BILAKHIA HOLDINGS PVT. LTD.,,VAPI vs. THE JT.CIT.,VAPI RANGE,, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

section 92-B of the IT Act and transfer pricing provisions are not applicable as there is no income as well as there is no mutual agreement between the companies for such payment of interest. Moreover, the subsidiary company also disclosed as ‘interest free. Bilakhia Holdings Pvt. Ltd. v. ACIT- Vapi/ I.T.A.No.507/Ahd/2013/AY08-09/A.Y. 08-09 I.T.A.No’s.1415 & 1416/Ahd/2015/A.Y

BILAKHIA HOLDINGS PVT. LTD.,VAPI vs. THE ACIT.,VAPI CIRCLE, VAPI

In the result, the appeal of the assessee is allowed for assessment year 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

section 92-B of the IT Act and transfer pricing provisions are not applicable as there is no income as well as there is no mutual agreement between the companies for such payment of interest. Moreover, the subsidiary company also disclosed as ‘interest free. Bilakhia Holdings Pvt. Ltd. v. ACIT- Vapi/ I.T.A.No.507/Ahd/2013/AY08-09/A.Y. 08-09 I.T.A.No’s.1415 & 1416/Ahd/2015/A.Y

ARUN KUMAR GUPTA, DCIT, CIRCLE-1(3), SURAT, ADAJAN vs. CHUNIBHAI HARIBHAI GAJERA, ADARSH NAGAR SOCIETY

In the result, the appeal of the revenue is dismissed

Bench: Shri Dinesh Mohan Sinha & Shri Bijayananda Prusethआयकर अपील सं./Ita Nos.778 & 779/Srt/2023 Assessment Years: (2013-14 & 2014-15) (Physical Hearing) Dcit, Vs. Chunibhai Haribhai Gajera, Circle - 1(3), 67, Adarsh Nagar Society, Athwalines, Surat Surat - 395 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aawpg3525A (अपीलाथ"/Appellant) (""थ" /Respondent) Appellant By Shri Mukesh Jain, Cit-Dr Respondent By Shri Rasesh Shah, Ca Date Of Hearing 03/09/2025 Date Of Pronouncement 17/11/2025

38) of the IT Act in respect of long-term capital gain on sale of shares of M/s. Kyra Landscapes Limited which was earlier known as M/s. TCL Technology Limited. We find the Assessing Officer on the basis of elaborate enquiries made from the bankers of the assessee company, company allotting the shares and other shareholders, SEBI and the report

ARUN KUMAR GUPTA, DCIT, CIRCLE-1(3), SURAT, ADAJAN vs. CHUNIBHAI HARIBHAI GAJERA, ADARSH NAGAR SOCIETY

In the result, the appeal of the revenue is dismissed

Bench: Shri Dinesh Mohan Sinha & Shri Bijayananda Prusethआयकर अपील सं./Ita Nos.778 & 779/Srt/2023 Assessment Years: (2013-14 & 2014-15) (Physical Hearing) Dcit, Vs. Chunibhai Haribhai Gajera, Circle - 1(3), 67, Adarsh Nagar Society, Athwalines, Surat Surat - 395 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aawpg3525A (अपीलाथ"/Appellant) (""थ" /Respondent) Appellant By Shri Mukesh Jain, Cit-Dr Respondent By Shri Rasesh Shah, Ca Date Of Hearing 03/09/2025 Date Of Pronouncement 17/11/2025

38) of the IT Act in respect of long-term capital gain on sale of shares of M/s. Kyra Landscapes Limited which was earlier known as M/s. TCL Technology Limited. We find the Assessing Officer on the basis of elaborate enquiries made from the bankers of the assessee company, company allotting the shares and other shareholders, SEBI and the report

DIVYABEN PRAFULCHANDRA PARMAR,SURAT vs. INCOME TAX OFFICER, WARD 1(3)(1), SURAT

In the result, appeal filed by the assessee is allowed

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.73/Srt/2023 (Assessment Year: 2014-15) (Physical Hearing) Divyaben Prafulchand Parmar, Vs. The Ito, Ward-1(3)(1), 1-2, Harikrishna Niwas, B/H Braham Surat. Kumari Ashram, Bhatar Road, Surat – 395017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Acbpp9559Q (Appellant) (Respondent)

