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

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

section 263 of the Act." ii. On April 28, 2011, the assessee acquired shares of Kyra Landscapes Limited (formerly known as Aricent Infra Limited) via an off-market transaction facilitated by a brokerage firm. No monetary payment was rendered by the assessee towards the acquisition of the shares as the purchase was financed through the credit balance maintained/created with

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

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

section 263 of the Act." ii. On April 28, 2011, the assessee acquired shares of Kyra Landscapes Limited (formerly known as Aricent Infra Limited) via an off-market transaction facilitated by a brokerage firm. No monetary payment was rendered by the assessee towards the acquisition of the shares as the purchase was financed through the credit balance maintained/created with

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

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

section 263 of the Act." ii. On April 28, 2011, the assessee acquired shares of Kyra Landscapes Limited (formerly known as Aricent Infra Limited) via an off-market transaction facilitated by a brokerage firm. No monetary payment was rendered by the assessee towards the acquisition of the shares as the purchase was financed through the credit balance maintained/created with

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

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

section 263 of the Act." ii. On April 28, 2011, the assessee acquired shares of Kyra Landscapes Limited (formerly known as Aricent Infra Limited) via an off-market transaction facilitated by a brokerage firm. No monetary payment was rendered by the assessee towards the acquisition of the shares as the purchase was financed through the credit balance maintained/created with

SHRI CHANDUBHAI RAMJIBHAI KAQTHIRIYA,JASDAN, DIST. RAJKOT-364490 vs. THE PR. CIT-1, RAJKOT, RAJKOT

In the result, the appeal of the assessee is allowed

Bench: Or At The Time Of Hearing Of Appeal.”

section 68 r.w.s. 115 BBE of the Act. Therefore, in our view it is not a case where the AO had not made due enquiries and also not the case where the AO had not applied his mind during the course of assessment proceedings on the issue in hand. Regarding the scope of proceedings u/s 263

M/S. PERTH CERAMIC PVT. LTD.,MORBI vs. THE PR. CIT-3, RAJKOT, RAJKOT

In the result, appeal filed by assessee is allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./Ita No. 191/Rjt/2019 िनधा"रण वष"/Asstt. Years: 2015-2016 M/S. Perth Ceramic Pvt. Ltd., The Principal Commissioner Of At. Unchi Mandal, Vs. Income Tax-3, Opp. 66 Kva Sub Station, Rajkot. Morbi-363641. Pan: Aahcp6296P

section 68 of the Acting respect of share capital of Rs. 15,15,02,000/- out of total of Rs.19,99,00,000/- and thereby setting aside the order passed u/s. 143(3) of the Act dated 22.12.17. The order passed u/s 263

M/S. ICONIC INFRABUILD LLP,RAJKOT vs. THE PR. CIT- CENTRAL, AHMEDABAD, AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Smt.Annapurna Gupta & Smt.Madhumita Royassessment Year : 2015-16 Iconic Infrabuild Llp The Pr.Cit, Central 75, Nandkishor Ahmedabad. University Road Gangotri Park Opp: Bts, Rajkot. Pan : Aaifc 5100 F (Applicant) (Responent)

263 of the Act being in violation of the principles of natural justice is not sustainable in law, and is directed to be quashed on this count alone. 9. Having held so, the ld.counsel for the assessee also argued on the merits of the case. 10. He pointed out that revisionary power was exercised by the ld.Pr.CIT noting error

M/S. WINSUN CERAMIC PVT. LTD.,,MORBI vs. THE PR. CIT-3, , RAJKOT

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

263 of the ITA Nos.393,394,395, 397 & 398/Rjt/2018 Winsum Ceramic Pvt.Ltd. and 4 others vs Pr.CIT Asst.Year – 2015-16 Act. As such the learned PCIT directed the AO to conduct the enquiries to satisfy the conditions specified under section 68

M/S. ORFINA CERAMIC PVT. LTD.,,MORBI vs. THE PR. CIT-3, , RAJKOT

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

263 of the ITA Nos.393,394,395, 397 & 398/Rjt/2018 Winsum Ceramic Pvt.Ltd. and 4 others vs Pr.CIT Asst.Year – 2015-16 Act. As such the learned PCIT directed the AO to conduct the enquiries to satisfy the conditions specified under section 68

M/S. WINTOP VITRIFIED PVT. LTD.,,MORBI vs. THE PR. CIT-3,, RAJKOT

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

263 of the ITA Nos.393,394,395, 397 & 398/Rjt/2018 Winsum Ceramic Pvt.Ltd. and 4 others vs Pr.CIT Asst.Year – 2015-16 Act. As such the learned PCIT directed the AO to conduct the enquiries to satisfy the conditions specified under section 68

M/S. WINMAX CERAMIC PVT. LTD.,WAKANER vs. THE PR. CIT-3, RAJKOT,, RAJKOT

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

263 of the ITA Nos.393,394,395, 397 & 398/Rjt/2018 Winsum Ceramic Pvt.Ltd. and 4 others vs Pr.CIT Asst.Year – 2015-16 Act. As such the learned PCIT directed the AO to conduct the enquiries to satisfy the conditions specified under section 68

M/S. REX CERAMIC PVT. LTD.,,MORBI vs. THE PR. CIT-3, RAJKOT,, RAJKOT

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

263 of the ITA Nos.393,394,395, 397 & 398/Rjt/2018 Winsum Ceramic Pvt.Ltd. and 4 others vs Pr.CIT Asst.Year – 2015-16 Act. As such the learned PCIT directed the AO to conduct the enquiries to satisfy the conditions specified under section 68

