SHRI RAJKOT DISTRICT COOPERATIVE BANK LTD.,,RAJKOT-GUJARAT vs. THE PR. COMMR. OF INCOME TAX-1,, RAJKOT-GUJARAT

In the result, appeal of the assessee is dismissed

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarassessment Year :2011-12 Shri Rajkot District Cooperative Vs. Pr.Cit, Rajkot-1 Bank Ltd. Rajkot. ‘Jilla Bank Bhavan’, Kasturba Road Opp: Chaudhari High School Rajkot. Pan : Aaaar 0564 K 0 अपीलाथ"/ (Appellant) "" यथ"/(Respondent) Assesseeby : Shri S.N. Soparkar, Ld.Ar Revenue By : Shri Shramdeep Sinha, Ld.Cit-Dr सुनवाई क" तार"ख/Date Of Hearing : 17/11/2022 घोषणा क" तार"ख /Date Of Pronouncement: 15/02/2023

gains of the assessee’s business. • to the provisions of section 33AC, 80HHB(4), 80HHD(5)(a) and 10AA(3) pointing out that all these provisions specifically provided for taxing the amounts credited to the reserve created,as provided under the relevant sections, on non- utilization of the said reserves for the specified purposes. 5 8. The ld.counsel

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

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 Income-tax Act, 1961. The ld.PCIT, as per the information, Director of Investigation, Kolkata conducted inquiries which unearthed some big syndicates involved in providing accommodation entries of long term capital gains and a total of 84 BSE listed penny stocks were identified. Thereafter, search and survey actions were Mansukhlal khimji and others v. PCIT ITA No.3

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 Income-tax Act, 1961. The ld.PCIT, as per the information, Director of Investigation, Kolkata conducted inquiries which unearthed some big syndicates involved in providing accommodation entries of long term capital gains and a total of 84 BSE listed penny stocks were identified. Thereafter, search and survey actions were Mansukhlal khimji and others v. PCIT ITA No.3

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 Income-tax Act, 1961. The ld.PCIT, as per the information, Director of Investigation, Kolkata conducted inquiries which unearthed some big syndicates involved in providing accommodation entries of long term capital gains and a total of 84 BSE listed penny stocks were identified. Thereafter, search and survey actions were Mansukhlal khimji and others v. PCIT ITA No.3

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 Income-tax Act, 1961. The ld.PCIT, as per the information, Director of Investigation, Kolkata conducted inquiries which unearthed some big syndicates involved in providing accommodation entries of long term capital gains and a total of 84 BSE listed penny stocks were identified. Thereafter, search and survey actions were Mansukhlal khimji and others v. PCIT ITA No.3

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

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)

section 263 of the Act. 5. Accordingly, a show cause notice for initiation of proceedings u/s 263 of Act dated 22/12/2023 was issued to the assessee through ITBA as well as served through registered post with a request to submit the written submissions latest by 02/01/2024 which is reproduced as under: “Please refer to the above. 2. On perusal

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

THE DEPUTY COMMR. INCOME TAX, CIRCLE-1(2),, RAJKOT vs. M/S RADHE RENEWABLE ENERGY DEVELOPMENT PVT. LTD.,, RAJKOT

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

263 of the Income Tax Act 1961 relevant to the Assessment Year 2017-18. Since issues involved in all these appeals are identical, we proceed to dispose of all the appeals by this common order for the sake of convenience and brevity. First we take ITA No. 139/Rjt/2015, an appeal by the Assessee for AY 2011-12. 2. The assessee

RADHE RENEWABLE ENERGY DEVELOPMENT PVT LTD,RAJKOT vs. THE PCIT, RAJKOT-1, RAJKOT, RAJKOT

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

263 of the Income Tax Act 1961 relevant to the Assessment Year 2017-18. Since issues involved in all these appeals are identical, we proceed to dispose of all the appeals by this common order for the sake of convenience and brevity. First we take ITA No. 139/Rjt/2015, an appeal by the Assessee for AY 2011-12. 2. The assessee

M/S RADHE RENEWABLE ENERGY DEVELOPMENT PVT. LTD.,,RAJKOT-GUJARAT vs. THE ASSTT. COMMR. INCOME TAX, CIRCLE-5,, RAJKOT-GUJARAT

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

263 of the Income Tax Act 1961 relevant to the Assessment Year 2017-18. Since issues involved in all these appeals are identical, we proceed to dispose of all the appeals by this common order for the sake of convenience and brevity. First we take ITA No. 139/Rjt/2015, an appeal by the Assessee for AY 2011-12. 2. The assessee

THE DY. COMMR. OF INCOME TAX, CIRCLE-1(1),, RAJKOT-GUJARAT vs. M/S. RADHE RENEWABLE ENERGY DEVELOPEMENT PVT. LTD.,, RAJKOT-GUJARAT

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

263 of the Income Tax Act 1961 relevant to the Assessment Year 2017-18. Since issues involved in all these appeals are identical, we proceed to dispose of all the appeals by this common order for the sake of convenience and brevity. First we take ITA No. 139/Rjt/2015, an appeal by the Assessee for AY 2011-12. 2. The assessee

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

SHRI JAYANTILAL P. SATIKUNVER,,RAJKOT-GUJARAT vs. THE COMMISSIONER OF INCOME TAX-III,, RAJKOT-GUJARAT

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./I.T.A. No.469/Rjt/2014 ("नधा"रण वष" / Assessment Year 2010-11)

capital gain computed by the learned CIT in the proceedings under section 263 of the Act was subject to tax year in which such converted stock in trade is sold. It was submitted by the learned AR that the provisions of section 45(2

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

In the result, appeal of the assessee is dismissed

Bench: Smt.Annapurna Gupta & T.R. Senthil Kumarassessment Year : 2015-16 Shri Kisho Babubhai Sakhiya The Pr.Cit-1 Khodiyar Krupa Vs Rajkot. 3, Tanti Park Corner Rajkot.

section 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

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)

gain revealed that capital asset was held by the assessee for less than two years and deduction claimed under section 54B was therefore incorrectly claimed by the assessee. The AO while framing the assessment order under section 143(3) of the Act has not looked into this issue, which is erroneous and prejudicial to the interest of the Revenue

SHRI DHIRAJLAL BHANJIBHAI VADALIA,,RAJKOT-GUJARAT vs. THE COMMISSIONER OF INCOME TAX-I,, RAJKOT-GUJARAT

Bench: Smt.Annapurna Gupta & T.R. Senthil Kumarassessment Year : 2009-10 Shri Dhirajlal Bhanjibhai Vadalia Cit-1, 1St Floor, Sterling Appts., Vs Rajkot. Jawahar Road, Rajkot.

capital gain tax account and the whether the assessee spent the money for construction of a residential house; whether the assessee is entitled to claim deduction under section 54F for more than one residential house; further AO failed to verify whether the land sold was an agriculture land two years before the date of transfer of the said land