BILAKHIA HOLDING P 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 Pawan Singh, Hon'Ble & Dr.Shri Arjun Lal Saini, Hon'Ble(Virtual Hearing) आ.अ.सं./I.T.A’S No.181 & 182/Srt/2017 "नधा"रण वष"/Assessment Years: 2009-10 & 2010-11 Bilakhia Holding P Ltd., Vs The Assistant Bilakhia House, Muktanand Marg, . Commissioner Of Income Chala, Surat – 394 520. Tax, Vapi Circle, Vapi. [Pan: Aadcs 4420 J] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओर से /Assessee By Shri Gopalakrishnan Aiyer – Ar राज"वक"ओर से /Revenue By Smt. Usha Shrote – Sr.Dr सुनवाई की तारीख/ Date Of Hearing: 13.04.2021 उ"घोषणा क" तार"ख/Pronouncement On: 19.05.2021 आदेश /O R D E R Per Dr.Arjun Lal Saini, Accountant Memeber: 1. Captioned Two Appeals Filed By Assessee Pertaining To Assessment Year 2009-10 & 2010-11, Are Directed Against The Separate Orders Passed By The Ld.Cit(A), Which In Turn Arise Out Of Separate Orders Passed By The Assessing Officer Under Section 271(1)(C) Of The Income Tax Act, 1961 (Here In After Referred To As The ‘Act’).

section 271(1)(C) of the Income Tax Act, 1961 (here in after referred to as the ‘Act’). 2. Since these appeals pertain to the same assessee for different assessment years, and common issues are involved, therefore these appeals have been clubbed and heard together and a consolidated order is being passed for the sake of convenience Bilakhia Holdings

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

transfer pricing regulations, cannot be compared with a transaction which is something materially different than a loan simplictor, for example, a non- refundable loan which is to be converted into equity. It is in this context that the loans, which are in the nature of quasi capital, are treated differently than the normal loan transactions. 9. The expression 'quasi capital

BILAKHIA HOLDINGS PVT. LTD.,,VAPI vs. THE ADDL.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

transfer pricing regulations, cannot be compared with a transaction which is something materially different than a loan simplictor, for example, a non- refundable loan which is to be converted into equity. It is in this context that the loans, which are in the nature of quasi capital, are treated differently than the normal loan transactions. 9. The expression 'quasi capital

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

transfer pricing regulations, cannot be compared with a transaction which is something materially different than a loan simplictor, for example, a non- refundable loan which is to be converted into equity. It is in this context that the loans, which are in the nature of quasi capital, are treated differently than the normal loan transactions. 9. The expression 'quasi capital

BILAKHIA HOLDING P 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

transfer pricing regulations, cannot be compared with a transaction which is something materially different than a loan simplictor, for example, a non- refundable loan which is to be converted into equity. It is in this context that the loans, which are in the nature of quasi capital, are treated differently than the normal loan transactions. 9. The expression 'quasi capital

THE ACIT, VAPI CIRCLE,, VAPI vs. M/S. N.R. AGARWAL INDUSTRIES LTD.,, VAPI

In the result the ground No

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Virtual Hearing) I.T.(Ss)A’S No.14,15,16/Ahd/2016, Ita’S No.1302,1303& 3032/Ahd/2016 Assessment Years: 2007-08, 09-10, 10-11; 2011-12,12-13& 2013-14 N.R.Agarwal Industries Ltd., Vs The Acit/Dcit, Circle-3, Plot No.169 To 169, Phase No.1, Surat. Gidc, Vapi. [Pan: Aaacn 7721 N] अपीलाथ" / Appellant ""थ"/Respondent

price as defined in clause (ii) of section 92F, where the transfer of such goods or services is a specified domestic transaction referred to in section 92BA. 41 NR Aggarwal Industries Ltd. Assessment Years: 2007-08 to 2013-14 57. By making reference of the above provision of section 80IA(8), the learned Counsel submits that it can be seen

N.R. AGARWAL INDUSTRIES LTD.,,VAPI vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-3,, SURAT

In the result the ground No

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Virtual Hearing) I.T.(Ss)A’S No.14,15,16/Ahd/2016, Ita’S No.1302,1303& 3032/Ahd/2016 Assessment Years: 2007-08, 09-10, 10-11; 2011-12,12-13& 2013-14 N.R.Agarwal Industries Ltd., Vs The Acit/Dcit, Circle-3, Plot No.169 To 169, Phase No.1, Surat. Gidc, Vapi. [Pan: Aaacn 7721 N] अपीलाथ" / Appellant ""थ"/Respondent

price as defined in clause (ii) of section 92F, where the transfer of such goods or services is a specified domestic transaction referred to in section 92BA. 41 NR Aggarwal Industries Ltd. Assessment Years: 2007-08 to 2013-14 57. By making reference of the above provision of section 80IA(8), the learned Counsel submits that it can be seen

