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

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

JUHI BHANDARI, JAIPUR,JAIPUR vs. DCIT CIRCLE (INTL TAX), JAIPUR, JAIPUR

In the result, both appeals of the assessee are allowed

2) issued to the\nassessee alongwith:\nNA\nYES\nYES\n52-56\nYES\nYES\n57\nYES\nYES\n58\nYES\nYES\n59\nYES\nYES\ncopy of satisfaction note dated\n27.03.2023 recorded by\nAssessing Officer\n60-64\nYES\nYES\n13\n21.12.2023 Reply filed by the assessee\nalongwith:\nPassport copies\nBank Details\nInterest Certificates\nAgreement to sale dated\n07.06.2013 entered by the\nassessee

ACIT, CC-4, JAIPUR vs. SMT. ASHA JAIN, JAIPUR

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

2,86,948/- as an adjustment amount of interest based on the entries recorded in the PEN drive found as undisclosed source income. The. Ld. CIT(A) has allowed the appeal of the assessee in part where in addition of Rs. 11,96,03,220/- and Rs. 71,76,181/- deleted and Rs.2,86,948/- was confirmed. Aggrieved from

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

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

2,86,948/- as an adjustment amount of interest based on the entries recorded in the PEN drive found as undisclosed source income. The. Ld. CIT(A) has allowed the appeal of the assessee in part where in addition of Rs. 11,96,03,220/- and Rs. 71,76,181/- deleted and Rs.2,86,948/- was confirmed. Aggrieved from

ACIT, CC-4, JAIPUR vs. SHRI MUKESH JAIN, JAIPUR

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

2,86,948/- as an adjustment amount of interest based on the entries recorded in the PEN drive found as undisclosed source income. The. Ld. CIT(A) has allowed the appeal of the assessee in part where in addition of Rs. 11,96,03,220/- and Rs. 71,76,181/- deleted and Rs.2,86,948/- was confirmed. Aggrieved from

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

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

2,86,948/- as an adjustment amount of interest based on the entries recorded in the PEN drive found as undisclosed source income. The. Ld. CIT(A) has allowed the appeal of the assessee in part where in addition of Rs. 11,96,03,220/- and Rs. 71,76,181/- deleted and Rs.2,86,948/- was confirmed. Aggrieved from

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

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

2,86,948/- as an adjustment amount of interest based on the entries recorded in the PEN drive found as undisclosed source income. The. Ld. CIT(A) has allowed the appeal of the assessee in part where in addition of Rs. 11,96,03,220/- and Rs. 71,76,181/- deleted and Rs.2,86,948/- was confirmed. Aggrieved from

ACIT, CC-4, JAIPUR vs. SMT. SUNITA AGARWAL, JAIPUR

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

2,86,948/- as an adjustment amount of interest based on the entries recorded in the PEN drive found as undisclosed source income. The. Ld. CIT(A) has allowed the appeal of the assessee in part where in addition of Rs. 11,96,03,220/- and Rs. 71,76,181/- deleted and Rs.2,86,948/- was confirmed. Aggrieved from

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

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

2,86,948/- as an adjustment amount of interest based on the entries recorded in the PEN drive found as undisclosed source income. The. Ld. CIT(A) has allowed the appeal of the assessee in part where in addition of Rs. 11,96,03,220/- and Rs. 71,76,181/- deleted and Rs.2,86,948/- was confirmed. Aggrieved from

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

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

2,86,948/- as an adjustment amount of interest based on the entries recorded in the PEN drive found as undisclosed source income. The. Ld. CIT(A) has allowed the appeal of the assessee in part where in addition of Rs. 11,96,03,220/- and Rs. 71,76,181/- deleted and Rs.2,86,948/- was confirmed. Aggrieved from

ACIT, CC-4, JAIPUR vs. SHRI MUKESH JAIN, JAIPUR

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

2,86,948/- as an adjustment amount of interest based on the entries recorded in the PEN drive found as undisclosed source income. The. Ld. CIT(A) has allowed the appeal of the assessee in part where in addition of Rs. 11,96,03,220/- and Rs. 71,76,181/- deleted and Rs.2,86,948/- was confirmed. Aggrieved from

DCIT, JAIPUR vs. VIGYAN LODHA, JAIPUR

In the result, the appeal of the Department is dismissed

220 of 2014 Hon'ble Allahabad High Court has ruled that once it was duly established that no borrowed funds of which interest was paid had been invested for earning tax free income, no disallowance was permissible u/s 14A. In the case of CIT Vs HDFC Bank ITA No.330 of 2012 Hon'ble Bombay High Court has held that

SHRI SATISH CHANDRA KATTA,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR

capital gain on sale of property - Assessee made a claim before\nAssessing Officer that value adopted or assessed by stamp valuation authority\nwas higher than fair market value - Value adopted by stamp valuation authority\nhad not ever been disputed by assessee in any appeal or revision or otherwise to\nany other authority or Court as referred to in section

SIYARAM EXPORTS INDIA PVT. LTD.,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR

Capital gains - Special\nprovision for computation of full value of consideration in certain cases [Reference\nto Valuation Officer] - Assessment year 2009-10 - Assessee earned short term\ncapital gain on sale of property - Assessee made a claim before Assessing Officer\nthat value adopted or assessed by stamp valuation authority was higher than fair\nmarket value - Value adopted by stamp valuation authority

SHRI SATISH CHANDRA KATTA,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR

Capital gains - Special\nprovision for computation of full value of consideration in certain cases [Reference\nto Valuation Officer] - Assessment year 2009-10 - Assessee earned short term\ncapital gain on sale of property - Assessee made a claim before Assessing Officer\nthat value adopted or assessed by stamp valuation authority was higher than fair\nmarket value - Value adopted by stamp valuation authority