CAREER POINT LIMITED,KOTA, RAJASTHAN vs. PRINCIPAL COMMISSIONER OF INCOME TAX, UDAIPUR, RAJASTHAN

In the result, the appeal of the assessee is allowed

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

section 14A of the Act and 9 Career Point Limited, Kota. also the explanatory circular of CBDTNo.5/2014.Replysubmitted during the course of assessment proceedings on 12th Oct 2019 is reproduced herewith for ready reference(PB page 15): “1. During this year, the assessee was claimed the Exempt income of Rs.62,529 from the Long-term capital gain

GIRNAR SOFTWARE PRIVATE LIMITED,6TH FLOOR, JAIPUR TEXTILE MARKET, B-2, NEAR MODEL TOWN, MALVIYA NAGAR, JAIPUR vs. PCIT – 2, JAIPUR, NEW CENTRAL REVENUE BUILDING

In the result, the appeal of the assessee is allowed

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

capital gains and complete account statement of mutual fund holding for the period 1 April 2017 to 31 March 2018. Thus, complete details in relation to the investments made by the Appellant in its group concerns and mutual funds were asked and provided to the assessing officer. The assessing officer only after considering the said information, passed the assessment order

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD, KOTA

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

gains of business or profession and postulates to which income shall be chargeable to income tax under the said head. 31. In this way, in computation the income under the said head deduction of the amount of interest paid by the assessee in respect of capital borrowed is to be allowed, where the capital was borrowed for the purpose

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD., KOTA

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

gains of business or profession and postulates to which income shall be chargeable to income tax under the said head. 31. In this way, in computation the income under the said head deduction of the amount of interest paid by the assessee in respect of capital borrowed is to be allowed, where the capital was borrowed for the purpose

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD, KOTA

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

gains of business or profession and postulates to which income shall be chargeable to income tax under the said head. 31. In this way, in computation the income under the said head deduction of the amount of interest paid by the assessee in respect of capital borrowed is to be allowed, where the capital was borrowed for the purpose

RASHLEELA ENTERPRISES PRIVATE LIMITED,JAIPUR vs. THE PCIT (CENTRAL), JAIPUR

In the result, the appeal of the assessee is allowed

capital gain. These\ninvestments are meant to enhance the business interest of the\nappellant. The appellant is not a trader in shares of group and\nassociate companies. Therefore, these investments are outside the\npurview of provisions of section 14A

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD, KOTA

gains of business or profession and postulates to which income\nshall be chargeable to income tax under the said head.\n31. In this way, in computation the income under the said head deduction\nof the amount of interest paid by the assessee in respect of capital\nborrowed is to be allowed, where the capital was borrowed for the purpose

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD., KOTA

gains of business or profession and postulates to which income\nshall be chargeable to income tax under the said head.\n31. In this way, in computation the income under the said head deduction\nof the amount of interest paid by the assessee in respect of capital\nborrowed is to be allowed, where the capital was borrowed for the purpose

BIMAL ROY SONI,J L N MARG vs. DCIT, CIRCLE - 1, JAIPUR, STATUE CIRCLE

In the result, appeals of the assessee is partly allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. Nos. 239 & 240/JP/2022 fu/kZkj.k o"kZ@Assessment Years : 2013-14 & 2014-15 Bimal Roy Soni 11, Chetak Marg, JLN Marg Jaipur cuke Vs. DCIT, Circle-01, Jaipur NCR, Building LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AFPPS 1588 H vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Akhilesh Kumar Jain (C.A.) jktLo dh vksj ls@ Revenue by : Smt Runi Pal (Addl. CIT) a lquokb

capital infusion in the partnership firm. The income of dividend and profit of partnership firm are not included in the total income of the assessee and therefore direct expenditure incurred for making such investment cannot be allowed against the taxable income. As regards the decision of this Tribunal in assessee’s own case in the earlier assessment years, we note

BIMAL ROY SONI,J L N MARG vs. DCIT, CIRCLE-1, JAIPUR, N.C.R. BUILDING

In the result, appeals of the assessee is partly allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. Nos. 239 & 240/JP/2022 fu/kZkj.k o"kZ@Assessment Years : 2013-14 & 2014-15 Bimal Roy Soni 11, Chetak Marg, JLN Marg Jaipur cuke Vs. DCIT, Circle-01, Jaipur NCR, Building LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AFPPS 1588 H vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Akhilesh Kumar Jain (C.A.) jktLo dh vksj ls@ Revenue by : Smt Runi Pal (Addl. CIT) a lquokb

capital infusion in the partnership firm. The income of dividend and profit of partnership firm are not included in the total income of the assessee and therefore direct expenditure incurred for making such investment cannot be allowed against the taxable income. As regards the decision of this Tribunal in assessee’s own case in the earlier assessment years, we note

