INCOME TAX OFFICER, JAIPUR vs. RENU AGARWAL, JAIPUR

In the result, appeal of the Revenue is dismissed

deemed income of the assessee u/s 68 of the I.T. Act 1961 without considering the facts of the case?\n3. Whether on the facts and circumstances of the case and in law, the ld. CIT (A) was right in ignoring the fact that the assessee was involved in dealing of purchase and sale of shares in the scrip of Eins

ASSISTANT COMMISSIONER OF INCOME TAX , CIRCLE-2, JAIPUR vs. M/S. ANGEL INFRASTRUCTURE PRIVATE LIMITED, JAIPUR

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

capital loss was a preconceived design to avoid tax liability on the capital gain arising from sale of shares as well as other income. The assessee instead of transferring the shares to the group concern without any consideration would have requested for extension of time for making the payment of final call money of Rs. 9.90 crores as all these

M/S ANGEL INFRASTRUCTURE (P) LTD.,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR

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

capital loss was a preconceived design to avoid tax liability on the capital gain arising from sale of shares as well as other income. The assessee instead of transferring the shares to the group concern without any consideration would have requested for extension of time for making the payment of final call money of Rs. 9.90 crores as all these

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, KOTA vs. SMT. JYOTI AGARWAL, KOTA

In the result, appeal of the revenue is dismissed

dividend income on equity shares, which was also claimed exempted. Thereafter a search and seizure action U/s 132 of the Act was carried out in the case of M/s Kota Dall Mill Group to whom the assessee belongs on 02/07/2015. During the course of search and seizure proceedings, certain documents marked as Annexure AS-1 were found containing the details

DEPUTY COMMISSIONER OF INCOME TAX , KOTA vs. SHRI RAJENDRA AGRAWAL, KOTA

In the result, appeal of the revenue is dismissed

dividend income on equity shares, which was also claimed exempted. Thereafter a search and seizure action U/s 132 of the Act was carried out in the case of M/s Kota Dall Mill Group to whom the assessee belongs on 02/07/2015. During the course of search and seizure proceedings, certain documents marked as Annexure AS-1 were found containing the details

DEPUTY COMMISSIONER OF INCOME TAX, KOTA vs. SHRI VASUDEV AGRAWAL, KOTA

In the result, appeal of the revenue is dismissed

dividend income on equity shares, which was also claimed exempted. Thereafter a search and seizure action U/s 132 of the Act was carried out in the case of M/s Kota Dall Mill Group to whom the assessee belongs on 02/07/2015. During the course of search and seizure proceedings, certain documents marked as Annexure AS-1 were found containing the details

DEPUTY COMMISSIONER OF INCOME TAX, KOTA vs. SMT. INDIRA AGRAWAL, KOTA

In the result, appeal of the revenue is dismissed

dividend income on equity shares, which was also claimed exempted. Thereafter a search and seizure action U/s 132 of the Act was carried out in the case of M/s Kota Dall Mill Group to whom the assessee belongs on 02/07/2015. During the course of search and seizure proceedings, certain documents marked as Annexure AS-1 were found containing the details

DEPUTY COMMISSIONER OF INCOME TAX, KOTA vs. SHRI AJAY AGARWAL, KOTA

In the result, appeal of the revenue is dismissed

dividend income on equity shares, which was also claimed exempted. Thereafter a search and seizure action U/s 132 of the Act was carried out in the case of M/s Kota Dall Mill Group to whom the assessee belongs on 02/07/2015. During the course of search and seizure proceedings, certain documents marked as Annexure AS-1 were found containing the details

DEPUTY COMMISSIONER OF INCOME TAX, KOTA vs. SMT. MALTI AGARWAL, KOTA

In the result, appeal of the revenue is dismissed

dividend income on equity shares, which was also claimed exempted. Thereafter a search and seizure action U/s 132 of the Act was carried out in the case of M/s Kota Dall Mill Group to whom the assessee belongs on 02/07/2015. During the course of search and seizure proceedings, certain documents marked as Annexure AS-1 were found containing the details

