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

section 143(3) of\nthe Act, dated 26/12/2017, for revision u/s 263 of the Income tax Act.In\nresponse to the said notice, the assessee made written submissions on\n13/03/2019. The gist of the assessee`s submission is as under:\n“1. With respect to the claim of exempt Capital Gain

SMT. JANKI KISHAN HINGORANI,RAJKOT vs. THE PR. CIT-1, RAJKOT, RAJKOT

In the result, the appeal of the Assessee is dismissed

Bench: Smt. Annapurna Gupta & Shri T.R. Senthil Kumar(Conducted Through Virtual Court) Assessment Year: 2015-16 Smt.Janki Kishan Hingorani The Pr.Cit 6/7, Subham Complex Rajkot-1 Royal Park, University Road बनाम/ Rajkot Rajkot – 380 006 Vs. Gujarat (Appellant ) ( Respondent ) Pan: Pan : Aahph 4774M Assessee By Ms.Amrin Pathan, Ld.Ar Revenue By Shri Shramdeep Sinha, Ld.Cit(Dr) Date Of Hearing 06/12/2023 Date Of Pronouncement 15/12/2023

section 263 of the Act. 2. The learned PCIT erred in fact and in law in not dropping the proceedings u/s. 263 despite the fact that the original order passed by the AO was not erroneous and prejudicial to the interest of the revenue. 3. The learned PCIT erred in fact and in law in revising the assessment by invoking

MANSUKHBHAI KANJIBHAI SAKARIYA,RAJKOT vs. PRINCIPAL COMMISSIONER OF INCOME TAX, RAJKOT-1, RAJKOT

In the result, appeal filed by the assessee is allowed

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकरअपीलसं/.Ita No.318/Rjt/2024 "नधा"रणवष"/ Assessment Year: 2016-17 Mansukhbhai Kanjibhai Sakariya The Pr.Commissioner Of बनाम At Khajuri Gundala Income Tax-1, Rajkot. Post Station: Vavdi Vs. Amarnagar, Khajuri Gundala. Pan : Aslps 7027 E (अपीलाथ"/Assessee) : (""यथ"/Respondent) "नधा"रतीक"ओरसे/Assessee By : Shri Rajendra Singhal, Ld.Ar राज"वक"ओरसे/Revenue By : Shri Sanjay Punglia, Ld.Cit-Dr

gains or under any other head of income. In connection with reference invited to section 56(2)(viii) r.w.s. 145B(1) of the Act, by you, for chargeability of the interest income under the said section, I would like to state that interest as stipulated under the provisions of section 56(2)(viii) of the Income

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

section 143(3) of\nthe Act, dated 26/12/2017, for revision u/s 263 of the Income tax Act.In\nresponse to the said notice, the assessee made written submissions on\n13/03/2019. The gist of the assessee`s submission is as under:\n“1. With respect to the claim of exempt Capital Gain

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

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

section 263 of the I.T. Act 1961. Therefore, I intend to revise the order of the assessing officer passed u/s 147 of the I.T. Act dated 07/05/21 for the AY 2012-13. 6. Under the circumstances, you are requested to show cause as to why the order dated 07/05/21 should not be revised u/s 263 of the Income

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

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

section 263 of the I.T. Act 1961. Therefore, I intend to revise the order of the assessing officer passed u/s 147 of the I.T. Act dated 07/05/21 for the AY 2012-13. 6. Under the circumstances, you are requested to show cause as to why the order dated 07/05/21 should not be revised u/s 263 of the Income

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

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

section 263 of the I.T. Act 1961. Therefore, I intend to revise the order of the assessing officer passed u/s 147 of the I.T. Act dated 07/05/21 for the AY 2012-13. 6. Under the circumstances, you are requested to show cause as to why the order dated 07/05/21 should not be revised u/s 263 of the Income

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

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

section 263 of the I.T. Act 1961. Therefore, I intend to revise the order of the assessing officer passed u/s 147 of the I.T. Act dated 07/05/21 for the AY 2012-13. 6. Under the circumstances, you are requested to show cause as to why the order dated 07/05/21 should not be revised u/s 263 of the Income

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)

capital and Reserve Fund of Rs. 195 crore. So, the proposed disallowance is not justifiable. 7. In view of the grounds mentioned as above your Appellant requests your Honour to appreciate the fact that re-opening of the assessment as above is completely erroneous and disregard with the Act, and order under section 263 is required to be quashed

