SHARAD KUMAR BHANDARI, JAIPUR,JAIPUR vs. DCIT CIRCLE (INTL TAX), JAIPUR, JAIPUR

5) of the\nAct dated 19.12.2024.\n2. As the issues in both appeals are similar, related, and were heard\ntogether by consent, they are disposed of by this common order.\n3. The hearing of the appeal was conducted after issue of proper\nnotices to both the parties with a option to attend in virtual mode or in\nphysical

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.

5. Ground No.1: In ground No. 1, the appellant has challenged that the AO has erred by denying the exemption u/s 54F. In the modified ground No. 1, the appellant has stated the unutilized amount was Rs. 80,22,354/- in the capital gain account out of total investible/exempted amount u/s 54F Rs. 1,08,22,354/-. In the original

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

section 54EC on account of investment in bonds. 7 ITA 823/JP/2019 & CO 29/JP/2019_ DCIT Vs Ravindra Mittal Thereafter, the assessee revised the return of income and offered long term capital gain of Rs. 5

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

section 54F of Income Tax Act in most arbitrary manner and on flimsy grounds. 8 DCIT, CIRCLE-7, JAIPUR VS BHARAT MOHAN RATURI 5. The learned AO has erred in charging tax on Long Term Capital 5. The assessee craves his right to add, alter, Gain

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)

Section 50C are attracted. Accordingly, the notice u/s 142(1) of the Act was issued on 24-01-2022. The assessee in response to notice (supra) revised his computation of 16 KIRAN YADAV VS ITO, WARED 1(3), JAIPUR income as well as calculation on long term capital gain which is available at page 5

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

Section 2(14), read with\nsection 45, of the Income-tax Act, 1961 - Capital gains - Capital asset (Agricultural land)\n Assessment year 2013-14 - Assessee sold agricultural land situated beyond municipal\nlimits - Assessing Officer treated sale proceeds as long-term capital gain on the grounds\nthat land was within 5

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

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

gains arising from the transfer of a capital asset by a person to a firm in which ITA No. 515/JP/15 Lalchand Meena, vs. ITO, Ward 7(3), Jaipur he becomes a partner, by way of capital contribution, shall be chargeable to tax as his income of the previous year in which such transfer takes place. In other words, the year

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

5-6% in cash in lieu of bogus entry of Long Term Capital Gains\nshown from artificial trading in penny stock bogus company. Looking to such\ncredible evidence on this issue, I estimate an amount equivalent to 6% of the\nbogus Long Term Capital Gains entry, which comes to 1,85,530/- (calculated on\nthe sale proceeds shown

ASSISSTANT COMMISSIONER OF INCOME TAX, AJMER vs. SHREE CEMENT LTD, BEAWAR

Accordingly, the same is dismissed

capital gain for the purposes of assessment under section 115J. Both judgements are rendered in the context of Section 115J which does not contain a provision analogous to sub sections (4) of section 115JA or (5

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

5. Without prejudice to above, even if it is held that assessee has converted the agricultural land of HUF as stock in trade, its taxability would be governed by section 45(2). As per this section, profits & gains arising from the transfer by way of conversion by the owner of a capital

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.”

Sections 48, 49, 55(2) and 55 (3) of the Act under similar circumstances observed as under:— "5. It is pointed out that judgment in CIT v. B.C.Srinivasa Setty, [1981] 128 ITR 294 (SC), is distinguishable. It was observed therein that in a newly started business the value of goodwill was not ascertainable, and on sale of goodwill, capital 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

Section 147 of the Income Tax Act, 1961 (in short, the Act), wherein following grounds have been taken. “1. On the facts and 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 and accordingly treating it as a long term capital gain

LAL CHAND MEENA,JAIPUR vs. ITO WD 5(2), JAIPUR

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

Capital Gains and Exemption u/s 54 are two distinct and separate processes. It is further argued that section 54F being an exemption provision, is a separate and 5

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)

gains of business or profession, or Income from other sources and the expression improvement shall be construed accordingly 1(2) 2[For the purposes of sections 48 and 49, cost of acquisition, (b) in relation to any other capital asset. ] (i) where the capital asset became the property of the assessee before the 41st day of April 5

SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI

In the result, the appeal of the Revenue in ITA No

Bench: or at the time of hearing of this appeal.

capital gain for the purposes of assessment under section 115J. Both judgements are rendered in the context of Section 115J which does not contain a provision analogous to sub- sections (4) of section 115JA or (5

SHREE CEMENT LIMITED,BEAWAR vs. NATIONAL FACELESS ASSESSMENT CENTRE, DEPUTY COMMISSIONEROF INCOME TAX, CIRCLE -2, AJMER, AJMER

In the result, the appeal of the Revenue in ITA No

Bench: or at the time of hearing of this appeal.

capital gain for the purposes of assessment under section 115J. Both judgements are rendered in the context of Section 115J which does not contain a provision analogous to sub- sections (4) of section 115JA or (5

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

In the result, appeal of the assessee is allowed

section. It is not in dispute that land is a capital asset and only then (sic) it is liable to tax. If the price of two capital assets has been charged at one consolidated price, then the assessee is entitled to bifurcate the same. A situation may arise where a gain from one of the capital assets is a short