10(38), in a pre- planned manner to evade taxes. The AO extensively relied upon the search and survey operations conducted by the Investigation Wing of the Income Tax Department in Kolkata, Delhi, Mumbai and Ahmedabad on penny stocks, which sets out the modus operandi adopted in the business of providing entries of bogus LTCG. However, the reliance placed

RAMBILASH RAJARAM JAJOO,SURAT vs. INCOME TAX OFFICER WARD-2(2)(4), SURAT

In the result, assessee's appeal is allowed

transfer deed. Hence it is clear that there was\nno requirement of DEMAT during the period when the assessee purchased the shares\ni.e back in the year 2003. However, the assessee has submitted the holding Statement\nas on 31.03.2004 which reflects that the assessee had the shares of Global Capital\nMarket in possession and was held in its demat account

SUNITA JAJOO,SURAT vs. ITO WARD 2(2)(4), SURAT

In the result, assessee’s appeal is allowed

Bench: Shri Pawan Singh & Shri Bijayananda Prusethआयकर अपील सं./Ita No. 552/Srt/2024 (Ay 2011-12) (Physical Court Hearing) Rambilash Rajaram Jajoo Income Tax Officer, Ward- 429-432, Golden Point, Falsawadi, 2(2)(4), Aaykar Bhawan, Majura बनाम Ring Road, Surat City, Gate, Opp. New Civil Hospital, Vs Surat-395 002 Surat-395 001 [Pan : Aampj 0040 K] अपीलाथ"/Appellant ""थ" /Respondent

transfer deed. Hence it is clear that there was no requirement of DEMAT during the period when the assessee purchased the shares i.e back in the year 2003. However, the assessee has submitted the holding Statement as on 31.03.2004 which reflects that the assessee had the shares of Global Capital Market in possession and was held in its demat account

M/S. MAYUR CONSTRUCTION,,VALSAD vs. THE ACIT., VALSAD RANGE,, VALSAD

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh, Hon'Ble & Shri Arjun Lal Saini, Hon'Ble(Virtual Hearing) आ.अ.सं./I.T.A No. 1042/Ahd/2016 "नधा"रण वष"/Assessment Year: 2010-11 Mayur Construction, V The Assistant Commissioner Of Income Tax, Valsad. 110, Amar Chamber,Valsad. S [Pan: Aadfm 9859 L] . अपीलाथ" / Appellant ""यथ"/Respondent

section 80IB(10) of the Act and deleting the addition of Rs.15,61,500/-. 9. When this appeal was taken up for hearing on 02.11.2020, we find that ld.AR of the assessee again sent an application through e-mail for seeking adjournment on the ground that quantum appeal is still pending. It is further stated in the application that

ACIT, CIRCLE-2(1)(1), INCOME TAX DEPARTMENT vs. S D MATERIAL HANDLERS PRIVATE LIMITED, SURAT

In the result, the appeal of the Revenue is dismissed

Bench: Shri Pawan Singh, Jm & Dr. A.L.Saini, Am आयकर अपील सं./Ita No.499/Srt/2023 (िनधा"रणवष" / Assessment Year: (2013-14) (Hybrid Hearing) Assistant Commissioner Of M/S S D Material Handlers Pvt. Ltd. Income-Tax, Circle-2(1)(1), Surat Vs. 405-408, Shivalik Western, L.P. Room No.612, 6Th Floor, Aayakar Savani Road, Adajan Adajan Bhavan, Near Majura Gate, Bo, Surat-395009 Surat-395001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaccd 3481B (अपीलाथ" /Assessee) (""थ"/Respondent)

price (ii) Recuring annual tax @ 200 + Rs.400/- per every 1000 kgs or part thereof exceeding 2000 kgs. Further, assessing officer has also noticed that the assessee has not debited any amount against RTO tax in its Profit & Loss account for the year under consideration though following capitalization method for sale value of cranes. The assessee-company has not submitted anything

