BABUBHAI KANJIBHAI SAKARIA,JETPUR vs. ITO WD 1(2)(1), RAJKOT, RAJKOT

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

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita No. 156/Rjt/2025 (Assessment Year: 2016-17) Babubhai Kanjibhai Sakariya Vs. Ito, Wd 1(2)(1), Rajkot Plot No. 82 Satyam Park, Amarnagar Aaykar Bhavan, Race Course Ring Road, Jetpur,(Rajkot-Gujarat) -360370 Road, Rajkot 360001 "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Agnps7407C (अपीलाथ"/Appellant) (""थ"/Respondent)

capital gains tax under section 45 of the I.T. Act, the Page 9 of 19 Babubhai K. Sakaria interest received undersection 28 of the Act of 1894 being an accretion to the value, would form part of the compensation and would be exigible to tax under section 45(5) of the I.T. Act, whereas the interest received under section

M/S FLAMINGO HOTELS PVT. LTD.,,RAJKOT-GUJARAT vs. THE INCOME TAX OFFICER, WARD-1, GANDHIDHAM., GANDHIDHAM

In the result, the appeal of the assessee is dismissed with the above directions

Bench: Smt.Annapurna Gupta & Ms.Suchitra Raghunath Kambleassessment Year : 2010-11 M/S.Flamingo Hotels P.Ltd. Ito, Ward-1 Plot No.416 Gandhidham. Ward-2B Adipur-Kutch.

1), where any person receives at any time during any previous year any money or other assets under an insurance from an insurer on account of damage to, or destruction of, any capital asset, as a result of— (i) flood, typhoon, hurricane, cyclone, earthquake or other convulsion of nature; or (ii) riot or civil disturbance; or (iii) accidental fire

KANTABEN VAJUBHAI PAGHADAL,RAJKOT, GUJARAT vs. ITO WD 1(2)(1), RAJKOT, RAJKOT

In the result, appeal filed by the assessee is allowed

Bench: Dr. Arjun Lal Sainiआयकरअपीलसं./Ita No.552/Rjt/2025 "नधा"रणवष" / Assessment Year: (2016-17) (Hybrid Hearing) Kantaben Vajubhai Paghadal Vs. It-Office, New Aayakar At- Charan Samadhiyala, Bhawan, Jetpur – 360370(Gujarat) Rajkot - 360370 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Cxmpp2962D (Appellant) (Respondent)

capital gains tax under section 45 of the I.T. Act, the interest received under section 28 of the Act of 1894 being an accretion to the value, would form part of the compensation and would be exigible to tax under section 45(5) of the I.T. Act, whereas the interest received under section 34 of the Act of 1894 would

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

13-14 , and similar adverse inference drawn by the AO , but no penalty was levied. The relevant portion of the order of the CIT(A), at page Nos.29 & 30, is as under:- “I have noticed from various documents and orders that even while passing the order and that too after approval of the draft by DRP under section 144C

SHRI KANJIBHAI B. RANGANI,,RAJKOT-GUJARAT vs. THE INCOME TAX OFFICER, WARD-5(1), RAJKOT-GUJARAT

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

13-09-2012 has confirmed the addition of Rs. 36,34,125/- on account of capita! gain on sale of plot of land. However, he allowed deduction of Rs. 19,30,320/- in the short term capital gain as cost of improvement being amount of premium paid for conversion of land. A written submission has been filed by the appellant

PADMABEN KANTILAL RANPARA,RAJKOT vs. INCOME TAX OFFICER WARD 2(1)(2) RAJKOT, RAJKOT

In the result, the appeal of the assessee is allowed

1), the rebate under section 87A shall be allowed from the income-tax\non the total income as reduced by tax payable on such capital gains.\n5.11 The absence of a corresponding clause in section 111A is legally significant and\nsupports the principle that – when the legislature intended to deny rebate in respect of\nspecial income (as in section 112A

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

1 Shri. Ashok Kumar 34,33,30,821 The person Proprietor of M/s Radhika Zinzuwadia Jewellers upto 30.06.2014 2. Harsh M. Shri. Zinzuwadia 36,74,97,249 Brother of said Proprietor 3. Shri Darshit A Zinzuwadia 6,66,82,080 Son of said proprietor Total value of Stock as on 77,75,10,150 01.07.2014 In reply to show cause

