Loknath Goenka v. CIT

Anatole Solutions Private Limited, Jaipur vs. ACIT Circle 2, Jaipur

In the result, the appeal of the assessee is allowed

…s punished with imprisonment, but also applies to laws which provide for other penal consequences, such as fines and penalties. A. 16. Attention is also drawn towards the decision of Full Bench of Hon'ble Patna High Court in the case of Loknath Goenka [2019] 417 ITR 521 (Patna) (FB) ITA NO. 1082/JP/2024 ANATOLE SOLUTIONS PVT LTD VS ACIT, CIRCLE-2, JAIPUR A. 16. 1. Hon'ble High Court held the tax is charged on the point of time of accrual of income; A. 16. 2. In the case before Hon'ble High Court, the substantial question of law for decision was whether law relating to clubbing of minor share son's of income un…

Jagdish Kumar Arora, Bhawanimandi vs. DCIT, Central Circle- Kota, Kota

In the result, the appeal of the assessee is allowed

Bench: SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

…ng - as a matter of fact, it is directly contrary to the finding on facts of the authorities below. The principal is also applicable in the present case 44 Jagdish Kumar Arora . Full Bench of Hon’ble Patna High Court in case of Loknath Goenka v. CIT (2019) 417 ITR 521 with reference to insertion of section 64(1)(iii) w.e.f. 01.04.1976 held that the tax liability under the said provision could be charged on the assessee in the assessment in the assessment which was to be made for that accounting year i.e. 1976-77 which would be done in A.Y. 1977-78 as the amending act introducing a new tax liability which came…

Mohan Lal Ashok Kumar Saraf, Jaipur vs. DCIT Cen Cir 1, Jaipur

In the result, the appeal of the assessee is allowed as indicated hereinabove

…2 (SC)], Shiv Raj Gupta v. C.LT [(2020) 425 ITR 420(SC)) and State of Kerala v. Alex George [(2004) 271 ITR 290(SC), to further buttress his arguments. Reliance is also placed on the Full Bench decision of the Patna High Court in Loknath Goenka v. C.1. T[2019 417 ITR 521(Patna)] ……. ……. 12. The assessee contends that the seizures were made prior to the amendment. The affidavits admitting the ownership of amounts seized were also submitted prior to the amendment. The assessee was not aware of the enhanced tax liability when the admissions were made before the authorities. The assessee has also made an attempt to r…

Silver Wings Life Spaces, Kota vs. DCIT Circle-1 Kota, Kota

In the result, the appeal of the assessee is allowed

Bench: Learned Cit(A), Which Appeal Was Filed By The Assessee

…no basis for this finding - as a matter of fact, it is directly contrary to the finding on facts of the authorities below. The principal is also applicable in the present case . Full Bench of Hon’ble Patna High Court in case of Loknath Goenka v. CIT (2019) 417 ITR 521 with reference to insertion of section 64(1)(iii) w.e.f. 01.04.1976 held that the tax liability under the said provision could be charged on the assessee in the assessment in the assessment which was to be made for that accounting year i.e. 1976-77 which would be done in A.Y. 1977-78 as the amending act introducing a new tax liability which came…

Smt. Rajni Gutpa, Alwar vs. ACIT, Central Circle, Alwar

…392 (SC)), Shiv Raj Gupta v. C.1.T (2020) 425 ITR 420(SC)) and State of Kerala v. Alex George (2004) 271 ITR 290(SC), to further buttress his arguments. Reliance is also placed on the Full Bench decision of the Patna High Court in Loknath Goenka v. C.LT 2019 417 ITR 521(Patna)). 12. The assessee contends that the seizures were made prior to the amendment. The affidavits admitting the ownership of amounts seized were also submitted prior to the amendment. The assessee was not aware of the enhanced tax hability when the admissions were made before the authorities. The assessee has also made an attempt to relate th…

Mahesh Kumar Gupta, Jaipur vs. ACIT, Circle-4, Jaipur

In the result, appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…es punished with imprisonment, but also applies to laws which provide for other penal consequences, such as fines and penalties. 4.40. Attention is also drawn towards the decision of Full Bench of Hon’ble Patna High Court in the case of Loknath Goenka [2019] 417 ITR 521 (Patna) (FB) 4.40.i Hon’ble High Court held the tax is charged on the point of time of accrual of income; 4.40.ii In the case before Hon’ble High Court, the substantial question of law for decision was whether law relating to clubbing of minor son’s share of income under Section 64(1)(iii) which was introduced by Taxation Law (Amendment) Act, 197…

M/S Quasar Developers Pvt. Ltd., 202, Ridhi Sidhi Bhawan, Ahinsa Circle, C-Scheme, Jaipur vs. ITO, Ward-6(2), Jaipur

In the result, the appeal of the assessee is dismissed

Bench: Hon’ble SHRI SANDEEP GOSAIN (Judicial Member)

…that year. Since the Surcharge Act was not the law in force on 1st April, 1957 no surcharge could be levied under the said Act against the appellant in the asst. yr. 1957- 58. Further the Full Bench of Patna High Court in case of Loknath Goenka Vs. CIT (2019) 417 ITR 521/266 Taxman 199 with reference to insertion of section 64(1)(iii) w.e.f. 01.04.1976 held that the tax liability under the said provision could be charged on the assessee in the assessment which was to be made for that accounting year i.e. 1976-77 which would be done in A.Y. 1977-78 as the amending act introducing a new tax liability which came int…

Sandeep Sethi, Jaipur vs. Deputy Commissioner of Income Tax, Central Circle-1, Jaipur

In the result, both the appeals of the assessee are allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…es punished with imprisonment, but also applies to laws which provide for other penal consequences, such as fines and penalties. C.16. Attention is also drawn towards the decision of Full Bench of Hon’ble Patna High Court in the case of Loknath Goenka [2019] 417 ITR 521 (Patna) (FB) Sandeep Sethi & Ors. C.16.1. Hon’ble High Court held the tax is charged on the point of time of accrual of income; C.16.2. In the case before Hon’ble High Court, the substantial question of law for decision was whetherlaw relating to clubbing of minor son’s share of income under Section 64(1)(iii)which was introduced by Taxation Law…

Rajiv Nigotiya, Jaipur vs. Deputy Commissioner of Income Tax, Central Circle-1, Jaipur

In the result, both the appeals of the assessee are allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…es punished with imprisonment, but also applies to laws which provide for other penal consequences, such as fines and penalties. C.16. Attention is also drawn towards the decision of Full Bench of Hon’ble Patna High Court in the case of Loknath Goenka [2019] 417 ITR 521 (Patna) (FB) Sandeep Sethi & Ors. C.16.1. Hon’ble High Court held the tax is charged on the point of time of accrual of income; C.16.2. In the case before Hon’ble High Court, the substantial question of law for decision was whetherlaw relating to clubbing of minor son’s share of income under Section 64(1)(iii)which was introduced by Taxation Law…