SHRI ARNAV GOYAL,JAIPUR vs. ITO, WARD-2(4), JAIPUR

In the result, the appeal of the assessee is allowed

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

10(38) Bogus Capital Gains from Penny Stock: The fact that there was an astounding 4849.2% jump in the share price within two years, which is not supported by the financials, does not justify the AO's conclusion that the assessee converted unaccounted money into fictitious exempt LTCG to evade taxes. The finding is unsupported by material on record

PRADEEP VATRANA,ALWAR vs. DCIT, ALWAR

In the result, the appeal filed by the assessee is allowed for statistical purposes

10% of every year for the purposes of arriving at value in the year 1984.” 11. In this regard, reference can also be drawn to the decision of the Hon’ble Madras High Court in case of CIT vs Essorpe Holdings (P) Ltd [2017] 83 Taxmann.com 280 (Mad) wherein it was held as under: “21. A part of the land

MAHAVEER YADAV,JAIPUR vs. ITO, JAIPUR

In the result, the appeal of the assessee is partly allowed for statistical purposes

10% of every year for the purposes of arriving at value in the year 1984.” 24. In this regard, reference can also be drawn to the decision of the Hon’ble Madras High Court in case of CIT vs Essorpe Holdings (P) Ltd [2017] 83 Taxmann.com 280 (Mad) wherein it was held as under: “21. A part of the land

UDAI SINGH RATHORE,JAIPUR vs. ITO, JAIPUR

In the result, the appeal filed by the assessee is partly allowed

Bench: Or At The Time Of Hearing.”

10. It may also be noted that if the goodwill generated in a new business is regarded as acquired at a cost and subsequently passes to an assessee in any of the modes specified in sub-s. (1) of s. 49, it will become necessary to determine the cost of acquisition to the previous owner. Having regard to the nature

INSTITUTE MANAGEMENT COMMITTEE ITI JHALAWAR ,JHALAWAR vs. ITO WARD JHALAWAR, JHALAWAR

The appeals of the assessee are hereby allowed

gains were not\ntreated to be genuine, AO also rejected claim of assessee for exemption u/s\n54F—CIT(A) held that, rejection of claim of exemption u/s 54F by AO, was in\norder-Held, section 54F, neither provided as pre-condition requirement of filing\nof ‘return of income' by assessee within stipulated time period, nor places any\nembargo as regards

INSTITUTE MANAGEMENT COMMITTEE ITI JHALAWAR,JHALAWAR vs. ITO WARD JHALAWAR, JHALAWAR

The appeals of the assessee are hereby allowed

gains were not\ntreated to be genuine, AO also rejected claim of assessee for exemption u/s\n54F—CIT(A) held that, rejection of claim of exemption u/s 54F by AO, was in\norder-Held, section 54F, neither provided as pre-condition requirement of filing\nof ‘return of income' by assessee within stipulated time period, nor places any\nembargo as regards

SHRI ASHNUTH GOYAL,JAIPUR vs. ACIT, WARD -1(3), JAIPUR

In the result, the appeal of the assessee is allowed

Bench: Him. Thus, The Addition Of Rs. 30,04,864/- So Uphold Deserves To Be Deleted. Shri Ashnuth Goyal Vs Acit, Ward 1(3), Jaipur

section 10(38). Further, ld.AO had referred some order of SEBI having no direct reference of the assessee. During eh course of assessment proceeding, opportunity for cross examination of the witnesses of the department i.e. the above named two SHRI ASHNUTH GOYAL VS ACIT, WARD 1(3), JAIPUR persons whose statements were solely relied upon to conclude that the assessee

SITA DEVI AGARWAL,JAIPUR vs. ITO, WD-4(1), JAIPUR

In the result, the appeal filed by the assessee is allowed

10 per shares. On 21.02 2013, Smart Champ was amalgamated into Cressenda Solution and 15,000/- shares of Cressenda Solution were allotted to assessce Between 18.7.2013 to 12.09.2013, the shares numbering 15,000/- were sold for Rs. 73,77,806/- @Rs. 501.75 to 503.50). After examination of the Balance Sheet, Profit and Loss Account of Cressenda Solution and other relevant

NIRMAL KUMAR AGRAWAL,JAIPUR vs. DCIT, CIRCLE - 4 , JAIPUR

In the result, the appeal of the assessee is allowed

10(38)/68: Long Term capital gains on sale of “penny” stocks cannot be treated as bogus & unexplained cash credit if the documentation is in order & there is no allegation of manipulation by SEBI or the BSE. Denial of right of cross- examination is fatal flaw which renders the assessment order a nullity. Dolarrai Hemani vs. ITO (ITAT Kolkata) Penny