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)

gain and income from other sources. Besides during the year, assessee received 25% share in enhanced compensation, totalling to Rs. 2,69,41,878/-, on compulsory acquisition of ancestral agricultural land of his family. The above compensation of Rs. 2,69,41,878/- was inclusive of interest of Rs. 1,89,62,258/-, granted u/s. 28 of the Land Acquisition

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)

gain and income from other sources. Besides during the year, assessee received 25% share in enhanced compensation, totalling to Rs. 2,69,41,878/-, on compulsory acquisition of ancestral agricultural land of his family. The above compensation of Rs. 2,69,41,878/- was inclusive of interest of Rs. 1,89,62,258/-, granted u/s. 28 of the Land Acquisition

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)

1) of the Income Tax Act, 1961 (the Act) on 27.07.2013 declaring total income of Rs. 3,31,950/-. The Long term 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

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

capital gain exemption under section 10(38),\nsince there was no evidence available on record suggesting that assessee or his\nbroker was involved in rigging up of price of script of SNCFL, addition on account\nof LTCG claimed as exempt under section 10(38) had rightly been deleted\"\n(ii)\nChampalal Gopiram Agarwal, [2023] 155 taxmann.com 66 (Gujarat).\n“Where

SHRI TULSHIBHAI POLABHAI SAKARIYA,RAJKOT vs. THE PR. CIT-1, RAJKOT, RAJKOT

In the result, appeal filed by assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकरअपीलसं./Ita No. 93/Rjt/2021 िनधा"रणवष" िनधा"रणवष"/Asstt. Year:2015-16 िनधा"रणवष" िनधा"रणवष" Shri Tulsibhai Polabhai Sakariya Vs. The Pr. C.I.T, 2-Bombay Housing Society, Rajkot-1, Meghdhara, University Road, Rajkot. Opp. G. K. Dholakiya, Rajkot

capital gain also claimed deduction under section 54F of the Act. The claim of the assessee was allowed by the AO in the assessment order framed under section 143(3) of the Act dated 13th December 2017. 5. Subsequently, the learned Pr. CIT found that the valuer without adopting realistic approach or scientific method valued the property at unrealistic value

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.

263 of the Act was not in accordance with law. The 8 Shri Rajkot Dist Coop Bank Ltd Vs. PCIT basic premise with the Ld. Pr. CIT for invoking the revisionary jurisdiction was for the assessee’s calculation of profit from the eligible business for the purpose of deduction on account of creation of special reserve for the said profits

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

1)(e). However, the Court emphasized that Section 47 excludes the transfer of a capital asset in an approved scheme of amalgamation. The Court also highlighted that the provisions referred to by the assessee are in a Chapter related to "Capital Gains," whereas an approved scheme of amalgamation operates by law, as recognized in the Smifs case. In this case

SHRI BABUBHAI NARANBHAI SAKHIYA,,RAJKOT-GUJARAT vs. THE PR. COMMR. OF INCOME TAX-1,, RAJKOT-GUJARAT

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

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

263 of the Act was issued on 12.1.2016 to the assessee. The assessee after taking two adjournments filed his written submission. In para-3 of the submission, the assessee claimed that the actual transfer of the capital asset was on 15.8.2010 and due to typographical error it was mentioned as 15.4.2010. Thus, the assessee contended that the land was held

ABDULKADAR HAJIAHMED VADIWALA,JAMNAGAR vs. PR. COMMISSIONER OF INCOME TAX, JAMNAGAR

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

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं/.Ita No.103/Rjt/2025 "नधा"रणवष"/ Assessment Year: 2016-17 Abdulkadar Hajiahmed Vadiwala The Pr.Cit बनाम Maniar Street, Lindi Bazar Jamanagar. Jamnagar-361001 Vs. Pan : Aatpv 4729 Q (अपीलाथ"/Assessee) : (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri Chetan Agarwal, Ld.Ar राज"व क" ओर से/Revenue By : Shri Sanjay Punglia, Ld.Cit-Dr

capital gain arising on sale of immovable properties during Financial Year (FY) 2015-16. Subsequently, the assessment was completed under section 147 r.w.s. 144B of the Income-tax Act, 1961 (for short ‘the Act’) vide order dated 16/03/2023, accepting the returned income of the assessee. 4. Later on, the Learned Principal Commissioner of Income Tax ( in short “Ld.PCIT”), has exercised

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