LAL CHAND MEENA ,JAIPUR vs. ITO, WARD 7-3, JAIPUR

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

gain tax. Section 50C was introduced to deal with the unaccounted money generated by under-reporting of sale price. 7.5 Thus, section 50C was introduced to deal with unaccounted money generated by underreporting of the sale price. In sec. 45(3), where a partner contributed his capital asset to the firm, the amount recorded in the books is deemed

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

capital asset as reduced by any expenditure incurred wholly and exclusively in connection with such transfer.] (1B) Where any income in respect of which an option is exercised under clause (2) of the Explanation to sub-section (1) is not applied to charitable or religious purposes in India during the period referred to in sub-clause

SMT. BIRMA DEVI,JAIPUR vs. INCOME TAX OFFICER, WARD-6-2, JAIPUR

In the result, appeal of the assessee is allowed in terms indicated

Bench: The Hearing Of This Appeal.”

3 years from the date of sale of the capital asset, is now subject to the provisions of section 54F(4). Thus, where the consideration received on sale of capital asset is not appropriated (where purchase was earlier than sale) or utilized (where purchase is after the sale) then the same would be subject to the charge of capital gain

GURUVENDRA SINGH ,KOTA vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1, KOTA, KOTA

In the result, appeal of the assessee is allowed

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

3. The Board had earlier issued a Circular No. 560 dated 18-5-1990, in consultation with Ministry of Law, clarifying that for purposes of section 54E of the Act, the date of transfer in such cases is the date on which the capital asset is converted by the assessee into stock- in-trade and not the date on which

A DAGA ROYAL ARTS,JAIPUR vs. ITO, JAIPUR

In the result, the appeal of the assessee is allowed

capital asset, being investments, are not covered by the provisions of section 40A(3) of Act. Regarding AO’s observation that the auditors have mentioned that the assessee is engaged in the real estate business, it was submitted that the auditors have rightly mentioned their real estate business and nothing adverse could have been inferred by the AO because

DCIT,C-7, JAIPUR vs. BHARAT MOHAN RATURI, JAIPUR

In the result, the appeal of the Department is dismissed and that of the C

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;djvihy la-@ITA No. 413/JP/2022 fu/kZkj.ko"kZ@AssessmentYear :2013-14 The DCIT Circle-7 Jaipur cuke Vs. Shri Bharat Mohan Raturi 161, Indira Colony, Bani Park Jaipur 302 015 (Raj) LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.: AANPR 7066G vihykFkhZ@Appellant izR;FkhZ@Respondent CO No. 2/JP/2023 (Arising out of vk;djvihy la-@ITA No. 413/JP/2022 ) fu/kZkj.ko"kZ@AssessmentYear :2013-14 Shri Bharat Mohan Raturi 161, Indira

13). The assessment was completed under section 143(3) by the DCIT, Circle 7, Jaipur on 24/2/2016 and the returned income was accepted. (Copy of order at Paper book page no 14.) Thereafter, the assessee received one notice under section 148 dated 18/7/2017. (Copy at Paper book page no 15). In reply to this notice u/s 148 the assessee filed

INDIRA GIRI,JAIPUR vs. ASSESSING OFFICER, INCOME TAX DEPARMENT JAIPUR

The appeal of the assessee is allowed

Bench: The Due Date Of Furnishing Itr, Therefore Deposit In Capital Gain Account For Compliance U/S 54(2) Was Impossible On The Part Of The Assessee.

capital gain account scheme. The AO restricted the claim of investment in house property u/s 54F to Rs 28,00,000 only, as against claim made of Rs. 1,08,22,354/- and the deduction u/s 54F was recomputed proportionally as per provision of section 54F (1)b of the Income Tax Act. 5.1.1. In the computation of income