UMESH P. MAHANSARIA (HUF),SURAT vs. DY. COMMR. OF INCOME TAX, CIRCLE- 1(3), SURAT, SURAT

In the result, the addition of undisclosed income under section 68 is deleted

Bench: Shri Pawan Singh & Shri Bhagirath Mal Biyaniआयकर अपील सं./Ita No. 151/Srt/2024 (Ay 2015-16) (Hybrid Hearing) Umesh P. Mahansaria (Huf) Deputy Commissioner Of Income- C-501, The Legend, Vastu Gram, Tax, Circle-1(3), Surat, बनाम Vesu, Surat-395 007 Aaykar Bhavan, Anavil Building, Vs [Pan : Aaahu 6298 L] Adajan, Surat-395 009 अपीलाथ"/Appellant ""थ" /Respondent

prices had been proved at any stage. Merely investigation by SEBI against any company cannot be termed as it is a bogus company. The assessee also relied on certain case law to substantiate the fact that all transactions were made in a good faith with a motive to earn gain. The assessee has fulfilled all conditions of Section 10(38

SHREE KHEDUT SAHAKARI KHAND UDYOG MANDLI LTD.,BARDOLI vs. INCOME TAX OFFICER, WARD-1, BARDOLI

In the result, all the appeals are disposed of in the manner indicated\nhereinbefore

10,40,214/- out of\nRs.23.46,50,203/- made in the assessment order on account of non\nbusiness expenditure and transfer of profits effected by payment of\nSugarcane purchase price at the rate over and above the Fait and\nRemunerative Price (FRP) holding that profit element embedded in the\nsugarcane purchase price paid to the member farmer

SHREE NARMADA KHAND UDYOG SAHKARI MANDALI LTD.,NARMADA vs. INCOME TAX OFFICER, WARD - 2(1), BHARUCH

In the result, the grounds of appeal raised by the assesse are allowed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

38 ITR 601 (SC). The ld. ld. Senior Counsel for the assessee submits that his case is squarely covered by the decision of Hon’ble Jurisdictional High Court in the case of Mehsana District Co-operative Milk Producers Union Ltd. (2005) 147 Taxman 355 wherein the Hon’ble High Court was considered similar controversy i.e. payment on incremental price made

SHREE NARMADA KHAND UDYOG SAHKARI MANDALI LTD.,NARMADA vs. INCOME TAX OFFICER, WARD - 2(1), BHARUCH

In the result, the grounds of appeal raised by the assesse are allowed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

38 ITR 601 (SC). The ld. ld. Senior Counsel for the assessee submits that his case is squarely covered by the decision of Hon’ble Jurisdictional High Court in the case of Mehsana District Co-operative Milk Producers Union Ltd. (2005) 147 Taxman 355 wherein the Hon’ble High Court was considered similar controversy i.e. payment on incremental price made

SHREE NARMADA KHAND UDYOG SAHKARI MANDALI LTD.,NARMADA vs. INCOME TAX OFFICER, WARD - 2(1), BHARUCH

In the result, the grounds of appeal raised by the assesse are allowed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

38 ITR 601 (SC). The ld. ld. Senior Counsel for the assessee submits that his case is squarely covered by the decision of Hon’ble Jurisdictional High Court in the case of Mehsana District Co-operative Milk Producers Union Ltd. (2005) 147 Taxman 355 wherein the Hon’ble High Court was considered similar controversy i.e. payment on incremental price made

GAUTAM PRAVINCHANDRA SHETH HUF,SURAT vs. PCIT-1, SURAT

In the result, the appeal of the assessee is dismissed

Bench: Ms. Suchitra Raghunath Kamble & Shri Bijayananda Prusethआयकर अपील सं./Ita No.343 & 344/Srt/2025 Assessment Year: (2018-19) Kanchanben Pravinbhai Sheth Vs. Pcit - 1, Surat 3/A, 1 St Floor, Royal Vila Apts., Surat Ghoddod Road, Surat (Jao: Ito, Ward – 1(3)(1), Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Adops2971D (Appellant) (Respondent) Gautam Pravinbhai Sheth (Huf) Vs. Pcit - 1, 3/A, 1 St Floor, Royal Vila Apts., Surat Ghoddod Road, Surat (Jao: Ito, Ward – 1(3)(1), Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aafhg1435A (Appellant) (Respondent) Appellant By Shri Sapnesh Sheth, Advocate Respondent By Ms. Namita Patel, Sr. Dr Date Of Hearing 25/08/2025 Date Of Pronouncement 18/11/2025

