M/S NIHAL PROJECTS,KACHCHH vs. ITO WARD 2 , GANDHIDHAM

In the result, the appeal is allowed in the terms indicated above

68 of the I.T. Act, 1961.\n(6). That, the Ld. CIT(A) has wrongly confirmed application of provisions of\nsection 115BBE of the I.T. Act, 1961.\n(7). That, the Ld. CIT(A) has wrongly confirmed initiation of penalty proceedings\nu/s 274 r.w.s. 270A and 271AAC of the I.T. Act, 1961.\n(8). That

THE ACIT, CIRCLE-2,, JAMNAGAR vs. M/S HIRAVATI MARINE PRODUCTS (P) LTD.,, PORBANDAR

In the result, the appeal of the revenue is partly allowed for statistical purposes

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed"नधा"रण वष"/Asstt. Year:2007-2008 Addl. Commissioner Of Hiravati Marine Products Pvt. Income Tax, Vs Ltd. Range-2, Porbandar, Jamnagar. Pan No: Aabch2110C "नधा"रण वष"/Asstt. Year:2008-2009

68,148/- being the disallowance on account of delay in payments made to employer as well as employee's contribution to provident fund. 3. The Id. CIT(A) has erred in law and in facts in deleting the addition of Rs.7,23,110/- being the disallowance on account of investigation expenses paid by the bank. 4. The Ld.CIT

HIRAVATI MARINE PRODUCTS PVT. LTD.,,PORBANDAR vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX, RANGE-2,, JAMNAGAR

In the result, the appeal of the revenue is partly allowed for statistical purposes

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed"नधा"रण वष"/Asstt. Year:2007-2008 Addl. Commissioner Of Hiravati Marine Products Pvt. Income Tax, Vs Ltd. Range-2, Porbandar, Jamnagar. Pan No: Aabch2110C "नधा"रण वष"/Asstt. Year:2008-2009

68,148/- being the disallowance on account of delay in payments made to employer as well as employee's contribution to provident fund. 3. The Id. CIT(A) has erred in law and in facts in deleting the addition of Rs.7,23,110/- being the disallowance on account of investigation expenses paid by the bank. 4. The Ld.CIT

THE MORBI CITIZENS CREDIT CO-OPRATIVE SOCIETY LIMITED,MORVI vs. ASSESSMENT UNIT, INCOME TAX DEPARTMENT

In the result, appeal filed by the assessee is allowed

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकरअपीलसं./Ita No.285/Rjt/2024 Assessment Year: (2020-21) (Hybrid Hearing) The Morbi Citizens Credit Co- Vs. The Assessment Unit, Operative Society Ltd., Income Tax Department Above Murlidhar Sales National Faceless Agency, Savsar Plot, Ram Assessment Center Chowk, Morbid - 363641 (Nfac), Gujarat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabat2850K (Appellant) (Respondent)

Section 263 of the Act, does not apply to the assessee. Therefore, considering these facts, the Assessing Officer has taken a plausible view which is sustainable in the eye of law, as per the ratio laid down by the Hon’ble Apex Court in the case of Malabar Industries (supra).Since the order of the Assessing Officer cannot

INCOME TAX OFFICER, MORBI vs. MAHENDRAKUMAR BHAGVANDAS RANPURA, MORBI

6.\nAfter giving our thoughtful consideration to the submission of the parties and perusing the\njudicial decisions relied upon by the Ld. Counsel, we find that the issue involved in the present appeal\nis no longer res integra. The question as to whether provisions of section 115BBE would be applicable\nto tax the unexplained money being undisclosed gold, Jewellery

JAMNAGAR AREA DEVELOPMENT AUTHORITY,JAMNAGAR vs. THE DY. COMMR. OF INCOME TAX, (EXEMPTION) CIRCLE-2,, AHMEDABAD

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.102/Rjt/2016 िनधा"रण वष"/Asstt. Year: 2012-2013

