DCIT, CIRCLE-4, JAIPUR vs. M/S KANDOI METAL POWDERS MANUFACTURING COMPANY PVT. LTD., JAIPUR

In the result, both the appeals are partly allowed

2. Purchases are genuine: - The above chart discloses that the assesse furnished all the documents proving the purchases as genuine. It is submitted that all those ingredients are present which make any purchase genuine. The Learned Assessing Officer has simply treated them bogus on the basis of suspicion, doubt and conjecture. It is established position of law that Suspicion however

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. SNEHLATA AGARWAL, SIKAR

In the result, the appeals of the revenue in ITA No

purchase receipts\n3. Sale bill cum contract note (Annexure A/5)\n4. Copy of Demat Account\n5. Copy of Bank Account showing the sale receipts\n6. Copy of Return of Income for AY 2016-17 where assessee has\ndeclared income of Rs.45,14,780/- under the head LTCG exempt\nunder section 10(38) of the Act. (Annexure A/1)\nHe also based

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. PRIYA DEWAN, SIKAR

In the result, the appeals of the revenue in ITA No

purchase receipts\n3. Sale bill cum contract note (Annexure A/5)\n4. Copy of Demat Account\n5. Copy of Bank Account showing the sale receipts\n6. Copy of Return of Income for AY 2016-17 where assessee has\ndeclared income of Rs.45,14,780/- under the head LTCG exempt\nunder section 10(38) of the Act. (Annexure A/1)\nHe also based

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. SUBHASH CHANDRA BANKA, SIKAR

In the result, the appeals of the revenue in ITA No

purchase receipts\n3. Sale bill cum contract note (Annexure A/5)\n4. Copy of Demat Account\n5. Copy of Bank Account showing the sale receipts\n6. Copy of Return of Income for AY 2016-17 where assessee has\ndeclared income of Rs.45,14,780/- under the head LTCG exempt\nunder section 10(38) of the Act. (Annexure A/1)\nHe also based

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. TRILOK DEWAN, SIKAR

In the result, the appeals of the revenue in ITA No

purchase receipts\n3. Sale bill cum contract note (Annexure A/5)\n4. Copy of Demat Account\n5. Copy of Bank Account showing the sale receipts\n6. Copy of Return of Income for AY 2016-17 where assessee has\ndeclared income of Rs.45,14,780/- under the head LTCG exempt\nunder section 10(38) of the Act. (Annexure A/1)\nHe also based

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. SARITA DEWAN, SIKAR

In the result, the appeals of the revenue in ITA No

purchase receipts\n3. Sale bill cum contract note (Annexure A/5)\n4. Copy of Demat Account\n5. Copy of Bank Account showing the sale receipts\n6. Copy of Return of Income for AY 2016-17 where assessee has\ndeclared income of Rs.45,14,780/- under the head LTCG exempt\nunder section 10(38) of the Act. (Annexure A/1)\nHe also based

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. VIPUL BANKA, SIKAR

In the result, the appeals of the revenue in ITA No

purchase receipts\n3. Sale bill cum contract note (Annexure A/5)\n4. Copy of Demat Account\n5. Copy of Bank Account showing the sale receipts\n6. Copy of Return of Income for AY 2016-17 where assessee has\ndeclared income of Rs.45,14,780/- under the head LTCG exempt\nunder section 10(38) of the Act. (Annexure A/1)\nHe also based

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. USHA BANKA, SIKAR

In the result, the appeals of the revenue in ITA No

purchase receipts\n3. Sale bill cum contract note (Annexure A/5)\n4. Copy of Demat Account\n5. Copy of Bank Account showing the sale receipts\n6. Copy of Return of Income for AY 2016-17 where assessee has\ndeclared income of Rs.45,14,780/- under the head LTCG exempt\nunder section 10(38) of the Act. (Annexure A/1)\nHe also based

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. PRIYA DEWAN, SIKAR

In the result, the appeals of the revenue in ITA No

purchase receipts\n3. Sale bill cum contract note (Annexure A/5)\n4. Copy of Demat Account\n5. Copy of Bank Account showing the sale receipts\n6. Copy of Return of Income for AY 2016-17 where assessee has\ndeclared income of Rs.45,14,780/- under the head LTCG exempt\nunder section 10(38) of the Act. (Annexure A/1)\nHe also based