VINOD KUMAR MITTAL,BEAWAR vs. ITO, AJMER

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

deeming as dividend which, otherwise is not permissible by the statute. 4.3.2 It is useful to refer to the definition of the expressions "accumulated profits",“as provided in Explanation 1 & 2 to Sec. 2(22)”, reading as under: “Explanation 1.—The expression "accumulated profits", wherever it occurs in this clause, shall not include capital gains

RAJESH GUPTA,KOTA vs. INCOME TAX OFFICER, WARD -2(2), KOTA

In the result, appeal of the assessee is allowed

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

dividend receipts of Rs.13,830/- exempted which hold during his business activities as trading of shares in cash segment on the basis of aggregating of the both margins viz. positive & negative at Rs. 28,35,802 which has not declared in his ITR for the year under consideration. Thus, the assessee has neither disclosed his income in accordance

ACIT(EXEMPTION), JAIPUR vs. MAHIMA SHIKSHA SAMITI, JAIPUR

In the result, all the grounds taken by the Revenue are dismissed and ground taken by the assessee society is allowed

gains of business, unless the business is incidental to the attainment of the objectives of the trust or, as the case may be, institution, and separate books of account are maintained by such trust or institution in respect of such business. (5) The forms and modes of investing or depositing the money referred to in clause (b) of sub-section

SMT. MANJU GUPTA,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4, JAIPUR

In the result, the ground of the assessee's appeal is allowed

capital gains arising before the 1st day of April, 1946, or after the 31st day of March, 1948, and before the 1st day of April, 1956. Explanation 2.—The expression "accumulated profits" in sub-clauses (a), (b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those

M/S SKYWAYS TOWNSHIP PVT. LTD.,JAIPUR vs. INCOME TAX OFFICER, WARD-4-2, JAIPUR

In the result, the ground of the assessee's appeal is allowed

capital gains arising before the 1st day of April, 1946, or after the 31st day of March, 1948, and before the 1st day of April, 1956. Explanation 2.—The expression "accumulated profits" in sub-clauses (a), (b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those

M/S SKYWAYS TOWNSHIP PVT LTD. 1/2 LIC FLATS, VIDYADHAR NAGAR, SECTOR-6, JAIPUR,JAIPUR vs. DCIT CIRCLE-4, JAIPUR, JAIPUR

In the result, the ground of the assessee's appeal is allowed

capital gains arising before the 1st day of April, 1946, or after the 31st day of March, 1948, and before the 1st day of April, 1956. Explanation 2.—The expression "accumulated profits" in sub-clauses (a), (b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those

SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI

In the result, the appeal of the Revenue in ITA No

Bench: or at the time of hearing of this appeal.

capital gain arising to an assessee u/s 50 on a depreciable asset is liable to be excluded from calculation of deemed profits u/s 115JA. Exemption/ deduction allowed by one provision of the Act cannot be taken away by another provision of the Act. Sec. 115JA, the predecessor to Sec. 115JB, was introduced to the statute book and the budget speech

SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT CENTRE, DEPUTY COMMISSIONEROF INCOME TAX, CIRCLE -2, AJMER, AJMER

In the result, the appeal of the Revenue in ITA No

Bench: or at the time of hearing of this appeal.

capital gain arising to an assessee u/s 50 on a depreciable asset is liable to be excluded from calculation of deemed profits u/s 115JA. Exemption/ deduction allowed by one provision of the Act cannot be taken away by another provision of the Act. Sec. 115JA, the predecessor to Sec. 115JB, was introduced to the statute book and the budget speech

KATH BROTHERS,JAIPUR vs. ACIT, CENTRAL CIRCLE-3, JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

capital gains, nor is it income from other sources' because the provisions of sections 69, 69A, 69B, and 69C treat unexplained investments, unexplained money, bullion, etc., and unexplained expenditure as deemed income where the nature and source of investment, acquisition or expenditure, as the case may be, have not been explained or satisfactorily explained. Therefore, in these cases, the source