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

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

capital gains on a penny stock company. IV. The PCIT also relied upon the ITAT Delhi bench in the case of Anip Rastogi [ITA No. 3809/DEL/2018 AV 2015-16 and ITAT Nagpur in the case of Shri Sanjay Bimalchand Jain ITA No. 61/Nag/2013 dated 18/07/2016 | appeal of the assessee dismissed in Bombay High Court) where in the similar circumstances

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

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

capital gains on a penny stock company. IV. The PCIT also relied upon the ITAT Delhi bench in the case of Anip Rastogi [ITA No. 3809/DEL/2018 AV 2015-16 and ITAT Nagpur in the case of Shri Sanjay Bimalchand Jain ITA No. 61/Nag/2013 dated 18/07/2016 | appeal of the assessee dismissed in Bombay High Court) where in the similar circumstances

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

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

capital gains on a penny stock company. IV. The PCIT also relied upon the ITAT Delhi bench in the case of Anip Rastogi [ITA No. 3809/DEL/2018 AV 2015-16 and ITAT Nagpur in the case of Shri Sanjay Bimalchand Jain ITA No. 61/Nag/2013 dated 18/07/2016 | appeal of the assessee dismissed in Bombay High Court) where in the similar circumstances

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

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

capital gains on a penny stock company. IV. The PCIT also relied upon the ITAT Delhi bench in the case of Anip Rastogi [ITA No. 3809/DEL/2018 AV 2015-16 and ITAT Nagpur in the case of Shri Sanjay Bimalchand Jain ITA No. 61/Nag/2013 dated 18/07/2016 | appeal of the assessee dismissed in Bombay High Court) where in the similar circumstances

RAMESHBHAI DEVRAJBHAI KHICHADIA,RAJKOT vs. PR. CIT, RAJKOT-1, RAJKOT

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./Ita No. 51/Rjt/2022 िनधा"रण वष"/Asstt. Years: 2012-2013

capital gain which was claimed exempted under section 10(38) of the Act was not reviewed by the AO as bogus in nature. Therefore, he did not extend the scope of the assessment proceedings beyond the points which were recorded in the reasons to believe for the escapement of income. Thus, the PCIT cannot exercise his jurisdiction under the provisions

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)

capital gain on sale of security of Rs. 5,26,730/- was reported as exempt u/s. 10(38) of the Act. In response to notice u/s. 148 of the Act, Return of Income was filed on 28.04.2021, declaring the same income as disclosed in original return. Pursuant to request of the assessee, the reasons for reopening u/s. 147 was provided

ASSTT. COMMR. OF INCOME TAX, CEN. CIR-1,, RAJKOT vs. RAJESHKUMAR GOVINDBHAI PATEL,, RAJKOT

In the result both the appeals filed by the Revenue and the Cross Objections filed by the assessee are hereby dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Capital Gains and also Income from Other Sources. For the asst year 2006-07 the assessee filed his Return of Income on 31-07-2006 admitting total income of Rs.4,17,050/=. The return was processed under section 143[1] dated 06-12-2006 and refund was issued to the assessee. Thus there was no regular assessment u/s.143

ASSTT. COMMR. OF INCOME TAX, CEN. CIR-1,, RAJKOT vs. RAJESHKUMAR GOVINDBHAI PATEL,, RAJKOT

In the result both the appeals filed by the Revenue and the Cross Objections filed by the assessee are hereby dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Capital Gains and also Income from Other Sources. For the asst year 2006-07 the assessee filed his Return of Income on 31-07-2006 admitting total income of Rs.4,17,050/=. The return was processed under section 143[1] dated 06-12-2006 and refund was issued to the assessee. Thus there was no regular assessment u/s.143

M/S OM KIRTI CONSTRUCTION PVT. LTD.,,RAJKOT-GUJARAT vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CEN. CIRCLE-1,, RAJKOT-GUJARAT

In the result the appeal of the assessee is partly allowed

Bench: Shri Waseem Ahmed & Shri Madhumita Roy)

capital gain as claimed and thereby computing the profit thereon at Rs. 86,56,527/-. 3. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad erred in confirming disallowance of interest payment of Rs. 14,40,475 to 1C1CI bank made by the A.O. by treating it as personal expenditure. 4. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad

SHRI JAWAHIR RAVICHANDRA MEHTA,DUBAI(UAE) vs. THE DCIT, CIRCLE-2, RAJKOT, RAJKOT

In the result appeal of the assessee vide ITA/81/Rjt/2020 stands dismissed

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Amarjit Singh, Accountant Memebr

153 A of the Act. However, no clear details were furnished. During the course of assessment proceedings for assessment years 1996-97, 1997- 98, 2005-06 (u/s.l47) and assessment years 2006 -2007 to 20 12-(u/s.l53A) a chart of working of interest income of Rs.1,78,82,389/- was offered by the assessee mentioned at page number five