SH. NAWAL KISHORE DANGAYACH,A-34-A, RAM NAGAR, SHASTRI NAGAR, JAIPUR vs. ACIT, CIRCLE-4, , JAIPUR

In the result, appeal of the assessee is partly allowed

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

capital are applied for investment by the appellant and no nexus is found with regard to investments made. However, it is noted that the Assessing Officer noticed that the appellant has paid interest expenses on investments to earn exempt income, hence, the AO applied section 14A read with rule 8D and disallowed Rs. 78,311/-. The appellant has not established

KANTA DEVI,JAIPUR vs. ITO WARD 6(5), JAIPUR

Bench: HON’BLE SHRI SANDEEP GOSAIN (Judicial Member)

section 14A of IT Act, 1961 without appreciating that the assessee did not claim any expenses out of such exempted income that is why no expenditure should have been disallowed on account of this exempted income. 5. The ld. NFAC has grossly erred in confirming the addition on account of bogus long term capital gain

KANTA AGARWAL ,JAIPUR vs. DCIT CIRCLE 6, JAIPUR

Bench: HON’BLE SHRI SANDEEP GOSAIN (Judicial Member)

section 14A of IT Act, 1961 without appreciating that the assessee did not claim any expenses out of such exempted income that is why no expenditure should have been disallowed on account of this exempted income. 5. The ld. NFAC has grossly erred in confirming the addition on account of bogus long term capital gain

AU SMALL FINANCE BANK LIMITED,JAIPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX, JAIPUR-1

In the result both the appeals filed by the assessee in ITA

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

14A r.w. rule 8D and added back to the taxable income of the assessee.’’ Based on these observations the assessment was completed under section 143(3) of the Act on 22.12.2019. 4. On culmination of the assessment proceeding the ld. PCIT called for the assessment record. On perusal of assessment record, the ld. PCIT observed that while computing income under

PINK CITY JEWEL HOUSE PRIVATE LIMITED ,JAIPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL), JAIPUR

section 14A\nand did not disallow any expense at the time of passing of assessment order.\n5.1. That in response to the show cause notice issued to the assessee by the\nId. PCIT, it was submitted by the assessee appellant that: the assessee\ncompany had invested Rs. 50 lacs in mutual funds in growth option and they\nare not capable

PREM DEVI BAID,JAIPUR vs. ITO WARD 6(5), JAIPUR, NCRB, STATUE CIRCLE, C-SCHEME

In the result, the appeal of the assessee is allowed

Bench: Shri Gagan Goyal & Shri Narinder Kumar

capital gain of Rs. 61,49,716/- as bogus and income from other sources and adding the same in the total income of assessee is most arbitrary, unjust, untenable and bad in fact and in law and in the alternative excessive w.r.t. facts and circumstance of the case. 2. That the Ld. CIT (A) failed to appreciate that Cressanda Solution

SHRI SHYAM SUNDER DUSEJA,JAIPUR vs. ITO WARD-6(3), JAIPUR, WARD-6(3), JAIPUR

In the result, the penalty so levied is hereby directed to be deleted and the matter is decided in favour of the assessee

section 50C of the Act, the Stamp Authority has assessed the value of property at Rs. 12,35,730/-, there was difference at Rs. 4,75,658/- in the capital gain, which has been accepted by the assessee during the course of assessment proceedings. The case law referred by the assessee are squarely applicable. In this case also, there

MACRO PROPRIETIES PRIVATE LIMITED,M 28 INCOME TAX COLONY TONK ROAD JAIPUR vs. DCIT CENTRAL CIRCLE 2, LIC BUILDING JAIPUR

In the result, the appeals of the assessee are allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;djvihy la-@ITA No.174 TO 177/JP/2023 fu/kZkj.ko"kZ@AssessmentYear : 2013-14 TO 2016-17 M/s. Macro Properties Pvt. Ltd.M-28, Income Tax Colony, Tonk Road Jaipur cuke Vs. The DCIT Central Circle-2 LIC Building, Jaipur LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAFCM 3633 D vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksjls@Assesseeby : Shri C.M. Agarwal, CA jktLo dh vksjls@Revenue by: Shri JameshKurian, CI

capital gains without considering the fact that assessee was not the owner of the said property. 5.1 Ld CIT(A) further erred in law as well as on facts and circumstances of the case in not considering the submissions that no material has been brought on record by the AO which might suggest that the sale consideration was received

AGRASEN PRIMSES PRIVATE LIMITED,JAIPUR vs. ITO WARD 5(1), JAIPUR

In the result, the appeal of the assessee is allowed

section 14A of the Act cannot\nexceed the exempt income earned by the assessees?\"\n4. With regard to question No.d, it was submitted that the Assessing Officer made an\naddition of Rs. 73,12,905/- on account of disallowance of losses booked\nin pennystocks namely Kappac Pharma Ltd. as there was a price fluctuation in\nthe stock exchange