THE INCOME TAX OFFICER-WARD-2, , GANDHIDHAM - KUTCH vs. M/S. RIDDHI SIDDHI JEWELLERS, GANDHIDHAM - KUTCH

In the result, appeal of the Revenue isdismissed

Bench: Smt.Annapurna Gupta & Smt. Madhumita Royassessment Year :2014-15 Ito, Ward-2 Vs. M/S.Riddhi Siddhi Jewellers Gandhidham. Shop No.1, Plot No.68 Bba (Sough) Gandhidham-Kutch. 0 अपीलाथ"/ (Appellant) "" यथ"/(Respondent) Assessee By : Shri D.M. Rindani, Ar Revenue By : Shri B.D. Gupta, Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 11/04/2023 घोषणा क" तार"ख /Date Of Pronouncement: 05/07/2023

carry forward in the case of banking company and sec.72AB provides set off in the case of Co-op. banks. Section 73 provides for treatment of loss in speculation business. Section 74 provides for treatment of loss under the head capital gains

SEABIRD MARINE SERVICES PRIVATE LIMITED,JAMNAGAR vs. ACIT, CIRCLE - 1, JAMNAGAR, JAMANGAR

In the result, ground No.4 raised by the assessee is allowed

losses. Moreover, the said transaction is also\nnot covered u/s 115QA of the Act as the capital reduction is carried out for NIL\nconsideration. Considering these facts and circumstances, we allow ground No.2\nraised by the assessee.\n29. Now we shall take ground No.4 raised by the assessee, which relates to\ndeduction under section

RADHIKA JEWELLERS,RAJKOT vs. DY.CIT 2 (1), RAJKOT

In the result, appeal filed by the assessee is allowed

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinha

Loss sharing sharing ratio ratio(%) (%) 1 Shri. Ashok Kumar Zinnawadia 24 24 2 Shri. Hareshbhai Mathuradas Zinzuwada 20 27 Page 2 of 11 Radhika Jewellers 3 Mrs. Hansaben Mathuradas Zinzuwadia 7 7 4 Mrs. Kavitaben AshokKumar Zinzuwadia 7 7 5 Mrs. Hetal Hereshbhai Zinzuwadia 7 7 6 Shri Darshit Hereshbhai Zinzuwadia 7 7 7 Minor Jenil Hereshbhai Zinzuwadia

HANSA JITENDRA HARIA,JAMNAGAR vs. PRINCIPAL COMMISSIONER OF INCOME TAX, JAMNAGAR

In the result, the appeal of the assessee is dismissed

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita No.104/Rjt/2024 ("नधा"रण वष" / Assessment Year: (2013-14) (Hybrid Hearing) Hansa Jitendra Haria Vs. Principal Commissioner Of 2, Oswal Colony, Near Rajendra Income Tax Balkrindagan, Jamnagar, Gujarat Jamnagar 361005. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aahph4309L (Assessee) (Respondent)

carried out by the department. The assessing officer lost sight of the fact that the enquiry did not commence from that of the assessee and more particularly the name of the assessee did not feature in the investigation report. Therefore, the assessing officer was bound to cause an enquiry by calling upon the assessee to explain and justify the genuineness

HIRAVATI MARINE PRODUCTS PVT. LTD.,,PORBANDAR vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX, RANGE-2,, JAMNAGAR

In the result, the appeal of the revenue is partly allowed for statistical purposes

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed"नधा"रण वष"/Asstt. Year:2007-2008 Addl. Commissioner Of Hiravati Marine Products Pvt. Income Tax, Vs Ltd. Range-2, Porbandar, Jamnagar. Pan No: Aabch2110C "नधा"रण वष"/Asstt. Year:2008-2009

gains. To find out whether an expenditure is on the capital account or on revenue, one must consider the expenditure in relation to the business. Since all payments reduce capital in the ultimate analysis, one is apt to consider a loss as amounting to a loss of capital. But this is not true of all losses, because losses

THE ACIT, CIRCLE-2,, JAMNAGAR vs. M/S HIRAVATI MARINE PRODUCTS (P) LTD.,, PORBANDAR

In the result, the appeal of the revenue is partly allowed for statistical purposes

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed"नधा"रण वष"/Asstt. Year:2007-2008 Addl. Commissioner Of Hiravati Marine Products Pvt. Income Tax, Vs Ltd. Range-2, Porbandar, Jamnagar. Pan No: Aabch2110C "नधा"रण वष"/Asstt. Year:2008-2009

gains. To find out whether an expenditure is on the capital account or on revenue, one must consider the expenditure in relation to the business. Since all payments reduce capital in the ultimate analysis, one is apt to consider a loss as amounting to a loss of capital. But this is not true of all losses, because losses

