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 54B of the Act. Further perusal of the details furnished in respect of capital gain revealed that capital asset

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)

section 54B of the Act. Further perusal of the details furnished in respect of capital gain revealed that capital asset

DUSHYANT BHARATBHAI MEHTA,RAJKOT vs. ITO WD-(2)(1)(2) , RAJKOT

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

capital gain and thereby, disallowing claim of\nexemption u/s 54F of the Act made by the assessee.\n(2) The Learned CIT(A) has erred in upholding the finding of the assessing officer that\nclaim of deduction u/s 54F of the Act, in any case, is excessive by Rs. 14,84,766/-.\n(3). The Learned CIT(A) has erred

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 of Rs.2,94,27,541/-. The assessee claimed deduction of Rs.1,35,30,171/- under section 54F of the Act on account of construction of a new residential property from the sale of the above land. The assessee also claimed deduction of Rs.1,58,97,370/- under section 54B

THE INCOME TAX OFFICER, WARD-1(2) (5), , RAJKOT vs. SHRI DHIRAJLAL BHANJIBHAI VADALIA, RAJKOT

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 of Rs.2,94,27,541/-. The assessee claimed deduction of Rs.1,35,30,171/- under section 54F of the Act on account of construction of a new residential property from the sale of the above land. The assessee also claimed deduction of Rs.1,58,97,370/- under section 54B

SMT. LILABEN BABUBHAI SAKHIYA,,RAJKOT-GUJARAT vs. THE PR. COMMR. OF INCOME TAX-1,, RAJKOT-GUJARAT

In the result, the appeal of the assessee is dismissed

Bench: Ms. Annapurna Gupta (Accountant Member), Shri Siddhartha Nautiyal (Judicial Member)

capital gain of " 80,54,870/- was worked out by the assessee and the assessee claimed deduction under section 54B

THE ITO, WARD-1(3),, JAMNAGAR vs. SHRI MALDEBHAI NARANBHAI VAROTARIA,, JAMNAGAR

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./Ita No. 169/Rjt/2016 िनधा"रण वष"/Asstt. Years: 2012-2013 Income-Tax Officer, Shri Maldebhai Naranbhai Varotaria, Ward-1(3), Vs. Madhav Corporation, Jamnagar 3Rd Floor, Avantika Complex, Limda Lane Corner, Jamnagar.

capital gain. However the assessee, claimed the exemption of ₹5,57,10,450/- on the transfer of impugned land under the provisions of section 54B

SHRI SHARAD M. KUMBHANI,AMRELI vs. THE PR. CIT-3, RAJKOT

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

Bench: The Sro, Rajula Vide Document No. 578/2014 On 07.04.2014 For A Sale Consideration Of Rs. 1,37,24,875/-. However, The Sro, Rajula Has Assessed/Valued The Said Land For Rs. 2,51,93,900/- As Per Jantry/Guideline Value & Stamp Duty. Therefore The Difference Between The Jantry Value & The Sale Consideration Is Of Rs. 1,14,69,025/- Should Be Added As Income As Per Section 50C Of The Act.

54B is a special section that grants special deduction when proceeds of sale of agricultural land are reinvested in agricultural land and hence the said section has been interpreted by Courts in a liberal manner so as to advance the object behind such provisions such as Sec. 54, 54F etc. 8. The said section requires that the capital gain

YASMEEN WASEEM PARMAR ,JAMNAGAR vs. THE PR. CIT , JAMNAGAR

Bench: Dr. A. L. Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita No.194/Rjt/2024 Assessment Year: (2013-14) (Physical Hearing) Yasmeen Waseem Parmar, Vs. Principal Commissioner Of Bawa No Delo, Opp. Old Post Income Tax, Office, Nagarpara Main Road, Jamnagar O/S. Khambhaliya Gate, Jamnagar, Gujarat-361001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aijph3607F (Assessee) (Respondent)

gain computation considering the jantri value as sales consideration of Rs 50,63,325/- (@6.95% of 7,28,53,600) and after deducting indexed cost of purchase (Rs 35,19,278) and deduction u/s 54B of the Act (Rs 27,13,863) resulting in capital loss of Rs 11,69,816/-. Further it is seen that you have sold

PARAS MEHTA,RAJKOT vs. THE ITO WARD 2 (1) (2), RAJKOT

In the result, the appeal of the assessee is allowed

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

capital gain to that extent last year. Therefore, the net investment made was only Rs. 86,19,297/-. Thus, the claim of Rs. 1,01,04,063/- u/s 54F during the year is excessive to the externt of Rs 14,84,766/- (Rs. 1,01,04,063 – Rs. 86,19,297). Therefore, the assessing officer held that the assessee

AAMNABEN GAFAR MADKIYA,JAMNAGAR vs. ITO, WARD - 2(10), JAMNAGAR, JAMNAGAR

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकरअपीलसं./Ita No.761/Rjt/2024 "नधा"रणवष" / Assessment Year: (2013-14) (Hybrid Hearing) Amana Gafar Madakiya Vs. Ito, Ward – 2(10), Jamnagar, Ghela Patel Delo, Head Post Aaykar Bhawan, Nr Subhas Office, Ghachiwad, Bridge, Jamnagar Rajkot Jamnagar-361001 Highway, Jamnagar "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Bylpm2878L (Assessee) (Respondent) Assessee By : Shri Dushyant Maharshi, Ld. Ar Respondent By : Shri Abhimanyu Singh Yadav, Ld. Sr. (Dr) Date Of Hearing : 05/03/2025 Date Of Pronouncement : 29/05/2025 आदेश / O R D E R Per A. L. Saini, Am; Captioned Appeal Filed By The Assessee, Pertaining To Assessment Year 2013-14, Is Directed Against The Order Passed Under Section 250 Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”) By National Faceless Appeal Centre (Nfac), Delhi/Commissioner Of Income-Tax (Appeals), Dated 07.08.2024, Which In Turn Arises Out Of An Order Passed By The Assessing Officer, Dated 30/03/2022, U/S 147 R.W.S. 144 & 144B Of The Income Tax Act, 1961. 2. The Grounds Of Appeals Raised By The Assessee Are As Follows:

capital gain on the aforesaid immovable property transaction to the tune of Rs. 80,13,896/-, has escaped assessment in this case, for which the case of the assessee for A.Y.2013-14, needs to be re-opened within the meaning of section u/s 147 of the Act.” 5. Consequently, the notice u/s 148 of the Act, was issued on 31/03/2021 through