Section 2(15) to the appellant's case. 6. The learned CIT(A) has erred in law as well as on facts in contending that the appellant authority is not eligible to claim exemption u/s. 11 of the Act. 7. The learned CIT(A) has erred in law as well as on facts in considering receipts as Development Fund

ANIL DHANSUKHLAL,RAJKOT vs. INCOME TAX OFFICER (INT. TAXATION) GANDHIDHAM, GANDHIDHAM

In the result, the appeal of the assessee is allowed

Bench: Dr. Arjun Lal Sainiand Shri Dinesh Mohan Sinhaआयकर अपील सं/.Ita No.68/Rjt/2024 "नधा"रणवष"/ Assessment Year: (2018-19) Anil Dhansukhlal Income Tax Officer बनाम Vakhat Niwas 10, Divan Para (Int.Txn), Gandhidham, Vs. Rajkot -360 001 Amruta Estate Building, Jheelwas, Sadar, Rajkot- 360 001 Pan/Gir No.Ajypd6405F "थायीलेखासं /. जीआइआरसं /. (अपीलाथ"/Appellant) .. (""यथ"/Respondent) "नधा"रतीक"ओरसे/Assessee By : Shri Bharat Kumar, Ar राज"वक"ओरसे/Revenue By : Shri Abhimanyu Singh Yadav, Sr-Dr

6). Allotment letter issued on 25/02/2010 by Oberoi Realty Limited for purchases Premises at 1802 on 18th Floor , in Tower A proposed to be constructed known as Oberio Exquisite-I for consideration of Rs. 2,24,76,000/- (PB-66-80) (7). Copy of Sale Agreement made on 14/1 1/2017 by Oberoi Realty Limited for purchases Premises

THE DY. COMMR. OF INCOME TAX, CIR.-1(1), RAJKOT-GUJARAT vs. M/S REAL PROCON PVT. LTD.,, RAJKOT-GUJARAT

In the result, appeal of the Revenue is dismissed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedअपील सं./Ita No.498/Rjt/2015 िनधा"रण वष"/Asstt. Year: 2012-2013 D.C.I.T., M/S Real Procon Pvt. Ltd., Circle-1(1), Vs. Saneshwar Complex, Rajkot. Opp. Balalji Hall, 150 Ft. Ring Road, Rajkot.

section 68, remains in the hands of appellant. However, the AO is free to intimate the'AO of the subscribing companies, if he deems fit so. 4.11 The addition made of Rs. 2,25,00,000/- is therefore directed to be deleted. In the result, the appellant's appeal is allowed on this ground 5. When it has been

SHRI GIRISHBHAI NANJIBHAI SOLANKI,RAJKOT vs. THE ITO, WARD-1 (1) (2), RAJKOT

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

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

6 escaped assessment. In the present case the reasons were recorded not only on the basis of the statement recorded during the survey operation but also on the basis of the diary belonging to the assessee, reflecting the unrecorded cash transactions recovered from the premises of the company in which the assessee is a director. Thus

SHRI VINODKUMAR HIRALAL RAJA,,RAJKOT vs. THE INCOME TAX OFFICER, INTL. TAXN., RAJKOT

In the result, Ground No. 1 of the assessee’s appeal is allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

68 of the Act, being unexplained cash credits. 4. Before the CIT(A), the assessee submitted that the assessee is a non- resident as defined under Section 2(30) of the Act and the “non-resident” status of the assessee has not been disputed by the Assessing Officer. Further, the assessee submitted that the entire funds had come from

SMT. PRATIMABEN V. RAJA,,RAJKOT vs. THE INCOME TAX OFFICER, INTL. TAXN., RAJKOT

In the result, Ground No. 1 of the assessee’s appeal is allowed

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

68 of the Act, being unexplained cash credits. 4. Before the CIT(A), the assessee submitted that the assessee is a non- resident as defined under Section 2(30) of the Act and the “non-resident” status of the assessee has not been disputed by the Assessing Officer. Further, the assessee submitted that the entire funds had come from

