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 of Rs.39,37,435/- arising on conversion of capital asset into stock in trade and deduction claimed u/s. 54B of the Act though all the requisite details were furnished at the time of assessment proceedings and verified by the AO. I.T.A No. 144/Rjt/2016 A.Y. 2011-12 Page No 7 Shri Babubhai Naranbhai Sakhiya. Vs. PCIT

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)

section 54B of the Act of " 78,74,530/- out of the same and net capital gain of " 1,80, 340/- has been

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

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.

capital gains is available to the assessee irrespective of the consideration value adopted under a deeming fiction such as Sec 50C. In other words, full and true effect to a deduction provision should be granted by considering that Sec. 50C and Sec. 54B are distinct provisions operating in their separate fields.” 2.3. The Assessing Officer has not accepted the submissions

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