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. SARITA DEWAN, SIKAR

In the result, the appeals of the revenue in ITA No

purchase receipts\n3. Sale bill cum contract note (Annexure A/5)\n4. Copy of Demat Account\n5. Copy of Bank Account showing the sale receipts\n6. Copy of Return of Income for AY 2016-17 where assessee has\ndeclared income of Rs.45,14,780/- under the head LTCG exempt\nunder section 10(38) of the Act. (Annexure A/1)\nHe also based

DCIT, CENTRAL CIRCLE-1, JAIPUR , JAIPUR vs. USHA BANKA, SIKAR

In the result, the appeals of the revenue in ITA No

purchase receipts\n3. Sale bill cum contract note (Annexure A/5)\n4. Copy of Demat Account\n5. Copy of Bank Account showing the sale receipts\n6. Copy of Return of Income for AY 2016-17 where assessee has\ndeclared income of Rs.45,14,780/- under the head LTCG exempt\nunder section 10(38) of the Act. (Annexure A/1)\nHe also based

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. ANIMESH AGARWAL, SIKAR

In the result, the appeals of the revenue in ITA No

purchase receipts\n3. Sale bill cum contract note (Annexure A/5)\n4. Copy of Demat Account\n5. Copy of Bank Account showing the sale receipts\n6. Copy of Return of Income for AY 2016-17 where assessee has\ndeclared income of Rs.45,14,780/- under the head LTCG exempt\nunder section 10(38) of the Act. (Annexure A/1)\nHe also based

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. SNEHLATA AGARWAL, SIKAR

In the result, the appeals of the revenue in ITA No

purchase receipts\n3. Sale bill cum contract note (Annexure A/5)\n4. Copy of Demat Account\n5. Copy of Bank Account showing the sale receipts\n6. Copy of Return of Income for AY 2016-17 where assessee has\ndeclared income of Rs.45,14,780/- under the head LTCG exempt\nunder section 10(38) of the Act. (Annexure A/1)\n\nHe also

SHRI KHANDELWAL DIAMONDS PRIVATE LIMITED,JAIPUR vs. DCIT, CIRCLE 1, JAIPUR, JAIPUR

In the result, appeal of the assessee is allowed

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

section 145(3) is illegal and unjustified and deserves to be quashed. Ground No. 1 : That under the facts and circumstances of the case, the Id. CIT (A) has erred seriously on facts in sustaining the action of the ld. AO in considering purchases of a sum of Rs. 3,21,93,468 made from 11 parties as bogus

DINESH HALDIA,JAIPUR vs. DCIT CIRCLE 1, JAIPUR, JAIPUR

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

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

17 Dinesh Haldia vs. DCIT price. He submitted that there is distinction in facts of the present case and Vijay Proteins Ltd. (supra) inasmuch as in the case of Vijay Proteins Ltd. (supra) there is inflation in purchase price whereas in the present case the remand report clearly states that the purchases were at prevailing market rate. He submitted that

SHRI KHANDELWAL DIAMONDS PRIVATE LIMITED,JAIPUR vs. ACIT, CIRCLE 1, JAIPUR, JAIPUR

In the result, appeal of the assessee is partly allowed

Bench: Him On The Reason Of Issuing Notice U/S 148 On Borrowed Satisfaction Of Another Wing Of The Department.

iii. Rajendra Prasad Chaudhary v/s ACIT (Jaipur ITAT) (Case law APB 29- 39) : The assessee is into diamond trade and 148 proceedings were initiated by ld. AO (same ASO as that of the appellant) on the basis of information received from investigation wing of Mumbai. The ld. AO made addition @ 25% on purchases made from concerns of Bhanwar Lal Jain

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, JAIPUR vs. M/S GANPATI EXCLUSIVE DESIGNER SAREES PVT. LTD., JAIPUR

In the result, appeal of the assessee is allowed

bogus shareholders then it is for the Income Tax Officer to proceed by reopening the assessment of such shareholders and assessing them to tax in accordance with law. It does not entitle the Revenue to add the same to the assessee's income as unexplained cash credit. (f) In the above circumstances and particularly in view of the concurrent finding

M/S GANPATI EXCLUSIVE DESIGNER SAREES PVT. LTD.,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, JAIPUR

In the result, appeal of the assessee is allowed

bogus shareholders then it is for the Income Tax Officer to proceed by reopening the assessment of such shareholders and assessing them to tax in accordance with law. It does not entitle the Revenue to add the same to the assessee's income as unexplained cash credit. (f) In the above circumstances and particularly in view of the concurrent finding