BHIKHALAL PRAHALADRAI AGARWAL HUF,GANDHIDHAM vs. ASSISTANT COMMISSIONER OF INCOME TAX, GANDHIDHAM CIRCLE, GANDHIDHAM

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos.779&780/Rjt/2024 ("नधा"रण वष" / Assessment Years: 2011-12 & 2016-17) Bhikhalal Prahaladrai Agarwal- Vs. Assistant Commissioner Of Income Tax, Huf, Gandhidham Circle C/O. Sarda & Sarda, Sakar, 1St It Office, Plot No. 32, Sector No. 3, Near Floor, Dr. Radha-Krishnan Road, Iffco Colony, Gandhidham Opp. Rajkumar College Rajkot Gandhidham - 370201 Rajkot - 360001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabha4638R (Assessee) (Respondent) Assessee By : Shri Vimal Desai, Ld. Ar Respondent By : Shri Abhimanyu Singh Yadav, Ld. Sr. Dr Date Of Hearing : 05/06/2025 Date Of Pronouncement : 21/08/2025

capital gain and intra-day gain from the sale of shares of Vax Housing Finance Corporation Ltd, which was taxable and the assessee also paid the due taxes thereon. However, the A.O., without making any inquiries and without even refuting the documentary evidence placed on records by the assessee, doubted the genuineness of share transactions simply on the basis

BHIKHALAL PRAHLADRAI AGARWAL HUF,GANDHIDHAM vs. ASSISTANT COMMISSIONER OF INCOME TAX GANDHIDHAM CIRCLE, GANDHIDHAM

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos.779&780/Rjt/2024 ("नधा"रण वष" / Assessment Years: 2011-12 & 2016-17) Bhikhalal Prahaladrai Agarwal- Vs. Assistant Commissioner Of Income Tax, Huf, Gandhidham Circle C/O. Sarda & Sarda, Sakar, 1St It Office, Plot No. 32, Sector No. 3, Near Floor, Dr. Radha-Krishnan Road, Iffco Colony, Gandhidham Opp. Rajkumar College Rajkot Gandhidham - 370201 Rajkot - 360001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabha4638R (Assessee) (Respondent) Assessee By : Shri Vimal Desai, Ld. Ar Respondent By : Shri Abhimanyu Singh Yadav, Ld. Sr. Dr Date Of Hearing : 05/06/2025 Date Of Pronouncement : 21/08/2025

capital gain and intra-day gain from the sale of shares of Vax Housing Finance Corporation Ltd, which was taxable and the assessee also paid the due taxes thereon. However, the A.O., without making any inquiries and without even refuting the documentary evidence placed on records by the assessee, doubted the genuineness of share transactions simply on the basis

SAURASHTRA GRAMIN BANK MANAGER (F & A), RAJKOT,RAJKOT vs. THE PR. COMMISSIONER OF INCOME TAX-I,, RAJKOT

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

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita No. 37/Rjt/2022 (Assessment Year: 2017-18) (Hybrid Hearing) Saurashtra Gramin Bank Vs. The Pr. Cit-1, Manager (F & A), Rajkot 1St Floor Wing 2, Lic Jeevan Prakash Building, Tagore Road, Rajkot-360001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aahas2116H (अपीलाथ"/Appellant) (""यथ"/Respondent)

gains of business or profession" (before making any deduction under this clause) carried to such reserve account” Calculation of the deduction under section 36(1)(viii) of the Act was submitted by the assessee before ld.PCIT, which is given here under: ITA No. 37/Rjt/2022 A.Y. 2017-18 Saurashtra Gramin Bank Manager v. PCIT Sr. Description Total Long Term Total Interest

MANSUKHLAL KHIMJI KHIMASIYA,JAMNAGAR vs. OFFICE OF PRINCIPAL COMMISSIONER OF INCOME-TAX, JAMNAGAR, JAMNAGAR

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

13 months back on 29.04.2010 for Rs.80,869/-, at a price of Rs.23/- per share. The long Mansukhlal khimji and others v. PCIT ITA No.3,4,5,6/Rjt/2024 AY.2012-13 & 2013-14 term capital gains of Rs.8,90,894/-, on this transaction was claimed exempt u/s.10(38) of the Act. The assessing officer has accepted the submission and no addition

BHANUBEN MANSUKHLAL KHIMASIYA,JAMNAGAR vs. OFFICE OF PRINCIPAL COMMISSIONER OF INCOME-TAX, JAMNAGAR, JAMNAGAR

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

13 months back on 29.04.2010 for Rs.80,869/-, at a price of Rs.23/- per share. The long Mansukhlal khimji and others v. PCIT ITA No.3,4,5,6/Rjt/2024 AY.2012-13 & 2013-14 term capital gains of Rs.8,90,894/-, on this transaction was claimed exempt u/s.10(38) of the Act. The assessing officer has accepted the submission and no addition