SHRI AJAYBHAI ISHWARLAL GOGIA,,RAJKOT-GUJARAT vs. THE INCOME TAX OFFICER, WARD-1 (2) (5), RAJKOT

In the result, the assessee’s appeal is allowed

loss of revenue. The I.T.A No. 176/Rjt/2018 A.Y. 2011-12 Page No 4 Shri Ajaybhai I. Gogia vs. ITO penalty under that provision is a civil liability. Willful concealment is not an essential ingredient for attracting civil liability as is the case in the matter of prosecution under section 276C of the Income-tax Act. 6. Aggrieved by the order

MISS PARI ANIL GANDHI, RAJKOT,RAJKOT vs. THE PR. CIT-1, RAJKOT, RAJKOT

carried out by the assessing officer on the\nissue under consideration and based on the evidence gathered,assessing\nofficer has taken a plausible view, which at any rate cannot be called as an\nun-sustainable view.\n20.We note that Hon'ble Jurisdictional High Court of Gujarat in the case of\nJagat Pravinbhai Sarabhai, [2022] 142 taxmann.com 247, held that where

LATE SMT. PRITI A. GANDHI L/R. SHRI ANILBHAI A. GANDHI, RAJKOT,RAJKOT vs. THE PR. CIT-1, RAJKOT, RAJKOT

carried out by the assessing officer on the\nissue under consideration and based on the evidence gathered,assessing\nofficer has taken a plausible view, which at any rate cannot be called as an\nun-sustainable view.\n20.We note that Hon'ble Jurisdictional High Court of Gujarat in the case of\nJagat Pravinbhai Sarabhai, [2022] 142 taxmann.com 247, held that where

KAUSHALIYA SAMPATLAL DUDANI,JAMNAGAR vs. INCOME TAX OFFICER, WARD 2(6), JAMNAGAR

In the result, the appeal of the assessee is allowed

Bench: Dr. Arjun Lal Sainiआयकर अपील सं./ Ita No.659/Rjt/2025 िनधा"रण वष"/Assessment Year :2012-2013 Kaushaliya Sampatlal Dudani The Ito, Ward-2(6), बनाम/ K-1/79/4 G.I.D.C., Shanker Ayakar Bhawan, Jamnagar Vs Tekri, Udyognagar, Jamnagar Jamnagar. Gujarart-361005 "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Abnpd8662P (अपीलाथ"/Appellant) (""थ"/Respondent) िनधा"रती की ओर से/Assessee By : Shri Sagar Shah, Ld. Ar राज" की ओर से/Revenue By : Shri Abhimanyu Singh, Ld. Sr-Dr

carried out by the assessee through ANS Private Limited who is SEBI registered Stockbroker. The details of the transactions are as follows: Page 10 of 14 Kaushaliya Sampatlal Dudani We find that assessee submitted a copy of Contract Note & Ledger, which is placed at paper book page no.32 to 37.A copy of bank statements reflecting the Sale of Shares

AMIBEN RAJESHKUMAR PUNATAR,RAJKOT vs. ITO, WARD-1(2)(1), RAJKOT, RAJKOT

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

Bench: Dr. Arjun Lal Sainiआयकरअपील सं. /Ita No.24/Rjt/2026 िनधा"रण वष"/Assessment Year : 2015-16 Amiben Rajeshkumar Punatar, बनाम/ Ito, Ashish, 41-New Jagnath Plot, Vs Ward – 1(2)(1), Rajkot – 360001(Gujarat) Rajkot "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Ahrpp4181F (अपीलाथ"/Assessee) (""थ"/Respondent)

loss by Various beneficiaries. Further, the entry operators are charging @ 3 to 5% in Cash on net pre-arranged bogus LTCG or STCL. On going through the case records as well as return of income filed by the assessee for AY 2015-16, it was noticed by the assessing officer that the assessee had shown long term capital gain

SAMEER SHAH (HUF),1 "SWAPNEEL" ,OPP. GURUDATATREY TEMPLE PALACE ROAD vs. INCOME TAX OFFICER, WARD 1(3), JAMNAGAR, GUJARAT

In the result, appeal filed by the assessee is allowed

Bench: Dr. Arjun Lal Saini. आयकरअपीलसं./Ita No.248/Rjt/2025 "नधा"रणवष" / Assessment Year: (2013-14) (Hybrid Hearing) Sameer Shah (Huf), Vs. The Ito Ward 1(3), 1 “Swapneel”, Opp. Jamnagar - 361001 Gurudatatrey Temple, Palace Road, Jamnagar - 361008 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aawhs3749E (Appellant) (Respondent)

carried out by the assessee through ANS Private Limited who is SEBI registered Stockbroker. The details of the transactions are as follows: We find that assessee submitted a copy of Contract Note & Ledger, which is placed at paper book page no.32 to 37.A copy of bank statements reflecting the Sale of Shares i.e. Receipts as Sameer Shah HUF, mentioned