M/S. BAYER VAPI PRIVATE LTD. (FORMERLY KNOWN AS BILAG INDUSTRIES P. LTD.),VAPI vs. THE ASSTT. COMMISSIONER OF INCOME TAX, VAPI CIRCLE,, VAPI

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

Bench: Shri Amarjit Singh & Shri O.P. Meena, Accoutant Member आ.अ.सं/.I.T.A No’S.2886/Ahd/2010, 794/Ahd/2014 & 1769/Ahd/2016 िनधा"रण वष"/Assessment Years:2006-07, 2009-10 & 2011-12 बनाम M/S. Bilag Industries Pvt. Ltd. , Addl. Cit Range- ( Now Known As M/S. Bayer Vapi Vs. Vapi, Range Vapi Private Limited) 306/3,Phase-Ii Shivam Commercial Complex Gidc-1, Vapi Gujarat National Highway No 8 Vapi Pan: Aabcb 2100 L अपीलाथ" Appellant ""यथ"/Respondent Shri A. Gopalakrishnan Aiyer - Ca िनधा"रती क" ओर से /Assessee By Shri O. P. Singh Cit (D.R.) राज"व क" ओर से /Revenue By 26.09.2019 सुनवाई क" तारीख/ Date Of Hearing: 24.10.2019 उ"ोषणा क" तारीख/Pronouncement On आदेश /O R D E R Per O. P. Meena, Am: 1. The Above Captioned Three Appeals For The Assessment Year 2006-07, 2009-10 & 2011-12 By The Assessee Are Directed Against The Assessment Order Passed U/S. 143(3) R.W.S. 144C Dated 28.07.2010 & Dated 15.01.2014 Respectively Under The Income-Tax Act,1961 ['The Act' For Short] On The Direction Of Drp By The Addl. Cit Range-Vapi Range Vapi (Herein After Referred As The Ao) & The Appeal For The Assessment Year 2011-12 By The Assessee Is Directed Against The Order Of Ld. Cit (A) Dated 29.04.2016. Since The Common Issues Are Involved In These Appeals Therefore, These Were Heard Together & Consolidated Order Is Being Passed As Under: It(Tp)A No.2886/Ahd/2010/A.Y. 2006-07/ By The Assessee: 2. Ground Nos.1 Is General In Nature & Do Not Require Adjudication.

4. Re-Question (A) (a) During the assessment proceedings, the Assessing Officer noticed that the respondent had sold valves to its A.E. i.e. one L & T LLC, U.S.A.. On a reference the Transfer Pricing Officer (TPO) computed the arms length price (ALP) of the sale of valves to L & T LLC. This the TPO did after recording

SHRI JIVRAJBHAI H. BALAR,,SURAT vs. THE INCOME TAX OFFICER, WARD-8(2),, SURAT

In the result, appeals filed by the assessee for assessment years 2004-05 to 2007-08, ( IT(SS)A Nos

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./It(Ss)A No.150 To 154/Ahd/2015 ("नधा"रणवष" / Assessment Year: (2004-05 To 2008-09) (Physical Court Hearing) Jivrajbhai Harkhabhai Balar, The Dcit, Central Circle-1, Vs. 59, Kantareshwar Society, Surat. Katargam Road, Surat-395004. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Abopb8649M (Appellant) (Respondent) आयकरअपीलसं./Ita No.1245/Ahd/2015 ("नधा"रणवष" / Assessment Year: (2010-11) Jivrajbhai Harkhabhai Balar, Vs. The Dcit, Central Circle-1, 59, Kantareshwar Society, Surat. Katargam Road, Surat-395004. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Abopb8649M (Appellant) (Respondent)

transfer. Therefore, no deduction for this amount is to be given. (f) The premium of Rs.17,24,800/- has been paid on 28.05.2009 i.e. in FY 2009-10 as per page 4 of the appellant's submission dated 06.05.2010. Therefore, in respect of sales made from the assessment years 2004-05 to Asstt Year 2008-09, no deduction

BAKIR PACHORIWALA,VALSAD vs. ITO, WARD-1, , VALSAD

In the result, this appeal of the assessee is dismissed

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Virtual Hearing) Bakir Pachorwala, I.T.O., Raj Sheet Metal Engg. Works, C- Ward-1, Vs. 1/16-B, Gidc Estate, Pardi, Valsad. Valsad. Pan No. Adxpp 9237 G Appellant/ Assessee Respondent/ Revenue

