RAJ KUMAR JAIN,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE – 2, JAIPUR, JAIPUR

In the result, appeal of the assessee is allowed

1) of section 158BFA of the Act that are entitled to be mandatory, the words may direct in sub section 2 there of intended to directory'. In other words, while payment of interest is mandatory levy of penalty is discretionary. It is trite position of law that discretion is vested and authority has to be exercised in a reasonable

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

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

Capital Gain. In response to notice under section 153A of the IT Act, the assessee furnished her return of income on 02.02.2016 declaring total income of Rs. 9,69,30,410/- which includes the income of Rs. 9,12,66,771/- admitted during search and already declared in the return filed u/s 139(1). The assessment was completed under section

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

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

Capital Gains are duly recorded in the books of account of the assessee. Though the LTCG arising on sale of shares of listed companies is exempt under section 10(38) of the IT Act, however, during the course of search and seizure action on 2nd July, 2015 the assessee in the statement recorded under section 132(4) has surrendered

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

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

Capital Gains are duly recorded in the books of account of the assessee. Though the LTCG arising on sale of shares of listed companies is exempt under section 10(38) of the IT Act, however, during the course of search and seizure action on 2nd July, 2015 the assessee in the statement recorded under section 132(4) has surrendered

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

In the result, appeals of the assessee in ITA No

Capital Gain. The assessment was completed under section 143(3) read with section 153B of the IT Act on 27.12.2017 at the total income of Rs. 4,52,42,549/- which includes addition of Rs. 43,639/- on account of short declaration of LTCG turnover and addition of Rs. 1,42,490/- on account of disallowance of interest claim expenses

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

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

Capital Gain and commission charges of Rs. 9,000/-. The assessment was completed under section 143(3) read with section 153B of the IT Act at the total income of Rs. 12,24,18,200/-. The AO then initiated the proceedings for levy of penalty under section 271AAB of the IT Act by issuing a show cause notice dated

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

In the result, appeals of the assessee in ITA nos

Capital Gain for the assessment year 2016-17. The assessment was completed under section 143(3) read with section 153B of the IT Act on 27.12.2017 at the total income of Rs. 4,30,65,828/- which includes addition of Rs. 42,379/- on account of short declaration of LTCG turnover and addition of Rs. 1,23,519/- on account

SHRI RITESH AGARWAL,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR

In the result, appeal of the assessee is allowed

1 to 3). 5. The assessee craves your indulgence to add amend or alter all or any grounds of appeal before or at the time of hearing. 2. The assessee is an individual and derived income from salary, capital gain and other sources. There was a search and seizure action under section 132

DCIT, CC-2, JAIPUR vs. M/S. ROYAL JEWELLERS, JAIPUR

In the result, appeals of the revenue stands dismissed

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

1) (b) provides for the assessment or reassessment of the total income of the six assessment years immediately preceding the assessment year relevant to the previous year in which the search took place. To repeat, there is no condition in this Section that additions should be strictly made on the basis of evidence found in the course of the search

DCIT, CC-2, JAIPUR vs. M/S. ROYAL JEWELLERS, JAIPUR

In the result, appeals of the revenue stands dismissed

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

1) (b) provides for the assessment or reassessment of the total income of the six assessment years immediately preceding the assessment year relevant to the previous year in which the search took place. To repeat, there is no condition in this Section that additions should be strictly made on the basis of evidence found in the course of the search

DCIT, CC-2, JAIPUR vs. M/S. ROYAL JEWELLERS, JAIPUR

In the result, appeals of the revenue stands dismissed

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

1) (b) provides for the assessment or reassessment of the total income of the six assessment years immediately preceding the assessment year relevant to the previous year in which the search took place. To repeat, there is no condition in this Section that additions should be strictly made on the basis of evidence found in the course of the search

SHRI MANOJ MOONDHRA,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR

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

capital gain and income from other sources. A search and seizure action was carried out on 26th February, 2014 wherein the assessee while making the statement under section 132(4) of the Act disclosed an income of Rs. 1

SHRI MANOJ MOONDHRA,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR

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

capital gain and income from other sources. A search and seizure action was carried out on 26th February, 2014 wherein the assessee while making the statement under section 132(4) of the Act disclosed an income of Rs. 1

SHRI MUKESH MOONDHRA,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR

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

capital gain and income from other sources during the year under consideration. There was no business income to the assessee so assessee was not required to maintain the books of accounts as per provision of section 44AA of the Income Tax Act, 1961. Hence, it cannot be said that the income offered by the assessee falls under the category

SHRI SURESH CHAND MITTAL,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX , JAIPUR

In the result, appeal of the assessee is allowed

Bench: Or At The Time Of Hearing.”

capital gain and income from other sources. A search was conducted in case of Okay Plus JKD Group at the residential and business premises of the assessee group on 4th September, 2013. The assessee disclosed in the statement under section 132(4) an undisclosed income of Rs. 1

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

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

section 132(1) of the Act was carried out on 13-06-\n2019 at the various premises of Dewan Group. The assessee derives\nincome from Business or Profession and Other Source during the year\nunder consideration. Consequent to search action, notice u/s.153A of the\nAct was issued to the assessee on 04-03-2021 which was duly served. In\nresponse

ANSHU SAHAI (HUF), JAIPUR,JAIPUR vs. ACIT, CENTRAL CIRCLE 2, JAIPUR, JAIPUR

capital gains. The action of the ld.\nCIT(A) is illegal, unjustified, arbitrary and against the facts of the case. Relief may\nplease be granted by quashing the applicability of the provisions of section\n115BBE.\n5. The Assessee craves its right to add, amend or alter any of the grounds\non or before the date of hearing.\n5. Succinctly

SHRI KRISHNA YADAV,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR

In the result, appeal of the assessee is allowed

Bench: Or At The Time Of Hearing.”

capital gain and civil contract work. A search was conducted on 4th /5th September, 2013 in the case of the assessee. During the course of search and seizure action, certain incriminating material were found and seized which include a black colour note book containing certain entries at pages 1 to 13. The assessee was asked to explain the entries