SEABIRD MARINE SERVICES PRIVATE LIMITED,JAMNAGAR vs. ACIT, CIRCLE - 1, JAMNAGAR, JAMANGAR

In the result, ground No.4 raised by the assessee is allowed

gain should have been shown\nirrespective of treatment in book of account. Therefore, ld CIT(A), based on these\nfacts, confirmed the addition made by the assessing officer.\n10. Shri S. N. Soparkar, Ld. Senior Counsel for the assessee, pleaded on behalf\nof assessee that there was reduction in the capital and the assesssee has “written\noff\" the investments

RADHIKA JEWELLERS,RAJKOT vs. DY.CIT 2 (1), RAJKOT

In the result, appeal filed by the assessee is allowed

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

section 45(3) of the Act are attracted and the value recorded in the books of the firm is treated as full value of consideration for the purpose of computing capital gain. Accordingly, the capital gain was worked out at Rs.43,41,79,329 (77,75,10,150 - 34,33,30,821). The same was taxed in the hands

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, the assessee has contended that\nit is not necessary that

AMIBEN RAJESHKUMAR PUNATAR,RAJKOT vs. ITO, WARD-1(2)(1), RAJKOT, RAJKOT

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

Bench: Dr. Arjun Lal Sainiआयकरअपील सं. /Ita No.24/Rjt/2026 िनधा"रण वष"/Assessment Year : 2015-16 Amiben Rajeshkumar Punatar, बनाम/ Ito, Ashish, 41-New Jagnath Plot, Vs Ward – 1(2)(1), Rajkot – 360001(Gujarat) Rajkot "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Ahrpp4181F (अपीलाथ"/Assessee) (""थ"/Respondent)

Capital gain and assessing officer examined while framing the assessment under section 143 (3) of the Act. Hence, the information received by the assessing officer, and based on the information, the re-assessment proceedings, initiated by the assessing officer is bad in law, assessing officer does not have new material to re-open the concluded assessment. 11. I also find

PADMABEN KANTILAL RANPARA,RAJKOT vs. INCOME TAX OFFICER WARD 2(1)(2) RAJKOT, RAJKOT

In the result, the appeal of the assessee is allowed

3,46,992/- u/s. 111A. The tax on short term capital gains u/s.\n111A @15% is Rs. 23,653 against which rebate u/s. 87A was claimed and tax payable\nwas worked out at Rs. NIL. Your petitioner prays that the rebate u/s. 87A be allowed.\nYour petitioner reliance is placed on ITAT decision of Jayshreeben J. Palsana

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

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

6). Price escalation through synchronized trading within limited parties, mostly entities controlled by the entry operators. (7). Statement recorded during search or survey operations conducted by the investigation wing clearly established the facts that price of the shares are manipulated with the sole aim of providing bogus Capital Gain or Loss. 9. The ld.CIT(A) also observed that before drawing

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

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

6). Price escalation through synchronized trading within limited parties, mostly entities controlled by the entry operators. (7). Statement recorded during search or survey operations conducted by the investigation wing clearly established the facts that price of the shares are manipulated with the sole aim of providing bogus Capital Gain or Loss. 9. The ld.CIT(A) also observed that before drawing

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

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

6). Price escalation through synchronized trading within limited parties, mostly entities controlled by the entry operators. (7). Statement recorded during search or survey operations conducted by the investigation wing clearly established the facts that price of the shares are manipulated with the sole aim of providing bogus Capital Gain or Loss. 9. The ld.CIT(A) also observed that before drawing

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

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

6). Price escalation through synchronized trading within limited parties, mostly entities controlled by the entry operators. (7). Statement recorded during search or survey operations conducted by the investigation wing clearly established the facts that price of the shares are manipulated with the sole aim of providing bogus Capital Gain or Loss. 9. The ld.CIT(A) also observed that before drawing

BHIKHALAL PRAHLADRAI AGARWAL HUF,GANDHIDHAM vs. ASSISTANT COMMISSIONER OF INCOME TAX GANDHIDHAM CIRCLE, GANDHIDHAM

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos.779&780/Rjt/2024 ("नधा"रण वष" / Assessment Years: 2011-12 & 2016-17) Bhikhalal Prahaladrai Agarwal- Vs. Assistant Commissioner Of Income Tax, Huf, Gandhidham Circle C/O. Sarda & Sarda, Sakar, 1St It Office, Plot No. 32, Sector No. 3, Near Floor, Dr. Radha-Krishnan Road, Iffco Colony, Gandhidham Opp. Rajkumar College Rajkot Gandhidham - 370201 Rajkot - 360001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabha4638R (Assessee) (Respondent) Assessee By : Shri Vimal Desai, Ld. Ar Respondent By : Shri Abhimanyu Singh Yadav, Ld. Sr. Dr Date Of Hearing : 05/06/2025 Date Of Pronouncement : 21/08/2025

3. The assessee Shri Bhikhalal P Agrawal HUF (PAN: AABHA4638R) has sold the shares of "Vax Housing Finance Corporation Limited" for a total sale consideration of Rs. 27,05,802.74 in FY 2010-11/AY 2011-12. This assessee has shown long term capital gain of Rs.17,33,289/- in return of income of Assessment Year 2011-12. These sale

