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

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

long term capital gains from penny stock Karma Ispat, addition was made in six cases. No addition was made in three cases, out of which one case pertains to the assesses Smt. Mansukhlal Khimji Khimashiya (HUF) for AY 2012-13. The details of the same are as under: Name of the assesses PAN AY Date of Addition made towards Assessment

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

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

long term capital gains from penny stock Karma Ispat, addition was made in six cases. No addition was made in three cases, out of which one case pertains to the assesses Smt. Mansukhlal Khimji Khimashiya (HUF) for AY 2012-13. The details of the same are as under: Name of the assesses PAN AY Date of Addition made towards Assessment

SHRI VASANTRAI PURSOTAM KACHALIA,RAJKOT vs. THE ITO WARD 2 (1) (1), RAJKOT

In the result, appeal filed by the assessee is partly allowed in above terms

Bench: Dr. Arjun Lal Sainiआयकरअपील सं. /Ita No.811/Rjt/2025 िनधा"रण वष"/Assessment Year : 2016-17 बनाम/ Vasantrai Pursotam Ito Ward 2(1)(1), Rajkot Vs Kachalia (Original - Ito Ward 2(1)(5), Rajkot) 210-Shrinathji Complex, Aaykar Bhavan, Race Course Road, Canal Road, Rajkot. Rajkot 360001 Rajkot 360002, Gujarat India "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Adspk1354Q (अपीलाथ"/Assessee) (""थ"/Respondent)

long-term capital gains, which was disallowed by the assessing officer. I find that the Assessing Officer erred in disallowing

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

Long Term Capital Gain of Rs. 1,32,35,925/-.\nThe ld PCIT observed that the assessee is only emphasizing on the\ndocumentation, banking channels and having satisfied the conditions for\nclaiming the exemption under section 10(38) of the Income tax Act, 1961.\nThe ld PCIT divided the transactions in three parts, viz:(1) Purchase, (2)\nHolding period

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

Long Term Capital Gain of Rs. 1,32,35,925/-.\nThe ld PCIT observed that the assessee is only emphasizing on the\ndocumentation, banking channels and having satisfied the conditions for\nclaiming the exemption under section 10(38) of the Income tax Act, 1961.\nThe ld PCIT divided the transactions in three parts, viz:(1) Purchase, (2)\nHolding period

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)

term capital gains of Rs.22,02,745/- from sale of shares of a penny stock company named, Praneta Industries Limited. The Hon'ble ITAT held that the claim of capital gains cannot be allowed in view of the facts that it was a penny stock company and that there was no reason for such a high jump in the price

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)

Long Term Capital Gain u/s 10(38) to the tune of Rs.3,12,35,919 was disallowed and accordingly total

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

Long Term Capital Gain tax than the capital gain computed in the hands of the assessee. This fact has already been reproduced in the order of the Ld. CIT(A) and the same was not controverted by the Ld. DR appearing on behalf of the Revenue. Accordingly, we can conclude that the allegation made by the Assessing Officer that

RADHE RENEWABLE ENERGY DEVELOPMENT PVT LTD,RAJKOT vs. THE PCIT, RAJKOT-1, RAJKOT, RAJKOT

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

Long Term Capital Gain tax than the capital gain computed in the hands of the assessee. This fact has already been reproduced in the order of the Ld. CIT(A) and the same was not controverted by the Ld. DR appearing on behalf of the Revenue. Accordingly, we can conclude that the allegation made by the Assessing Officer that

THE DY. COMMR. OF INCOME TAX, CIRCLE-1(1),, RAJKOT-GUJARAT vs. M/S. RADHE RENEWABLE ENERGY DEVELOPEMENT PVT. LTD.,, RAJKOT-GUJARAT

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

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

Long Term Capital Gain tax than the capital gain computed in the hands of the assessee. This fact has already been reproduced in the order of the Ld. CIT(A) and the same was not controverted by the Ld. DR appearing on behalf of the Revenue. Accordingly, we can conclude that the allegation made by the Assessing Officer that

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

Long Term Capital Gain tax than the capital gain computed in the hands of the assessee. This fact has already been reproduced in the order of the Ld. CIT(A) and the same was not controverted by the Ld. DR appearing on behalf of the Revenue. Accordingly, we can conclude that the allegation made by the Assessing Officer that

