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Documents citing Genuine Finance Pvt. Ltd., Ahmedabad vs The Dcit, Circle-2(1)(1), Ahmedabad on 28 October, 2022

Kunvarji Finance Pvt. Ltd., Ahmedabad vs The Acit, Circle-2(1)(2),, Ahmedabad on 22 March, 2023

6. We have heard the rival contentions and perused the material on record. We are of the considered view that in the instant set of facts it cannot be held that the sale of shares of M/s Vas Infrastructure Private Limited was with a view to book a bogus loss. We further observe that the ITAT Ahmedabad in the case of Genuine Finance Private Limited v. DCIT in ITA number 221/Ahd/2021 has held on identical facts and in the case of purchase and sale of same script i.e. M/s Vas Infrastructure Private Limited that the transaction cannot be held to be bogus. The relevant extracts of the ruling by ITAT Ahmedabad is reproduced below for reference:
Income Tax Appellate Tribunal - Ahmedabad Cites 5 - Cited by 0 - Full Document

Atulbhai Amritlal Mehta, Ahmedabad vs Dy. Commissioner Of Income Tax, ... on 15 March, 2023

5. The Ld. A.R. submitted that the assessee company is dealing with share trading as investment and during the F.Y. 2011-12 the assessee declared total loss of Rs. 84,15,914/- and filed return of income under Section 139(1) and Section 148. The assessee entered into transaction of Vas Infrastructure Ltd. to its share broker on various dates from April 2010 to November 2010. The assessee has given the details relates to the brokers as well as the transaction was carried out through the National Stock Exchange. The Ld. A.R. relied upon various decisions including the decision of the Tribunal in case of Genuine Finance Pvt. Ltd. vs. DCIT (in ITA No. 221/Ahd/2021 order dated 28.102.2022) .
Income Tax Appellate Tribunal - Ahmedabad Cites 1 - Cited by 0 - Full Document

Kamalesh Mohandas Lakhwani, Mumbai vs Income Tax Officer-22(2)(1), Mumbai on 7 August, 2023

The ld. AR further to this relied on the decision of the Tribunal in the case of Genuine Finance Pvt. Ltd. vs. DCIT (in ITA No. 221/Ahm/2021 vide order dated 28.10.2022) and ITO vs. Ronak Iqbal Lakhani (in ITA No.835/Mum/2022 vide order dated 17.01.2023), where the Tribunal has deleted the addition made on the other assessee who has traded in M/s. Vas Infrastructure Ltd. The ld. AR relied on the order of the ld. CIT(A), deleting the impugned addition.
Income Tax Appellate Tribunal - Mumbai Cites 7 - Cited by 0 - Full Document
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