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

AMRUTPUR SEVA SAHKARI MANDALI LTD.,VILLAGE: - AMRUTPUR TALUKA DHARI, DIST. AMRELI vs. THE DCIT (CPC), BANGALORE, BANGALORE

In the result, all the 4 appeals are allowed

Bench: Ms. Suchitra Kamble & Shri Waseem Ahmedassessment Year: 2019-20

6]. The Hon'ble Tribunal has held that due to the amended provisions brought about by Finance Act, 2018 to section 80AC, to include all deductions admissible under Chapter VIA under the heading “C- deduction In respect of certain incomes”, the deduction would not be applicable from 01.04.2018 i.e. AY 2018-19. 5. Thus, the issue is no longer

SHREE SANALIYA SEVA SAHKARI MANDLI LTD.,LITAL MOTALILIYA SANALIYA, DIST. AMRELI vs. THE DCIT (CPC), BANGALORE, BANGALORE

In the result, all the 4 appeals are allowed

Bench: Ms. Suchitra Kamble & Shri Waseem Ahmedassessment Year: 2019-20

6]. The Hon'ble Tribunal has held that due to the amended provisions brought about by Finance Act, 2018 to section 80AC, to include all deductions admissible under Chapter VIA under the heading “C- deduction In respect of certain incomes”, the deduction would not be applicable from 01.04.2018 i.e. AY 2018-19. 5. Thus, the issue is no longer

DHARESHWAR SEVA SAHAKARI MANDALI LTD. ,VILLAGE: - DHARESHWAR, TALUKA: - RAJULA, DIST. AMRELI vs. THE DCIT (CPC), BANGALORE, BANGALORE

In the result, all the 4 appeals are allowed

Bench: Ms. Suchitra Kamble & Shri Waseem Ahmedassessment Year: 2019-20

6]. The Hon'ble Tribunal has held that due to the amended provisions brought about by Finance Act, 2018 to section 80AC, to include all deductions admissible under Chapter VIA under the heading “C- deduction In respect of certain incomes”, the deduction would not be applicable from 01.04.2018 i.e. AY 2018-19. 5. Thus, the issue is no longer

AMBARADI SEVA SAHKARI MANDALI LTD.,AMBARADI , DIST. AMRELI vs. THE DCIT(CPC), BANGALURU, BENGALURU

In the result, all the 4 appeals are allowed

Bench: Ms. Suchitra Kamble & Shri Waseem Ahmedassessment Year: 2019-20

6]. The Hon'ble Tribunal has held that due to the amended provisions brought about by Finance Act, 2018 to section 80AC, to include all deductions admissible under Chapter VIA under the heading “C- deduction In respect of certain incomes”, the deduction would not be applicable from 01.04.2018 i.e. AY 2018-19. 5. Thus, the issue is no longer

KATARIA SNACK PELLETS PRIVATE LIMITED,RAJKOT vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), RAJKOT

In the result, appeal of the assessee is dismissed

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं /.Ita No.468/Rjt/2024 "नधा"रणवष"/ Assessment Year: 2015-16 Kataria Snack Pellets Pvt. Ltd. The Acit, Circle-1(1) बनाम 510, Gidc, Metoda Kalawad Road Rajkot Rajkot-360021, Gujarat Vs. Pan : Aafck2028L (अपीलाथ"/Appellant) (""यथ"/Respondent) :

6 from Page 5 to page no. 11, wherein the three key pre-requisites (viz. cash flow projections, discount rate and terminal value) are discussed. For proper and scientific valuation of shares, the following factors are to be considered as per the recommendations of the "Technical guide on share valuation issued ICAI: (a)Cash Flow Projections: (i)Cash Flow projections

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

68\"\n24. Our view is further fortified by the judgement of the Hon'ble High\nCourt of Calcutta in the case of Kaushalya Dealers (P.) Ltd, [2023] 147\ntaxmann.com 526 (Calcutta), wherein, on identical facts, as that of\nassessee, the revision order passed by the ld. PCIT, under section 263 of\nthe Act, was quashed, holding as follows