RAJRAJESHWARI GUPTA ,KOTA vs. ITO , WARD 1(1),KOTA, KOTA

In the result, the appeal of the assessee is allowed with no orders as to costs

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

section 68. 26 RAJ RAJESHWARI GUPTA VS ITO, WARD 1(3), KOTA 1.31As the issue involved is of chargeability of long term capital gain as undisclosed income of the assessee u/s 68 of the Act, it may be mentioned that many High courts and ITAT benches have held in favour of the assessee. In one of the cases

DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-3, JAIPUR vs. M/S CHOKHI DHANI DEVELOPERS PVT. LTD., JAIPUR

In the result, the appeals of the revenue stands dismissed

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

capital asset within the meaning of section 2(14) of the I.T. Act, 1961. Accordingly capital gain tax is leviable on compulsory acquisition of the land. In this connection it is submitted that the above said finding of the ld. AO was based on the enquiries made from the Tehsildar, Sanganer vide his letter dated 14.11.2019 and 15.11.2019 and also

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, JAIPUR vs. M/S VISION ESTATES PVT. LTD., JAIPUR

In the result, the appeals of the revenue stands dismissed

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

capital asset within the meaning of section 2(14) of the I.T. Act, 1961. Accordingly capital gain tax is leviable on compulsory acquisition of the land. In this connection it is submitted that the above said finding of the ld. AO was based on the enquiries made from the Tehsildar, Sanganer vide his letter dated 14.11.2019 and 15.11.2019 and also

DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-3, JAIPUR vs. M/S RIGID CONDUCTORS (RAJ.) PVT. LTD., JAIPUR

In the result, the appeals of the revenue stands dismissed

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

capital asset within the meaning of section 2(14) of the I.T. Act, 1961. Accordingly capital gain tax is leviable on compulsory acquisition of the land. In this connection it is submitted that the above said finding of the ld. AO was based on the enquiries made from the Tehsildar, Sanganer vide his letter dated 14.11.2019 and 15.11.2019 and also

DEPUTY COMMISSINER OF INCOME TAX, LIC BUILDING vs. M/S GEE VEE DEVELOPERS PVT. LTD., JAIPUR

In the result, the appeals of the revenue stands dismissed

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

capital asset within the meaning of section 2(14) of the I.T. Act, 1961. Accordingly capital gain tax is leviable on compulsory acquisition of the land. In this connection it is submitted that the above said finding of the ld. AO was based on the enquiries made from the Tehsildar, Sanganer vide his letter dated 14.11.2019 and 15.11.2019 and also

SHRI DHARMENDRA KUMAR PAREEK,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2, JAIPUR

In the result, appeal of the assessee is allowed

46,068/- (ii) Value of 2,000 sq. ft. construction Rs. 21,44,946/- Total value of the residential house Rs.81,91,014/- Against the above, the indexed cost of acquisition of corresponding land and construction thereon is worked out at Rs.14,43,224/- and thus, long term capital gain with reference to the residential house is worked

ACIT, CC-4, JAIPUR vs. SMT. SANGEETA MANTRI, JAIPUR

In the result appeals of the revenue are dismissed and the cross

Section 132 (4) of the Act of the Act do not by themselves constitute incriminating material as has been explained by this Court in Harjeev Aggarwal (supra). 16. Coming to the statements of various entry operators in the order. I have perused the statements from the Ld. AO's order & have gone through the entire statements in the order

ACIT,CC-4, JAIPUR vs. SHRI RAMESH KUMAR MANTRI, JAIPUR

In the result appeals of the revenue are dismissed and the cross

Section 132 (4) of the Act of the Act do not by themselves constitute incriminating material as has been explained by this Court in Harjeev Aggarwal (supra). 16. Coming to the statements of various entry operators in the order. I have perused the statements from the Ld. AO's order & have gone through the entire statements in the order

ACIT, CC-4, JAIPUR vs. SHRI MUKUT BEHARI AGARWAL, JAIPUR

In the result appeals of the revenue are dismissed and the cross

Section 132 (4) of the Act of the Act do not by themselves constitute incriminating material as has been explained by this Court in Harjeev Aggarwal (supra). 16. Coming to the statements of various entry operators in the order. I have perused the statements from the Ld. AO's order & have gone through the entire statements in the order