BHIKHALAL PRAHALADRAI AGARWAL HUF,GANDHIDHAM vs. ASSISTANT COMMISSIONER OF INCOME TAX, GANDHIDHAM CIRCLE, GANDHIDHAM

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos.779&780/Rjt/2024 ("नधा"रण वष" / Assessment Years: 2011-12 & 2016-17) Bhikhalal Prahaladrai Agarwal- Vs. Assistant Commissioner Of Income Tax, Huf, Gandhidham Circle C/O. Sarda & Sarda, Sakar, 1St It Office, Plot No. 32, Sector No. 3, Near Floor, Dr. Radha-Krishnan Road, Iffco Colony, Gandhidham Opp. Rajkumar College Rajkot Gandhidham - 370201 Rajkot - 360001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabha4638R (Assessee) (Respondent) Assessee By : Shri Vimal Desai, Ld. Ar Respondent By : Shri Abhimanyu Singh Yadav, Ld. Sr. Dr Date Of Hearing : 05/06/2025 Date Of Pronouncement : 21/08/2025

3. The assessee Shri Bhikhalal P Agrawal HUF (PAN: AABHA4638R) has sold the shares of "Vax Housing Finance Corporation Limited" for a total sale consideration of Rs. 27,05,802.74 in FY 2010-11/AY 2011-12. This assessee has shown long term capital gain of Rs.17,33,289/- in return of income of Assessment Year 2011-12. These sale

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

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, the assessee has contended that\nit is not necessary that

NISHANT PAREKH- LEGAL HEIR OF MINA PAREKH,JAMNAGAR vs. INCOME TAX OFFICER, WARD-1(3), JAMNAGAR

In the result, the appeal of the assessee is allowed

Bench: Dr. Arjun Lal Saini. आयकरअपीलसं./Ita No.215/Rjt/2025 "नधा"रणवष" / Assessment Year: (2015-2016) Nishant Parekh – Legal Heir Of Vs. Income Tax Officer Mina Parekh Aaykar Bhavan 322 Madhav Square, Opp 361001, Gujrat Avantika Complex, Limda Lane Road, Gujrat-361001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aanpp9471F (Appellant) (Respondent)

6) of the Act. 10. The ld Counsel further submitted that all the evidences are third- party evidences and it satisfy the requirement of the section 10(38) of the Act and without disproving the evidence the law does not empower the assessing officer without bringing anything on record to disbelieve the long term capital gain which is in accordance

SHRI KANJIBHAI B. RANGANI,,RAJKOT-GUJARAT vs. THE INCOME TAX OFFICER, WARD-5(1), RAJKOT-GUJARAT

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

capital gains tax. During the course of assessment proceedings, as is evident from Paragraph 6.1 of the assessment order, the assessee also furnished certificate of Talati cum Mantri of Billiyala Gram Panchayat in which it was stated that even till today, the agricultural land is situated at a distance of 10 km from Gondal Nagar Palika. Further, during the course

MANOJBHAI C. KAMDAR,RAJKOT vs. INCOME TAX OFFICER , INCOME TAX OFFICE

In the result, the appeal of the assessee is allowed

Bench: Dr. Arjun Lal Sainiआयकरअपीलसं./Ita No.572/Rjt/2025 िनधा"रणवष" / Assessment Year: (2024-25) Manojbhai C. Kamdar, Vs. Ito, Ward-1(1)(1), A-47, Aalap Green City, Raiya Aayakar Bhavan, Race Course Ring Road, Rajkot (Gujarat) - 360007 Road, Rajkot (Gujarat) – 360001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Adgpk8679J (Appellant) (Respondent) Appellant By : Shri R. D. Lalchandani, Ld. Ar Respondent By : Shri Abhimanyu Singh Yadav, Ld. Sr. Dr

6) Where the total income of an assessee includes any long-term capital gains referred to in sub-section (1), the rebate under section 87A shall be allowed Page 3

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

SAMEER SHAH (HUF),1 "SWAPNEEL" ,OPP. GURUDATATREY TEMPLE PALACE ROAD vs. INCOME TAX OFFICER, WARD 1(3), JAMNAGAR, GUJARAT

In the result, appeal filed by the assessee is allowed

Bench: Dr. Arjun Lal Saini. आयकरअपीलसं./Ita No.248/Rjt/2025 "नधा"रणवष" / Assessment Year: (2013-14) (Hybrid Hearing) Sameer Shah (Huf), Vs. The Ito Ward 1(3), 1 “Swapneel”, Opp. Jamnagar - 361001 Gurudatatrey Temple, Palace Road, Jamnagar - 361008 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aawhs3749E (Appellant) (Respondent)

3,11,490/-. Subsequently the assessment was reopened as information was received that assessee has indulged into script of shell company and had claimed long term capital gain on sale of shares of Devika Proteins Limited to the tune of Rs. 2,10,474/- and that the amount was claimed as exemption under section 10(38) of the Income