10(38) of the Act. The penny stock in which assessee traded was ‘Oasis Tradelink Ltd.’ and consequent to analysis of several incriminating documents, communication and digital data seized in the search operations, it was established by the Investigation Wing that the impugned scrip was penny in nature and same was being used for providing bogus long term capital gain

SMT. KANCHANBEN PRAVINBHAI SHETH,SURAT vs. PCIT-1, SURAT

In the result, the appeal of the assessee is dismissed

Bench: Ms. Suchitra Raghunath Kamble & Shri Bijayananda Prusethआयकर अपील सं./Ita No.343 & 344/Srt/2025 Assessment Year: (2018-19) Kanchanben Pravinbhai Sheth Vs. Pcit - 1, Surat 3/A, 1 St Floor, Royal Vila Apts., Surat Ghoddod Road, Surat (Jao: Ito, Ward – 1(3)(1), Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Adops2971D (Appellant) (Respondent) Gautam Pravinbhai Sheth (Huf) Vs. Pcit - 1, 3/A, 1 St Floor, Royal Vila Apts., Surat Ghoddod Road, Surat (Jao: Ito, Ward – 1(3)(1), Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aafhg1435A (Appellant) (Respondent) Appellant By Shri Sapnesh Sheth, Advocate Respondent By Ms. Namita Patel, Sr. Dr Date Of Hearing 25/08/2025 Date Of Pronouncement 18/11/2025

10(38) of the Act. The penny stock in which assessee traded was ‘Oasis Tradelink Ltd.’ and consequent to analysis of several incriminating documents, communication and digital data seized in the search operations, it was established by the Investigation Wing that the impugned scrip was penny in nature and same was being used for providing bogus long term capital gain

THE ASSTT. COMMISSIONER OF INCOME TAX, VAPI CIRCLE,, VAPI vs. M/S. MITSU LIMITED,, DAMAN

In the result, the appeal of the Revenue is dismissed

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

10 states that the ld. CIT (A) has erred in confirming the action of the AO in not considering interest income to the tune of Rs.1,88,07,480 as income from business for computing deduction under section 80HHC. The action of the AO is contrary to the facts and law and deserve to be deleted

M/S. MITSU PRIVATE LIMITED,,VAPI vs. THE ACIT, VAPI CIRCLE,, VAPI

In the result, the appeal of the Revenue is dismissed

Bench: Shri Sandip Gosain & Shri O. P. Meenav. ""यथ"/Respondent आ.अ.सं././././I "नधा"र अपीलाथ" Appellant S .T.A No. ण N वष"/A Y: 1 1671/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2006 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 2 1371/Ah 2002- Assistant V. M/S. Mitsu Limited, D/2006 03 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q Co.No.1 2002- M/S. Mitsu Limited, V. Assistant 3 84/Ahd/ 03 304/2, Iind Phase, Commissioner Of 2006 Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 4 1672/Ah 2003- M/S. Mitsu Limited, V. Assistant D/2006 04 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 5 1764/Ah 2003- Assistant V. M/S. Mitsu Limited, D/2006 04 Commissioner Of 304/2, Iind Phase, Income Tax-Vapi Gidc, Vapi 396195 Circle, Vapi Pan: Aaccm 2764 Q 6 1000/Ah 2002- M/S. Mitsu Limited, V. Assistant D/2016 03 304/2, Iind Phase, Commissioner Of Gidc, Vapi 396195 Income Tax-Vapi Pan: Aaccm 2764 Q Circle, Vapi 7 3510/Ah 2000- Assistant V. M/S. Mitsu Limited, D/2016 01 Commissioner Of Page 2 Of 83 Mitsu Ltd. V. Acit- Vapi/I.T.A. No.1671-1371,Co-184,1672-1764,1614 &1000/Ahd/2006/A.Y.02-03,03-04,06-07.02-03 Income Tax-Vapi 304/2, Iind Phase, Circle, Vapi Gidc, Vapi 396195 Pan: Aaccm 2764 Q

10 states that the ld. CIT (A) has erred in confirming the action of the AO in not considering interest income to the tune of Rs.1,88,07,480 as income from business for computing deduction under section 80HHC. The action of the AO is contrary to the facts and law and deserve to be deleted