SMT. KRUSHNABA PRAVINSINH JADEJA,,RAJKOT-GUJARAT vs. THE DY. COMMR. OF INCOME TAX, CIR.-1(1),, RAJKOT-GUJARAT

Capital Gain\" of Rs. 45,03,271/-.\n8. The Assessing Officer, after going through the balance-sheet of the\nassessee, as on 31.03.2012, noticed that a sum of Rs.99,76,000/-, was\nshown by assessee under the head \"Sundry Creditors\". On being asked to\nfurnish the details of the amount, it was explained by the assessee that the\namount

SMT. MUMTAJBANU A. JIVANI,AMRELI vs. THE ITO, WARD-3 (1) (4), AMRELI

The appeal of the assessee is allowed

Bench: Ms. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

178 308 Amreli Rajula Kadiyali 63 508 I.T.A No. 284/Rjt/2019 A.Y. 2014-15 Page No 6 Smt. Mumtajbanu A. Jivani vs. ITO Arnreii Rajula Kadiyali 56 458 Amreli Rajula Ningala No. 1 70 108 Amreli Rajula Devka 104 115 9 He also contended that even the comparable instances which were taken by the DVO were quite largely comparable

DY. COMMR. OF INCOME TAX, CIRCLE - 1(1), RAJKOT vs. M/S AJANTA MFG. LTD.,, MORBI

In the result this issue is decided against the revenue and accordingly ground no

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal(1) I.T.A. No.102/Rjt/2021 (2) I.T.A. No.138/Rjt/2021 (Assessment Years: 2015-16 & 2016-17) (1) Dcit, M/S. Ajanta Manufacturing Ltd. Circle-1(1), Orpat Industrial Estate, Rajkot Rajkot Morbi Highway, Morbi-363641 Vs. (2) Acit M/S. Ajanta Manufacturing Pvt. Circle1(1), Ltd., Rajkot Orpat Industrial Estate, Rajkot Morbi Highway, Morbi-363641 [Pan No.Aaeca6115B] (Appellant) (Respondent) .. Appellant By : Shri Vimal Desai, A.R. Respondent By: Shri Shramdeep Sinha, Citdr Date Of Hearing 25.05.2023 Date Of Pronouncement 31.05.2023

178 (SC), in which it was held that where object of respective subsidy schemes of State Governments was to encourage development of Multiple Theatre Complexes, incentives would be held to be “capital” in nature and not revenue receipts. The Hon'ble Supreme Court made the following important observations while passing the order: Applying the aforesaid test contained in both Sahney

DY. COMMR. OF INCOME TAX, CIRCLE - 1(1), RAJKOT vs. M/S AJANTA MFG. LTD.,, MORBI

In the result this issue is decided against the revenue and accordingly ground no

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal(1) I.T.A. No.102/Rjt/2021 (2) I.T.A. No.138/Rjt/2021 (Assessment Years: 2015-16 & 2016-17) (1) Dcit, M/S. Ajanta Manufacturing Ltd. Circle-1(1), Orpat Industrial Estate, Rajkot Rajkot Morbi Highway, Morbi-363641 Vs. (2) Acit M/S. Ajanta Manufacturing Pvt. Circle1(1), Ltd., Rajkot Orpat Industrial Estate, Rajkot Morbi Highway, Morbi-363641 [Pan No.Aaeca6115B] (Appellant) (Respondent) .. Appellant By : Shri Vimal Desai, A.R. Respondent By: Shri Shramdeep Sinha, Citdr Date Of Hearing 25.05.2023 Date Of Pronouncement 31.05.2023

178 (SC), in which it was held that where object of respective subsidy schemes of State Governments was to encourage development of Multiple Theatre Complexes, incentives would be held to be “capital” in nature and not revenue receipts. The Hon'ble Supreme Court made the following important observations while passing the order: Applying the aforesaid test contained in both Sahney