4. Initiation of penalty u/s 271(1)(c) is unjustified. 5. The order passed by the AO and confirmed by CIT(A) is illegal, invalid and bad in law and required to be quashed.” 2. Brief facts of the case are that during the assessment proceedings, the Assessing Officer noted that the assessee had sold agricultural land

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

c) The decision of the officer or authority referred to in sub-clause (4) where no appeal is filed, and of the Central Government where an appeal is filed, shall be final. (6) The price determined under sub-clause (4) or sub-clause (5), as the case may be, shall be paid at such time and in such

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

c) The decision of the officer or authority referred to in sub-clause (4) where no appeal is filed, and of the Central Government where an appeal is filed, shall be final. (6) The price determined under sub-clause (4) or sub-clause (5), as the case may be, shall be paid at such time and in such

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

c) The decision of the officer or authority referred to in sub-clause (4) where no appeal is filed, and of the Central Government where an appeal is filed, shall be final. (6) The price determined under sub-clause (4) or sub-clause (5), as the case may be, shall be paid at such time and in such

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, SURAT, SURAT vs. JAYANTIBHAI VIRJIBHAI BABARIYA, SURAT

In the result, the appeal of the Revenue is dismissed

Bench: Shri Pawan Singh, Jm & Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.297/Srt/2023 (िनधा"रणवष" / Assessment Year: (2018-19) (Virtual Court Hearing) Assistant Commissioner Of Shri Jayantibhai Virjibhai Babariya, Income-Tax, Circle-2, Surat, Vs. K-801, River View Heights, Room No.503, 5Th Floor, Aayakar Pedar Road, Mota Varachha, Bhawan, Majura Gate, Surat- Surat-394101 395001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Afhpb 0820 M (अपीलाथ" /Appellant) (""थ"/Respondent)

4) and section 292(C) are not available against the assessee. The above mentioned sauda chithi is neither in the hand writing of the assessee nor it is signed by the assessee. Moreover, the sauda chithi does not contain the name of the assessee. Statement of the assessee, who has been stated by Shri Manoj C. Patel as sender

DY. COMMISSIONER OF INCOME TAX, CENTRAL CIR.-2, SURAT vs. SHRI JAYANTIBHAI VIRJIBHAI BABARIYA, SURAT

In the result, appeals filed by the Revenue (in ITA nos

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita No.110/Srt/2021 ("नधा"रणवष" / Assessment Year: (2016-17) (Physical Court Hearing) Jayantibhai Virjibhai Babariya, Vs. The Acit, Central Circle-2, K-801, River View Heights, Surat. Peddar Road, Mota Varachha, Surat-394101 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Afhpb0820M (Assessee) (Respondent) आयकरअपीलसं./Ita No.195/Srt/2021 ("नधा"रणवष" / Assessment Year: (2017-18) The Dcit, Central Circle-2, Vs. Jayantibhai Virjibhai Babariya, K-801, River View Heights, Surat. Peddar Road, Mota Varachha, Surat-394101 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Afhpb0820M (Assessee) (Respondent) Shri Ashwin K. Parekh, Ar Assessee By Respondent By Shri Ritesh Mishra, Cit-Dr Date Of Hearing 07/10/2022 Date Of Pronouncement 22/11/2022

4) and section 292(C) are not available against the assessee. The above mentioned sauda chithi is neither in the hand writing of the assessee nor it is signed by the assessee. Moreover, the sauda chithi does not contain the name of the assessee. Statement of the assessee, who has been stated by Shri Manoj C. Patel as sender

SHRI JAYANTIBHAI VIRJIBHAI BABARIYA,SURAT vs. DY. COMMISSIONER OF INCOME TAX, CENTRAL CIR.,2, SURAT

In the result, appeals filed by the Revenue (in ITA nos

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita No.110/Srt/2021 ("नधा"रणवष" / Assessment Year: (2016-17) (Physical Court Hearing) Jayantibhai Virjibhai Babariya, Vs. The Acit, Central Circle-2, K-801, River View Heights, Surat. Peddar Road, Mota Varachha, Surat-394101 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Afhpb0820M (Assessee) (Respondent) आयकरअपीलसं./Ita No.195/Srt/2021 ("नधा"रणवष" / Assessment Year: (2017-18) The Dcit, Central Circle-2, Vs. Jayantibhai Virjibhai Babariya, K-801, River View Heights, Surat. Peddar Road, Mota Varachha, Surat-394101 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Afhpb0820M (Assessee) (Respondent) Shri Ashwin K. Parekh, Ar Assessee By Respondent By Shri Ritesh Mishra, Cit-Dr Date Of Hearing 07/10/2022 Date Of Pronouncement 22/11/2022

