limited Vs. Central Circle-1(4), B-21, Corporate House, Ahmedabad Opp-Pakwan-Ii, S. G. Highway, Bodakdev, Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagcm4615E (Appellant) .. (Respondent) Assessee By : Shri S. N. Divatia & Shri B. K. Patel, A.Rs. Shri Sudhendu Das, Cit. Dr Revenue By : सुनवाई क" तार"ख / Date Of 22/01/2024 & Hearing घोषणा क" तार"ख /Date Of 31/05/2024 Pronouncement

Section 32 of the Income Tax Act, 1961 - Depreciation - Allowance/Rate of Assessment years 1991-92 and 1996-97-whether higher rate of depreciation is also admissible when motor lorry is used by assessee in his own business of transportation of goods on hire - In the judgement Hon'ble court Held- Yes' ITA Nos. 484 to 486/Ahd/2023 (ACIT Vs. Mahalaxmi Inferacontract