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

long term capital gain earned by the assessee cannot be considered as bogus once the shares have been purchased through stock exchange, payments have been made through banking channel, and the sales have been routed from demat account and the consideration has been received through banking channels. The relevant observations of the Hon'ble Delhi High Court are as under

BABUBHAI KANJIBHAI SAKARIYA LEGAL HEIR OF LATE SMT. UJIBEN KANJIBHAI SAKARIYA,JETPUR vs. ITO WARD 1(2)(1), RAJKOT, RAJKOT

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

long-term capital gain exemption under section 10(38),\nsince there was no evidence available on record suggesting that assessee or his\nbroker was involved in rigging up of price of script of SNCFL, addition on account\nof LTCG claimed as exempt under section 10(38) had rightly been deleted\"\n(ii)\nChampalal Gopiram Agarwal, [2023] 155 taxmann.com 66 (Gujarat

JAGANI VINODRAI GOPALDAS (HUF),RAJKOT vs. THE ITO, WARD-1 (2) (4),, RAJKOT

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

Bench: Shri Waseem Ahmed & Shri T.R Senthil Kumarआयकर अपील सं./Ita No. 59/Rjt/2023 िनधा"रण वष"/Asstt. Year: 2014-15 Jagani Vinodrai Gopaldas Huf, Income-Tax Officer, 62 – Suraj Appartment, Vs. Ward-1(2)(4), No.1 Shroff Road, Rajkot. Opp. Church, Nfac, Delhi Rajkot-360001. Pan: Aaahj9710N

long-term capital gain being exempted income was disclosed in the statement of income. Accordingly, the ld. AR submitted that the assessee has not concealed the particulars of income and therefore no penalty u/s 271(1)(c) of the Act, can be imposed. 5.1 The Ld. AR also contended that the AO in the Assessment Order has initiated penalty proceedings

HIMESH R. SHAH,JAMNAGAR. vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3,, JAMNAGAR.

In the result, the appeal of the assessee is allowed

Bench: Smt.Annapurna Gupta & Shri T.R.Senthil Kumarassessment Year : 2014-15 Himesh R. Shah Vs. Acit, Cir.3 Parikh & Co. Jamnagar. Ranjit Road Jamnagar 361 001. अपीलाथ"/ (Appellant) "" यथ"/(Respondent) Assessee By : Shri D.S. Varia, Ar Revenue By : Shri Shramdeep Sinha, Ld.Cit(Dr)

disallowance under section 14A amounting to Rs.37,53,707/- had been made on account of income earned by the assessee by way of dividend interest of PPF and long term capital gain

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

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

long term capital gain and thereby, disallowing claim of\nexemption u/s 54F of the Act made by the assessee.\n(2) The Learned

SHRI VIJAY JAMNADAS VINCHHI,JAMNAGAR vs. THE INCOME TAX OFFICER, WARD-2(5), JAMNAGAR

In the result, the appeal filed by the Assessee is hereby allowed

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Long Term Capital 1,39,506 Gain Other Income 25,000 Gross Total Income 1,64,506 I.T.A No. 309/Rjt/2019 A.Y. 2010-11 Page No 3 Shri Vijaybhai Jamnadas Vinchhi. vs. ITO 3.1. While making assessment, the Assessing Officer disallowed

THE DCIT, (INTL. TAXN.), RAJKOT vs. M/S. KOREA SOUTH EAST POWER CO. LTD., MUMBAI

In the result, the appeal of the Revenue is dismissed

Bench: Smt. Annapurna Gupta & Shri T.R. Senthil Kumar(Conducted Through Virtual Court) Assessment Year: 2011-12 The Dcit (Intl. Taxn.) M/S.Korea South East Power Amruta Estate Co.Ltd. Room No.312 Mg Road बनाम/ C/O. P.V. Page & Co., Girnar Cinema 201, Sardar Griha, 198 L.T. Marg Vs. Rajkot Mumbai – 400 002 (Appellant) (Respondent) Pan: Pan : Ahvps 3555Q Assessee By None Revenue By Shri Ashish Kumar Pandey, Sr.Dr Date Of Hearing 25/09/2023 Date Of Pronouncement 15/12/2023

Disallowance of claim, effect of) - Assessment year 2008-09- Where Penalty For concealment of assessee offered to tax income from maturity of National Housing Bond under head long term capital gains