GLOBAL INSTITUTE OF TECHNOLOGY SOCIETY,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX (EXEMPTION) CIRCLE, JAIPUR

In the result, appeal of the assessee is partly allowed

13 Global Institute of Technology Vs. DCIT(E) the depreciation reserve fund. The Hon'ble Supreme Court has further held that the development fee for supplementing resources for purchase, up- gradation and replacement of furniture and fixtures as well as equipments is justified. Thus, the ld AR has submitted that even the Hon'ble Supreme Court has held that

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-6, JAIPUR vs. SHRI RAVINDRA MITTAL, JAIPUR

In the result, appeal of the Revenue is dismissed and the cross objection of the assessee is allowed for statistical purposes

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 823/Jp/2019 Fu/Kzkj.K O"Kz@Assessment Year :2012-13 D.C.I.T., Cuke Shri Ravindra Mittal, Vs. Circle-6, 804, Akshat Niley Apartment, Jaipur. Hawa Sarak, Civil Lines, Jaipur. Lfkk;H Ys[Kk La-@Thvkbzvkj La-@Pan/Gir No.: Aexpm 9057 N Vihykfkhz@Appellant Izr;Fkhz@Respondent

3,27,25,257/- without any deduction of cost which is wrong. The Assessing officer is therefore directed to consider the sale value under the head capital gain and work out proportionate long term capital gain in respect of land and 10 ITA 823/JP/2019 & CO 29/JP/2019_ DCIT Vs Ravindra Mittal short term capital gain in respect of construction after allowing

KIRAN YADAV,JAIPUR vs. INCOME TAX OFFICER, WARD-1(3), JAIPUR, JAIPUR

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

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

13 KIRAN YADAV VS ITO, WARED 1(3), JAIPUR To support the case, the ld. AR of the assessee has filed the following paper book. S.N. Details of documents Page No. 1. Copy of notice u/s 147 of the Act vide DIN & Notice 1 No. ITBA/AST/148/2020-21/1032056321(1) dated 31-03-2021 2. Computation Sheet Capital Gain working 2,2A & 3

BHARATPUR ROYAL FAMILY RELIGIOUS & CEREMONIAL TRUST,BHARATPUR vs. CIT(E), JAIPUR

In the result, we upheld the order of the ld PCIT in exercise of his powers u/s 263 in setting aside the order so passed by the AO and the grounds of appeal taken by the assessee are hereby dismissed

gains falling within the following classes shall not be included in the total income of the person receiving them: 22 Bharatpur Royal Family Religious & Ceremonial Trust Moti Mahal, Bharatpur Vs. CIT(E), Jaipur (i) Subject to the provisions of clause (c) of sub-section (1) of section 16, any income derived from property held under trust or other legal obligation

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.”

gains" in respect of that asset under section 46, means the fair market value of the asset on the date of distribution ; (iv) [***] [(v) where the capital asset, being a share or a stock of a company, became the property of the assessee on— (a) the consolidation and division of all or any of the share capital of the company

BIRENDRA SINGH NIRBHAY,SIRSI ROAD JAIPUR RAJASTHAN vs. ITO WARD 3(1) JAIPUR, NCRB INCOME TAX DEPARTMENT STATUE CIRCLE JAIPUR RAJASTHAN

In the result, the appeal of the assessee is allowed

gain of ₹27,87,561/-was added to the assessee's\nincome from other sources and taxed at 30% under Section 115BBE.\nii.\niii. Additionally, it was determined that an 6% commission (₹1,85,530/-\ncalculated at a reasonable 6% rate on the sale) is to be treated as\nundisclosed expenditure under Section 69C.\niv. Separate penalty proceedings under Section

OMPRAKASH,DHOLPUR vs. ITO WARD 4 BHARATPUR, BHARATPUR

In the result, the both the appeals of the assessee are allowed for statistical\npurposes as indicated hereinabove\nOrder pronounced in the open court on\n17/01/2025

13] [In favour of assessee]\"\nf. That the Hon'ble ITAT JAIPUR BENCH 'SMC' incase of DiptiGargv. Income-tax\nOfficer* [2024] 162 taxmann.com 347 (Jaipur - Trib.) held that “Section 2(14), read with\nsection 56, of the Income-tax Act, 1961 - Capital gains - Capital assets (Agricultural\nland) - Assessment year 2014-15 - Assessee sold an agricultural land for a certain amount