ABROAD VITRIFIED PVT LTD,MORBI vs. THE PR. CIT-1, RAJKOT, RAJKOT

In the result, appeal of assessee is allowed

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकरअपीलसं/.Ita Nos.144/Rjt/2023 "नधा"रणवष"/Assessment Year : 2018-19

section 68 of the Act in respect of (1) equity share capital of Rs.8,60,95,000/-and (2) unsecured loan of Rs.2,33,90,000/-and thereby setting aside the order passed u/s.143(3) of the Act dated 16.03.2021. The order passed u/s 263

VIJAY ANANDBHAI CHAVDA,GONDAL vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX-1, RAJKOT , RAJKOT

In the result, the order passed by the PCIT u/s 263 of the Act is hereby dismissed

Bench: Ms. Annapurna Gupta (Accountant Member), Shri Siddhartha Nautiyal (Judicial Member)

68 2. 18,83,64,331/- Unexplained sundry Section not creditors mentioned by the A.O. 3. 6,00,56,842/- 5% of purchase Section not mentioned by the A.O. 4. 1,34,27,150/- Bogus Liability as Section not advance from debtor mentioned by the A.O. 4. The Principal CIT initiated 263

M\S. LEXICO CERAMICS,RAJKOT vs. THE PR. CIT-1, RAJKOT, RAJKOT

In the result, the appeal of the assessee is partly allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalassessment Year : 2015-15 M/S Lexico Ceramics, C/O Kalpesh S. Doshi & Co., Vs Principal Commissioner Of Chartered Accountants, Income-Tax-1, 1006-09, The Spire-2, Near Sheetal Rajkot Park Brts Stop, 150 Ft. Ring Road, Rajkot-360005 Pan : Aaefl 8870 D अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Kalpesh Doshi, Ar Revenue By : Shri Shramdeep Sinha, Cit-Dr सुनवाई की तारीख/Date Of Hearing : 19/04/2023 घोषणा की तारीख /Date Of Pronouncement: 12/05/2023 आदेश/O R D E R Per Waseem Ahmed, Am :

68 of the Act on account of capital introduced by the 2 partner only. Thus, the allegation of Pr. CIT for initiated proceedings under section 263

M/S. EMBOZA GRANITO PVT. LTD. ,MORBI vs. THE PR. CIT-3 , RAJKOT

In the result, appeal filed by assessee is allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyalआयकर अपील सं./Ita No. 240/Rjt/2019 िनधा"रण वष"/Asstt. Years: 2016-2017

section 68 of the Act. 5. The Ld. PCIT also found that assessee during the year shown has shown addition to fixed assets for Rs. 39,90,99,107 on which, it claimed depreciation of Rs. 6,25,34,642/- and additional depreciation u/s 32AC of the Act for Rs. 5,10,68,759/- only. On question

FUSION GRANITO PRIVATE LIMITED,MORBI vs. THE PR. COMMISSIONER OF INCOME TAX - 1, RAJKOT, RAJKOT

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

Bench: Dr. A. L. Saini, Am & Shri Dinesh Mohan Sinha, Jm आयकर अपील सं./Ita No.190/Rjt/2023 (िनधा"रण वष" / Assessment Year: (2018-19) (Physical Hearing) Fusion Granito Pvt. Ltd. बनाम/ Principal Commissioner Of Income Revenue Survey No.555/P1/91, Tax-1, Vs. Nr. Khokhra Hanuman Temple, 2Nd Jetpar Road, Morbi-363641 Rajkot, Floor, “Aayakar Bhawan”, Race Course Ring Road, Rajkot-360001 "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Aadcf 0696 B (अपीलाथ"/Appellant) (""थ" /Respondent) अपीलाथ" ओर से/ Appellant By Shri Bandish Soparkar, Ar ""थ" की ओर से/Respondent By Shri Praveen Verma, Cit Dr सुनवाई की तारीख/Date Of Hearing 24/06/2025 घोषणा की तारीख /Date Of Pronouncement 10/09/2025 आदेश / O R D E R Per Dr. Arjun Lal Saini, A.M By Way Of This Appeal, The Assessee Has Challenged The Correctness Of The Order Passed By The Learned Principal Commissioner Of Income Tax - 1, Rajkot [In Short ‘Ld. Pcit’], Dated 27.03.2023, Under Section 263 Of The Income Tax Act, 1961 [Hereinafter Referred To As The ‘Act’] For The Assessment Year (Ay) 2018-19. 2. Grievances Raised By The Assessee, Which, Being Interconnected, Will Be Taken Up Together, Are As Follows: “1. The Revision Order U/S 263 Of The Act Dated 28.03.2023 Is Bad In Law. 2. The Hon’Ble Pr. Cit-1, Rajkot Has Erred In Law As Well As On Facts In Completing The Revision Proceedings U/S 263 Of The Act Hurriedly In Short Span Of Time Fusion Granito Pvt. Ltd.

263 of the Act bereft of any justifiable reasoning without even controverting the legal submissions of the appellant as to the non-application of Section 68

SHRI TULSHIBHAI POLABHAI SAKARIYA,RAJKOT vs. THE PR. CIT-1, RAJKOT, RAJKOT

In the result, appeal filed by assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकरअपीलसं./Ita No. 93/Rjt/2021 िनधा"रणवष" िनधा"रणवष"/Asstt. Year:2015-16 िनधा"रणवष" िनधा"रणवष" Shri Tulsibhai Polabhai Sakariya Vs. The Pr. C.I.T, 2-Bombay Housing Society, Rajkot-1, Meghdhara, University Road, Rajkot. Opp. G. K. Dholakiya, Rajkot

section 263 of the AO set aside the order of the AO being erroneous and prejudicial to the interest of revenue with the direction to make fresh assessment to the extent of above discussion. ITA Nos.93 to 95/Rjt/2021 A.Y. 2015-16 5 9. Being aggrieved by the order of the learned PCIT, the assessee is in appeal before