MANSUKHLAL KHIMJI KHIMASIYA HUF,JAMNAGAR vs. OFFICE OF PRINCIPAL COMMISSIONER OF INCOME-TAX, JAMNAGAR, JAMNAGAR

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

13 months back on 29.04.2010 for Rs.80,869/-, at a price of Rs.23/- per share. The long Mansukhlal khimji and others v. PCIT ITA No.3,4,5,6/Rjt/2024 AY.2012-13 & 2013-14 term capital gains of Rs.8,90,894/-, on this transaction was claimed exempt u/s.10(38) of the Act. The assessing officer has accepted the submission and no addition

JAYESH KHIMJI KHIMASIYA HUF,JAMNAGAR vs. OFFICE OF PRINCIPAL COMMISSIONER OF INCOME-TAX, JAMNAGAR, JAMNAGAR

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

13 months back on 29.04.2010 for Rs.80,869/-, at a price of Rs.23/- per share. The long Mansukhlal khimji and others v. PCIT ITA No.3,4,5,6/Rjt/2024 AY.2012-13 & 2013-14 term capital gains of Rs.8,90,894/-, on this transaction was claimed exempt u/s.10(38) of the Act. The assessing officer has accepted the submission and no addition

SHRI RAJKOT DISTRICT CO-OP. BANK LTD. RAJKOT,RAJKOT vs. THE PR. CIT-1, RAJKOT, RAJKOT

The appeal of the assessee is allowed

Bench: us, the error noted in the assessment order passed in the case of the assessee under Section 143(3) of the Act for the impugned year i.e. AY 2017-18 was that the assessee’s claim of deduction for creation of special reserve from the profit of “eligible business” as per Section 36(1)(viii) of the Act had been allowed in excess by the Assessing Officer without properly examining the calculation of the claim submitted by the assessee.

gains of business or profession" amounted to Rs. 4,94,94,107only, thelater being lower of the two has been claimed as deduction. Details of appropriation of profit for the F.Y.2016-17is enclosed and computation of segment-wise profit is attached at PP-14-20. 11 Shri Rajkot Dist Coop Bank Ltd Vs. PCIT We have computed the profit

SHRI CHHAGANBHAI MULJIBHAI PATOLIYA,JETPUR vs. THE ITO WARD-1 (2) (3) RAJKOT, RAJKOT

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Dr. Arjun Lal Sainiआयकरअपीलसं./Ita No.477/Rjt/2025 "नधा"रणवष" / Assessment Year: (2012-13) Chhaganbhai Muljibhai Patoliya, Vs The Ito Ward 1(2)(3), Radhe Park, Shreeji School, Aayakar Bhavan, Race Course, . Amarnagar Road, Rajkot (Gujarat) - 360001 Jetpur (Gujarat) - 360370 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Ddrpp2365A (Appellant) (Respondent)

1. The Id CIT(A) has erred in law and facts in not considering need the addition made relates to capital gain and the statutory position of capital gain specifically required to reduce the purchase cost with index cost from the sale while considering the addition Chhaganbhai M. Patoliya, which needs deduction in respect of purchase cost with index cost

ACIT, CIRCLE-1(1), RAJKOT, RAJKOT vs. GANDHI REALITY (INDIA) PRIVATE LIMITED, RAJKOT

In the result, the appeal of the Revenue is dismissed

Bench: Dr. Arjun Lal Saini, Am. & Dinesh Mohan Sinha, Jm

gaining financial and operational synergy by combining staff and resources of all the three companies. It was envisaged to create one single entity by encompassing different business operations in one legal entity, each company would leverage off of the other company's strengths. The merger would lead to creating a strong entity wherein fund raising would have been easier because

THE DY. COMMR. OF INCOME TAX, CIR.-1(2), RAJKOT-GUJARAT vs. M/S DML EXIM PVT. LTD.,, RAJKOT-GUJARAT

Appeal is dismissed

Bench: Shri Waseem Ahmed& Ms. Madhumita Roy

13. On the other hand, the Ld. Counsel appearing for the assessee submitted before us that the issue is squarely covered by the judgment passed by the Hon’ble Jurisdictional High Court in the case of CIT vs. Panchmahal Steel Ltd. ITA Nos.27/RJT/2016& 360,315/Rjt/2015 A.Y.2011-12,2012-13 14. We have heard the respective parties, we have also perused