PRADEEP VATRANA,ALWAR vs. DCIT, ALWAR

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

section 45(2). Therefore, FMV of the asset on the date of conversion as reduced by the indexed cost of acquisition and cost of improvement will be assessed under the head capital gain and excess over such FMV can only be brought to tax as business income. 3. The ld DR has vehemently argued the matter and relied upon

MAHAVEER YADAV,JAIPUR vs. ITO, JAIPUR

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

Section 2(14) clause (iii) states that an agricultural land which is situated beyond 8 kms of the municipal limit is not to be considered as a capital asset. Therefore, as the agricultural land under consideration is situated beyond 8 kms of the municipal limit, it is not a capital asset u/s 2(14)(iii) and consequently any gain

SHRI GULAB CHAND MEENA,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX (OSD) , JAIPUR

In the result, appeal of the assessee is allowed

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 49/Jp/2018 Fu/Kzkj.K O"Kz@Assessment Year :2011-12 Cuke Shri Gulab Chand Meena, A.C.I.T.(Osd), Vs. Village- Dantali, Tehsil- Range-7, Sanganer, Jaipur. Jaipur. Lfkk;H Ys[Kk La-@Thvkbzvkj La-@Pan/Gir No.: Abupm 2026 R Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By : Shri Manish Agarwal (Ca) Jktlo Dh Vksj Ls@ Revenue By : Smt. Monisha Choudhary (Addl.Cit) Lquokbz Dh Rkjh[K@ Date Of Hearing : 11/01/2021 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 28/01/2021 Vkns'K@ Order Per: Sandeep Gosain, J.M. This Is An Appeal Filed By The Assessee Against The Order Of Ld.Cit(A)- 3, Jaipur Dated 06/12/2017 For The A.Y. 2011-12 In The Matter Of Order Passed U/S 143(3) Read With Section 147 Of The Income Tax Act, 1961 (In Short, The Act), Wherein Following Grounds Have Been Taken. “1. On The Facts & The Circumstances Of The Case The Ld. Cit(A) Erred In Confirming The Disallowance Of Deduction U/S 54F Of Rs. 5,78,571/- Made By Ld.Ao Arbitrarily & Accordingly Treating It As A Long Term Capital Gain When All The Conditions Prescribed U/S 54F Were Fulfilled By Assessee. 1.1. That The Ld. Cit(A) Has Further Erred In Not Considering The Fact That Assessee Had Submitted The Valuation Report In Support Of His Claim Of 2

3) Further, assessee can also claim exemption, if the capital gain is utilized within the time limit u/s 139(4) even though nothing is deposited in the capital gain account within time limit u/s 139(1) as first limb of section 54(2) states merely section 139 and does not specify any sub section thereof. This conclusion can be validly

FEDERATION OF RAJASTHAN TRADE AND INDUSTRY,JAIPUR vs. ITO-EXEMPTION WARD-2, JAIPUR

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

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

3 Rooms, 1 Kitchen & an Bathroom) & Total Cost incurred of Rs. 6,55,000/- at Second Floor but as per Valuation Report is Rs. 6,86,882/-. issued by registered valuer & Chartered Engineer No. Cat-1/056/CCIT/R & MP/T3/JPR Registered by Ministry of Finance Government of India. Thus, the cost of Construction taken by Humble Appellant

SHRI GOPI RAM SHARMA,JAIPUR vs. INCOME TAX OFFICER, WARD-7-4, JAIPUR

In the result, assessee’s appeals are partly allowed for statistical purposes

13 ITA 1311/JP/2018_ Gopi Ram Sharma Vs ITO in case where the cost for which the previous owner acquired the property cannot be ascertained the cost of acquisition to the previous owner means the fair market value on the date on which the capital asset becomes the property of the previous owner as provided under sub-section (3) of section