ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), RAJKOT, RAJKOT vs. BHAWANI INDUSTRIES INDIA LLP, RAJKOT

In the result, summarised and concise ground No

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./ Ita No. 247 To 250 & 260/Rjt/2024 "नधा"रण वष"/ Assessment Years: 2012-13, 2013-14, 2017-18 2018-19 & 2010-11 Bhawani Industries India Llp Assistant Commissioner Of बनाम/ Income-Tax, Cicle-2(1), Rajkot, C/1-B, 236/3 Gidc, Aji Industrial Room No.311, 3Rd Floor, Aaykar Estate, Rajkot-36 003 Vs. Bhawan, Race Course Ring Road, Rajkot-360 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacfb 8046 R (अपीलाथ"/Assessee) (""यथ"/Respondent) आयकर अपील सं/.Ita No.254 To 256/Rjt/2024 "नधा"रण वष"/ Assessment Years: 2010-11, 2012-13 & 2013-14 Bhawani Industries India Llp Assistant Commissioner Of Income- C/1-B, 236/3 Gidc, Aji बनाम/ Tax, Cicle-2(1), Rajkot, Room No.311, Industrial Estate, Rajkot-36 3Rd Floor, Aaykar Bhawan, Race Vs. 003 Course Ring Road, Rajkot-360 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacfb 8046 R (अपीलाथ"/Assessee) (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri Mehul Ranpura, Ld.Ar राज"व क" ओर से/Revenue By : Shri Sanjay Punglia, Ld. Cit-Dr & Shri Abhimanyu Singh Yadav, Sr-Dr

gains of business of profession. Thus interest/remuneration paid to partners in case of firm were added to the total income of the firm. (ii) Section 67: As per section 67 interest/remuneration etc paid to partner shall be deducted from the total income of the firm and balance ascertained and apportioned amongst the partner. Further the share of firm

BHAVANI INDUSTRIES INDIA LLP,RAJKOT vs. ACIT, CIRCLE-2, RAJKOT, RAJKOT

In the result, summarised and concise ground No

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./ Ita No. 247 To 250 & 260/Rjt/2024 "नधा"रण वष"/ Assessment Years: 2012-13, 2013-14, 2017-18 2018-19 & 2010-11 Bhawani Industries India Llp Assistant Commissioner Of बनाम/ Income-Tax, Cicle-2(1), Rajkot, C/1-B, 236/3 Gidc, Aji Industrial Room No.311, 3Rd Floor, Aaykar Estate, Rajkot-36 003 Vs. Bhawan, Race Course Ring Road, Rajkot-360 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacfb 8046 R (अपीलाथ"/Assessee) (""यथ"/Respondent) आयकर अपील सं/.Ita No.254 To 256/Rjt/2024 "नधा"रण वष"/ Assessment Years: 2010-11, 2012-13 & 2013-14 Bhawani Industries India Llp Assistant Commissioner Of Income- C/1-B, 236/3 Gidc, Aji बनाम/ Tax, Cicle-2(1), Rajkot, Room No.311, Industrial Estate, Rajkot-36 3Rd Floor, Aaykar Bhawan, Race Vs. 003 Course Ring Road, Rajkot-360 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacfb 8046 R (अपीलाथ"/Assessee) (""यथ"/Respondent) "नधा"रती क" ओर से/Assessee By : Shri Mehul Ranpura, Ld.Ar राज"व क" ओर से/Revenue By : Shri Sanjay Punglia, Ld. Cit-Dr & Shri Abhimanyu Singh Yadav, Sr-Dr

gains of business of profession. Thus interest/remuneration paid to partners in case of firm were added to the total income of the firm. (ii) Section 67: As per section 67 interest/remuneration etc paid to partner shall be deducted from the total income of the firm and balance ascertained and apportioned amongst the partner. Further the share of firm

BHAVANI INDUSTRIES INDIA LLP,RAJKOT vs. ADDI. CIT, RANGE-2, RAJKOT, RAJKOT

capital in the industrial undertaking set up,\n10\n(2). employment of requisite labour therein, (3). manufacture or production of\narticles in the said undertaking, (4). earning of profits clearly attributable to the\nsaid new undertaking, and (5) above all, a separate and distinct identity of the\nindustrial unit set up. The Court is of the view that

ASSISTANT COMMISSINER OF IINCOME TAX CIRCLE-2(1), RAJKOT, RAJKOT vs. BHAWANI INDUSTRIES INDIA LLP, RAJKOT

capital in the industrial undertaking set up,\n10\nBhawani Industries India LLP\nITA Nos.247 to 250/RJT/2024 & Ors. (AYs: 2012-13, 2013-14 & Ors.)\n(2). employment of requisite labour therein, (3). manufacture or production of\narticles in the said undertaking, (4). earning of profits clearly attributable to the\nsaid new undertaking, and (5) above all, a separate and distinct identity

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-2(1), RAJKOT, RAJKOT vs. BHAWANI INDUSTRIES INDIA LLP, RAJKOT

capital in the industrial undertaking set up,\n10\nBhawani Industries India LLP\nITA Nos. 247 to 250/RJT/2024 & Ors. (AYs: 2012-13, 2013-14 & Ors.)\n(2). employment of requisite labour therein, (3). manufacture or production of\narticles in the said undertaking, (4). earning of profits clearly attributable to the\nsaid new undertaking, and (5) above all, a separate and distinct

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), RAJKOT, RAJKOT vs. BHAWANI INDUSTRIES INDIA LLP, RAJKOT

