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

price at which it was acquired in the year 2006 in the year under consideration. As per the assessee the impugned transaction cannot be regarded as transfer so as to attract the capital gain

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

price at which it was acquired in the year 2006 in the year under consideration. As per the assessee the impugned transaction cannot be regarded as transfer so as to attract the capital gain

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

price of the company Vax Housing Finance Corporation Limited is reproduced as under (downloaded from moneycontrol.com…..” ITA Nos.779&780/RJT/2024/AYs.2011-12&2016-17 Bhikhalal Prahladrai Agarwal-HUF 4. During the assessment proceedings, the assessing officer issued notice to the assessee to explain the above transactions with documentary evidences. However, the assessee has not submitted any reply before the assessing officer. Therefore

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

price of the company Vax Housing Finance Corporation Limited is reproduced as under (downloaded from moneycontrol.com…..” ITA Nos.779&780/RJT/2024/AYs.2011-12&2016-17 Bhikhalal Prahladrai Agarwal-HUF 4. During the assessment proceedings, the assessing officer issued notice to the assessee to explain the above transactions with documentary evidences. However, the assessee has not submitted any reply before the assessing officer. Therefore

THE ACIT, CIRCLE-2,, RAJKOT-GUJARAT vs. SHRI NARENDRA J.BHIMANI,, RAJKOT-GUJARAT

In the result the appeal is dismissed

price cannot be taxed as profit from an adventure in the nature of trade. I therefore hold that Assessing Officer has incorrectly held the "Race Course" land of appellant and as stock in trade. I direct the Assessing Officer to treat the "Race Course" land as capital asset of appellant acquired by appellant on 19-02-2004. 7.3 I find

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

capital gain on transfer of property referred to above. The assessee’s contention was that he did not get any money from the auction price

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

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

capital gain through penny stock even though the modus operandi adopted by the assessee matches with modus operandi mentioned in the said SOP. 10. The learned PCIT, therefore noted that during the assessment proceedings, the assessing officer has not verified the transactions of sale and purchase of shares. The assessee has not been able to explain the reason for making

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

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

capital gain through penny stock even though the modus operandi adopted by the assessee matches with modus operandi mentioned in the said SOP. 10. The learned PCIT, therefore noted that during the assessment proceedings, the assessing officer has not verified the transactions of sale and purchase of shares. The assessee has not been able to explain the reason for making

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

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

capital gain through penny stock even though the modus operandi adopted by the assessee matches with modus operandi mentioned in the said SOP. 10. The learned PCIT, therefore noted that during the assessment proceedings, the assessing officer has not verified the transactions of sale and purchase of shares. The assessee has not been able to explain the reason for making

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

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

capital gain through penny stock even though the modus operandi adopted by the assessee matches with modus operandi mentioned in the said SOP. 10. The learned PCIT, therefore noted that during the assessment proceedings, the assessing officer has not verified the transactions of sale and purchase of shares. The assessee has not been able to explain the reason for making

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

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

capital gain will not arise in\nthe previous year in which assets is converted into stock- in- trade, however, the\ncapital gain arises in the year in which the asset is sold or otherwise transferred.\n3\nITA No. 422/Ahd/2024 A.Y. 2015-16\nDushyant Bharatbhai Metha Vs. ITO\nFurther, only sale price

LATE SMT. PRITI A. GANDHI L/R. SHRI ANILBHAI A. GANDHI, RAJKOT,RAJKOT vs. THE PR. CIT-1, RAJKOT, RAJKOT

transfer of shares\ntook place through D-mat account. Further, it has been mentioned that all details\nregarding the purchase/sale of shares i.e. evidence of purchase of shares, evidence\nof payment for purchase of shares made by way of account payee cheque, copy of\nbank statement, copy of balance sheet disclosing investments, copy of demat account\nstatement reflecting purchases, evidence

MISS PARI ANIL GANDHI, RAJKOT,RAJKOT vs. THE PR. CIT-1, RAJKOT, RAJKOT

transfer of shares\ntook place through D-mat account. Further, it has been mentioned that all details\nregarding the purchase/sale of shares i.e. evidence of purchase of shares, evidence\nof payment for purchase of shares made by way of account payee cheque, copy of\nbank statement, copy of balance sheet disclosing investments, copy of demat account\nstatement reflecting purchases, evidence

KAUSHALIYA SAMPATLAL DUDANI,JAMNAGAR vs. INCOME TAX OFFICER, WARD 2(6), JAMNAGAR

In the result, the appeal of the assessee is allowed

Bench: Dr. Arjun Lal Sainiआयकर अपील सं./ Ita No.659/Rjt/2025 िनधा"रण वष"/Assessment Year :2012-2013 Kaushaliya Sampatlal Dudani The Ito, Ward-2(6), बनाम/ K-1/79/4 G.I.D.C., Shanker Ayakar Bhawan, Jamnagar Vs Tekri, Udyognagar, Jamnagar Jamnagar. Gujarart-361005 "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Abnpd8662P (अपीलाथ"/Appellant) (""थ"/Respondent) िनधा"रती की ओर से/Assessee By : Shri Sagar Shah, Ld. Ar राज" की ओर से/Revenue By : Shri Abhimanyu Singh, Ld. Sr-Dr

transfer of shares in Tuni Textiles was bogus. Hence the addition was deleted by the ITAT. In the present case, the assessee has already placed on record the contract notes/bill for sale of shares and this substantiates the fact that assessee or his broker was not involved in price ragging or manipulation activities as alleged by assessing officer. Further, assessing

SHRI CHHAGANBHAI MULJIBHAI PATOLIYA,JETPUR vs. THE ITO WARD-1 (2) (3) RAJKOT, RAJKOT

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

Bench: Dr. Arjun Lal Sainiआयकरअपीलसं./Ita No.477/Rjt/2025 "नधा"रणवष" / Assessment Year: (2012-13) Chhaganbhai Muljibhai Patoliya, Vs The Ito Ward 1(2)(3), Radhe Park, Shreeji School, Aayakar Bhavan, Race Course, . Amarnagar Road, Rajkot (Gujarat) - 360001 Jetpur (Gujarat) - 360370 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Ddrpp2365A (Appellant) (Respondent)

price also and he sustain addition made U/s. 50C thus he considered that transaction pertain to capital gain while invoking provisions of section 50 C but erred in not considering deduction due in respect of purchase cost with index 3. The Id CIT(A) has erred in law and facts in passing appeal order on 30-06-2025 without considering

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)

transfer of shares stated in the share certificate being registered on 30.10.2012. k. During the course of search and survey operation, it was clearly established that GLOBAL SECURE (scrip code -530657) is a penny stock which was used to facilitate introduction of unaccounted income in the form of Long Term Capital Gains. Further. as per the direction of the SEBI

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)

price of the share, it can be said that assessee received the penny stock gain in order to off-set the loss or to convert the unaccounted money into white money, and that was the reason that the Government has introduced Section 56(2)(viia) of the Act. The assessee received the bogus long term capital gain (LTCG) and that

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)

capital gain claimed u/s. 10(38) is in accordance with the provision of the Act. There is no finding of the learned assessing officer as to why the claim of the assessee based on this evidence is not in accordance with the law. Not only that, but the learned assessing officer has also added the amount