4) and section 292(C) are not available against the assessee. The above mentioned sauda chithi is neither in the hand writing of the assessee nor it is signed by the assessee. Moreover, the sauda chithi does not contain the name of the assessee. Statement of the assessee, who has been stated by Shri Manoj C. Patel as sender

SHRI PANKAJBHAI AMBALAL PATEL,,SURAT vs. THE INCOME TAX OFFICER, WARD-3(1),, SURAT

In the result, appeal of the assessee is allowed

Bench: Shri Sandeep Gosain & Shri O.P.Meenaआ.अ.सं./I.T.A No.3039/Ahd/2014 "नधा"रण वष"/Assessment Year: 2010-11 Shri Pankajbhai Ambalal Patel, V The Income Tax Officer, Ward-3(1), Surat. 1004, Shreeji Sayona Apartment, S City Light Road, City Light, . Surat – 395007. [Pan: Axjpp 8297 Q] अपीलाथ" / Appellant ""यथ"/Respondent आ.अ.सं./I.T.A No.3040/Ahd/2014 "नधा"रण वष"/Assessment Year: 2010-11 Shri Champakbhai Ambalal Patel, V The Income Tax Officer, 1004, Shreeji Sayona Apartment, S Ward-3(3), Surat. City Light Road, City Light, . Surat – 395007. [Pan: Axjpp 8296 R] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Hiren M.Diwan – Ca राज"वक"ओरसे /Revenue By Smt. Anupama Singla – Sr.Dr सुनवाईकीतारीख/ Date Of Hearing: 04.12.2019 उ"घोषणाक"तार"ख/Pronouncement On: 13.12.2019 आदेश /O R D E R Per Sandeep Gosain, Jm: 1. This Two Appeals By The Assessee Are Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)-Iv, Surat Dated 27.08.2014 For The Assessment Year 2010-11. Page 2 Of 10 Pankajbhai Ambalal Patel & Other Vs. Ito, Ward-3(1), Surat. /Ita No’S.3039 & 3040/Ahd/2014 For A.Y. 2010-11

c) Please note that in the appellant's case, the time limit for filing the Return of Income for the current Assessment Year u/sec. 139(1) of the Act is 31s' July 2010. However, by virtue of provisions of section 139(4) of the Act, the appellant can file his Return of Income for the current Assessment Year

SHRI CHAMPAKBHAI AMBALAL PATEL,,SURAT vs. THE INCOME TAX OFFICER, WARD-3(3),, SURAT

In the result, appeal of the assessee is allowed

Bench: Shri Sandeep Gosain & Shri O.P.Meenaआ.अ.सं./I.T.A No.3039/Ahd/2014 "नधा"रण वष"/Assessment Year: 2010-11 Shri Pankajbhai Ambalal Patel, V The Income Tax Officer, Ward-3(1), Surat. 1004, Shreeji Sayona Apartment, S City Light Road, City Light, . Surat – 395007. [Pan: Axjpp 8297 Q] अपीलाथ" / Appellant ""यथ"/Respondent आ.अ.सं./I.T.A No.3040/Ahd/2014 "नधा"रण वष"/Assessment Year: 2010-11 Shri Champakbhai Ambalal Patel, V The Income Tax Officer, 1004, Shreeji Sayona Apartment, S Ward-3(3), Surat. City Light Road, City Light, . Surat – 395007. [Pan: Axjpp 8296 R] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Hiren M.Diwan – Ca राज"वक"ओरसे /Revenue By Smt. Anupama Singla – Sr.Dr सुनवाईकीतारीख/ Date Of Hearing: 04.12.2019 उ"घोषणाक"तार"ख/Pronouncement On: 13.12.2019 आदेश /O R D E R Per Sandeep Gosain, Jm: 1. This Two Appeals By The Assessee Are Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)-Iv, Surat Dated 27.08.2014 For The Assessment Year 2010-11. Page 2 Of 10 Pankajbhai Ambalal Patel & Other Vs. Ito, Ward-3(1), Surat. /Ita No’S.3039 & 3040/Ahd/2014 For A.Y. 2010-11

c) Please note that in the appellant's case, the time limit for filing the Return of Income for the current Assessment Year u/sec. 139(1) of the Act is 31s' July 2010. However, by virtue of provisions of section 139(4) of the Act, the appellant can file his Return of Income for the current Assessment Year

CHANDRASINH RAMSINH PARMAR,,DADRA & NAGAR HAVELI vs. THE INCOME TAX OFFICER, SILVASSA WARD,, VAPI

In the result the appeal of the assessee is partly allowed

c) The assessee had converted the land into stock in trade but the assessee was neither engaged in any business of trading of land or dealing in land till date of conversion. (d) The transferred of the capital asset into stock could be revealed only in assessment year 2004-05 when the said land was transferred to the partnership