In the result, summarised and concise ground No

capital in the industrial undertaking set up,\n10\nBhavani Industries India LLP\nITA Nos.247 to 250/RJT/2024 & Ors. (AYs: 2012-13, 2013-14 & Ors.)\n(2). employment of requisite labour therein, (3). manufacture or production of\narticles in the said undertaking, (4). earning of profits clearly attributable to the\nsaid new undertaking, and (5) above all, a separate and distinct identity

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), RAJKOT, RAJKOT vs. BHAWANI INDUSTRIES INDIA LLP, RAJKOT

capital in the industrial undertaking set up,\n10\nBhavani Industries India LLP\nITA Nos. 247 to 250/RJT/2024 & Ors. (AYs: 2012-13, 2013-14 & Ors.)\n(2). employment of requisite labour therein, (3). manufacture or production of\narticles in the said undertaking, (4). earning of profits clearly attributable to the\nsaid new undertaking, and (5) above all, a separate and distinct

BHAVANI INDUSTRIES INDIA LLP,RAJKOT vs. ACIT, CIRCLE-2(1), RAJKOT, RAJKOT

capital in the industrial undertaking set up,\n(2). employment of requisite labour therein, (3). manufacture or production of articles in the said undertaking, (4). earning of profits clearly attributable to the said new undertaking, and (5) above all, a separate and distinct identity of the industrial unit set up. The Court is of the view that

ATUL AUTO LIMITED,,RAJKOT-GUJARAT vs. THE DY. COMMR. OF INCOME TAX, CIR.-1(1),, RAJKOT-GUJARAT

The appeal is allowed

Bench: Shri Waseem Ahmed & Shri T. R. Senthil Kumar

gains derived from sale of electricity generated by the two windmills. Copy of Audit Report in form 10CCB, balance sheet & profit and loss account of the windmill undertakings along with working of deduction claimed u/s 80IA was furnished before the Assessing Officer and also before me during appellate proceedings in the paper book. Regarding, the first reason provided

THE DY. COMMR. OF INCOME TAX, CIR.-1(1), RAJKOT-GUJARAT vs. M/S ATUL AUTO LIMITED,, SHAPAR.VERAVAL

The appeal is allowed

Bench: Shri Waseem Ahmed & Shri T. R. Senthil Kumar

gains derived from sale of electricity generated by the two windmills. Copy of Audit Report in form 10CCB, balance sheet & profit and loss account of the windmill undertakings along with working of deduction claimed u/s 80IA was furnished before the Assessing Officer and also before me during appellate proceedings in the paper book. Regarding, the first reason provided

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

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

THE ITO, WARD-1 (1) (4),, RAJKOT-GUJARAT vs. SHRI MAHENDRABHAI D. ZALAVADIA,, RAJKOT-GUJARAT

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

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No.610/Rjt/2015 "नधा"रण वष"/Asstt. Year: 2007-2008 I.T.O., Shri Mahendrabhai D. Zalavadia, Vs. Ward-1(1)(4), 303, Ayodhya Apartment, Rajkot. University Road, Rajkot. Pan: Aabpz6007F

80(IB)(10) of the Act in the hands of the firm. The AO also observed that the assessee was authorized by the deed of partnership firm for such remuneration and interest on capital as per the provisions of section 40(b) of the Act. Accordingly the AO added the amount of Asstt. Year 2007-08 10 remuneration and interest

SHRI AJAYBHAI ISHWARLAL GOGIA,,RAJKOT-GUJARAT vs. THE INCOME TAX OFFICER, WARD-1 (2) (5), RAJKOT

In the result, the assessee’s appeal is allowed

section 271(1)(c) of the Act. 5. In appeal against the against the order u/s. 271(1)(c) of the Act, the assessee submitted that penalty cannot be levied in case two opinions are possible in respect of a certain transaction. In the instant case, there are divergent views whether capital gains can be levied in these

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)

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) requires to tax the income arising on the conversion of capital asset as stock in trade

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

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

capital reduction is carried out for NIL\nconsideration. Considering these facts and circumstances, we allow ground No.2\nraised by the assessee.\n29. Now we shall take ground No.4 raised by the assessee, which relates to\ndeduction under section 80-IA of the Act.\n30. Brief facts qua the issue are that on perusal of the return of income as well

THE INCOME TAX OFFICER-WARD-2, , GANDHIDHAM - KUTCH vs. M/S. RIDDHI SIDDHI JEWELLERS, GANDHIDHAM - KUTCH

In the result, appeal of the Revenue isdismissed

Bench: Smt.Annapurna Gupta & Smt. Madhumita Royassessment Year :2014-15 Ito, Ward-2 Vs. M/S.Riddhi Siddhi Jewellers Gandhidham. Shop No.1, Plot No.68 Bba (Sough) Gandhidham-Kutch. 0 अपीलाथ"/ (Appellant) "" यथ"/(Respondent) Assessee By : Shri D.M. Rindani, Ar Revenue By : Shri B.D. Gupta, Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 11/04/2023 घोषणा क" तार"ख /Date Of Pronouncement: 05/07/2023

80,12,332/-. The main reasons for this lower figure of net profit were following debit entries--- 7 1. Remuneration to partners Rs. 1,21,47,977/- 2. Interest to partners Rs. 9,85,160/- The Book Profit was therefore Rs. 20162589/-, the AO has also noted the same in his assessment order in his computation on page

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 45(3) of the Act. As per the working given by the assessee in the statement of total income, the land was acquired on 31-07-2008 for " 9,45,130/- and this capital asset was transferred on 02-04-2010 for a consideration of " 90 lakhs. A short-term capital gain of " 80