THE DY. COMMR. OF INCOME TAX, CIR.-1(2),, RAJKOT-GUJARAT vs. RAJKOT PEOPLES CO. OP. BANK LTD.,, RAJKOT-GUJARAT

In the result appeals of the Revenue and Cross Objections of the assessee are dismissed except CO of the assessee in the Asstt

Bench: Shri Pramod Kumar & Shri Rajpal Yadavsr.

carried at acquisition cost unless these are more than the face value, in which case the premium should be amortised over the period remaining to maturity. In the case of HFT and AFT securities forming stock-in-trade of the bank, the depreciation/ appreciation is to be aggregated scrip-wise and only net depreciation, if any, is required

THE DCIT, (INTL. TAXN.), RAJKOT vs. M/S. KOREA SOUTH EAST POWER CO. LTD., MUMBAI

In the result, the appeal of the Revenue is dismissed

Bench: Smt. Annapurna Gupta & Shri T.R. Senthil Kumar(Conducted Through Virtual Court) Assessment Year: 2011-12 The Dcit (Intl. Taxn.) M/S.Korea South East Power Amruta Estate Co.Ltd. Room No.312 Mg Road बनाम/ C/O. P.V. Page & Co., Girnar Cinema 201, Sardar Griha, 198 L.T. Marg Vs. Rajkot Mumbai – 400 002 (Appellant) (Respondent) Pan: Pan : Ahvps 3555Q Assessee By None Revenue By Shri Ashish Kumar Pandey, Sr.Dr Date Of Hearing 25/09/2023 Date Of Pronouncement 15/12/2023

loss by Assessing Officer did not automatically warrant inference of concealment of income - Held, yes - Whether since there was nothing on record to show that in furnishing its return of income, assessee had either concealed its income or had furnished any inaccurate particulars of income, penalty imposed by Assessing Officer was to be deleted - Held, yes” 3.2. The Ld.CIT

BABUBHAI KANJIBHAI SAKARIYA LEGAL HEIR OF LATE SMT. UJIBEN KANJIBHAI SAKARIYA,JETPUR vs. ITO WARD 1(2)(1), RAJKOT, RAJKOT

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

carried out by the assessing officer on the issue under consideration\nand based on the evidence gathered, assessing officer has taken a plausible view,\nwhich at any rate cannot be called as an un-sustainable view.\n20.\nWe note that Hon'ble Jurisdictional High Court of Gujarat in the case of\nJagat Pravinbhai Sarabhai, [2022] 142 taxmann.com 247, held that

NISHANT PAREKH - LEGAL HEIR OF MINA PAREKH,JAMNAGAR vs. INCOME TAX OFFICER, WARD 1(3), JAMNAGAR

The appeal of the assessee is allowed

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकरअपीलसं./Ita No. 196/Rjt/2025 ("नधा"रणवष"/Assessment Year: (2012-13) Nishant Parekh – Legak Heir Of Mina Income Tax Officer, Wd – 1(3), Parekh Vs. Aayakar Bhavan, 322, Madhav Square, Opp. Avantika Jamnagar – 361001 Complex, Limda Lane Road, Jamnagar – 361001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aanpp9471F (अपीलाथ"/Assessee) (""यथ"/Respondent)

loss. The decision of assessing officer was unsupported by any material on record, and the finding was purely on an assumption basis. Thus, no substantial question of law arose from the order of the Tribunal, and the same was to be upheld. We note that the assessee submitted the following documents and evidences, before the assessing officer viz: (i) copy

MANISH GYANCHAND JAIN,GANDHIDHAM vs. ASSTT. COMMR. OF INCOME TAX, GANDHIDHAM CIRCLE, , GANDHIDHAM

In the result the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

capital gain. The ground of appeal on this account is accordingly dismissed. 24 A.Y. 2016-17 and 4 others 34. Being aggrieved by the order of the learned CIT-A. The assessee is in appeal before us. The learned AR before us filed a paper book running from pages 1 to 17 and contended that It is stated that

SHRI MANISH GYANCHAND JAIN ,GANDHIDHAM vs. THEACIT, GANDHIDHAM CIRCLE, GANDHIDHAM

In the result the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

capital gain. The ground of appeal on this account is accordingly dismissed. 24 A.Y. 2016-17 and 4 others 34. Being aggrieved by the order of the learned CIT-A. The assessee is in appeal before us. The learned AR before us filed a paper book running from pages 1 to 17 and contended that It is stated that

MANISH GYANCHAND JAIN,GANDHIDHAM vs. ASSTT. COMMR. OF INCOME TAX, GANDHIDHAM CIRCLE, , GANDHIDHAM

In the result the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

capital gain. The ground of appeal on this account is accordingly dismissed. 24 A.Y. 2016-17 and 4 others 34. Being aggrieved by the order of the learned CIT-A. The assessee is in appeal before us. The learned AR before us filed a paper book running from pages 1 to 17 and contended that It is stated that