BHANUBEN MANSUKHLAL 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

JAYESH 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

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

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

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

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

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

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 and therefore the same cannot be made subject to tax under the head “Capital Gain”. 34. However, the Assessing Officer was not satisfied with the reasons

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 and therefore the same cannot be made subject to tax under the head “Capital Gain”. 34. However, the Assessing Officer was not satisfied with the reasons

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 and therefore the same cannot be made subject to tax under the head “Capital Gain”. 34. However, the Assessing Officer was not satisfied with the reasons

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

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 and therefore the same cannot be made subject to tax under the head “Capital Gain”. 34. However, the Assessing Officer was not satisfied with the reasons

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)

long- term 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

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

In the result the appeal is dismissed

long term capital gain from the sale of “Woodland Park” plots as returned by the assessee instead of business income.” 3. Briefly stated, the relevant material facts are as follows. The assessee before us is an individual. During the course of scrutiny assessment proceedings, the Assessing Officer noted that the assessee has sold certain plots of land, and offered

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

NISHANT PAREKH - LEGAL HEIR OF MINA PAREKH,JAMNAGAR vs. INCOME TAX OFFICER, WARD 1(3), JAMNAGAR

The appeal of the assessee is allowed

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकरअपीलसं./Ita No. 196/Rjt/2025 ("नधा"रणवष"/Assessment Year: (2012-13) Nishant Parekh – Legak Heir Of Mina Income Tax Officer, Wd – 1(3), Parekh Vs. Aayakar Bhavan, 322, Madhav Square, Opp. Avantika Jamnagar – 361001 Complex, Limda Lane Road, Jamnagar – 361001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aanpp9471F (अपीलाथ"/Assessee) (""यथ"/Respondent)

transferred from the dematerialized account and received consideration through legitimate banking channels. The assessing officer did not have any independent source or evidence to show an agreement between the assessee and any other party to convert unaccounted money by taking the fictitious loss. The decision of assessing officer was unsupported by any material on record, and the finding was purely

DCIT, CENTRAL CIRCLE 1, RAJKOT vs. LAJVANTIBEN RAJABHAI HINDUJA, RAJKOT

price. In response to the show cause notice, the assessee had filed reply dated 22.11.2022, wherein she had claimed that the assessee had neither received cash of Rs.25,00,000/-, on 07.09.2020 nor received cash of Rs.75,00,000/-, on 30.09.2020 from the said party. The assessee had further stated that both the land bearing survey no. 103/2

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

long term 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

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

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

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपीलसं./Ita No.422/Rjt/2024 (निर्धारणवर्ष / Assessment Year: (2015-16) Dushyant Bharatbhai Mehta (Physical Hearing) C/O Bhabha Fashions 34/35 Bhabha Bazzar, Ghee Kanta Road, Vs. The Ito, Ward -2(1)(2), Aaykar Bhawan, Rajkot Rajkot 360001 (Gujarat) स्थायीलेखासं./जीआइआरसं./Pan/Gir No.: Ahgpm4763P (Assessee) (Respondent) Assessee By Respondent By : Shri Vijay Mehta, Ld. Ar : Shri Abhimanyu Singh, Yadav, Ld. Sr. Dr Date Of Hearing : 01/05/2025 Date Of Pronouncement : 30/06/2025 आदेश / Order Per, Dr. A. L. Saini, Am: By Way Of This Appeal, The Assessee Has Challenged Correctness Of The Order Dated 27-05-2024 Passed By The Learned Cit(A), In The Matter Of Assessment Under Section 143(3) Of The Income Tax Act 1961, For The

long term capital gain and thereby, disallowing claim of exemption u/s 54F of the Act made by the assessee. (2) The Learned CIT(A) has erred in upholding the finding of the assessing officer that claim of deduction u/s 54F of the Act, in any case, is excessive by Rs. 14,84,766/-. (3). The Learned CIT(A) has erred

NARESH KANTILAL THACKER,,GANDHIDHAM vs. INCOME TAX OFFICER, WARD-2,, GANDHIDHAM

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

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

price at Rs,1,62,03,030/- and has declared gain on sale of agricultural land of Rs.23,96.,970/-. However he has treated the same as exempt covered under the umbrella of agricultural income. It is apparent from the assessment order that the initial purchase was funded by M/s. Agarwalla Teak International Pvt. Ltd. which subsequently brought the said