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

Capital gains - Exemption of, in case of investment in residential house (Ownership of more than one house) - Assessment year 2013-14 - Whether where a residential property is jointly owned by two persons 20 DCIT, CIRCLE-7, JAIPUR VS BHARAT MOHAN RATURI that would not preclude an assessee from claiming exemption under section 54F, as assessee would

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)

section 71 of the Act, where there is no income under the head capital gain, set off against his income is not allowed. Here, the capital gain was calculated by the AO to the tune of Rs.57,50

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

section 68 of the IT act by treating the Long Term Capital Gain on sale of\nshares as unexplained cash credit. The addition of Rs.1,51,869/- being the\ndeemed commission for taking the accommodation entry, is consequential to the\nmain issue. Hence, the same is also not sustainable”.\n4. Shri Vivek Agarwal vs. ITO (2017) 292/JP/2017 (ITAT Jaipur) Order

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)

50,00,000/-, the stamp value of which was Rs. 85,99,470/-, and since return was not filed by the assessee, the taxability of capital gain could not be ascertained. The assessee then duly filed his ITR u/s 147 of the Act on 30/10/2015 declaring a capital gain of Rs. 3,17,448/- after claiming the cost of acquisition

SHRI ARNAV GOYAL,JAIPUR vs. ITO, WARD-2(4), JAIPUR

In the result, the appeal of the assessee is allowed

Bench: Hon’ble SHRI SANDEEP GOSAIN (Judicial Member)

section 10(38) for holding the profit from the sale of shares as exempt have duly been fulfilled by the assessee, thus in no circumstances it could be held as bogus or sham transaction more particularly when no corroborative evidence was brought on record by the department to hold that assessee had introduced his undisclosed income in the garb

NANAG RAM MEENA,JAIPUR vs. ITO WARD 6(4), JAIPUR

In the result, the appeal of the assesee is partly allowed as indicated\nhereinabove

capital gain of Rs.71,80,672/- and deduction u/s 54F amounting to Rs\n27,50,000.00, after considering Id. CIT (A) order. As per the settled position\nof law, for the purpose of section

DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-3, JAIPUR vs. M/S RIGID CONDUCTORS (RAJ.) PVT. LTD., JAIPUR

In the result, the appeals of the revenue stands dismissed

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

capital asset within the meaning of section 2(14) of the I.T. Act, 1961. Accordingly capital gain tax is leviable on compulsory acquisition of the land. In this connection it is submitted that the above said finding of the ld. AO was based on the enquiries made from the Tehsildar, Sanganer vide his letter dated 14.11.2019 and 15.11.2019 and also

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, JAIPUR vs. M/S VISION ESTATES PVT. LTD., JAIPUR

In the result, the appeals of the revenue stands dismissed

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

capital asset within the meaning of section 2(14) of the I.T. Act, 1961. Accordingly capital gain tax is leviable on compulsory acquisition of the land. In this connection it is submitted that the above said finding of the ld. AO was based on the enquiries made from the Tehsildar, Sanganer vide his letter dated 14.11.2019 and 15.11.2019 and also

DEPUTY COMMISSINER OF INCOME TAX, LIC BUILDING vs. M/S GEE VEE DEVELOPERS PVT. LTD., JAIPUR

In the result, the appeals of the revenue stands dismissed

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

capital asset within the meaning of section 2(14) of the I.T. Act, 1961. Accordingly capital gain tax is leviable on compulsory acquisition of the land. In this connection it is submitted that the above said finding of the ld. AO was based on the enquiries made from the Tehsildar, Sanganer vide his letter dated 14.11.2019 and 15.11.2019 and also

DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-3, JAIPUR vs. M/S CHOKHI DHANI DEVELOPERS PVT. LTD., JAIPUR

In the result, the appeals of the revenue stands dismissed

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

capital asset within the meaning of section 2(14) of the I.T. Act, 1961. Accordingly capital gain tax is leviable on compulsory acquisition of the land. In this connection it is submitted that the above said finding of the ld. AO was based on the enquiries made from the Tehsildar, Sanganer vide his letter dated 14.11.2019 and 15.11.2019 and also

SHRI ASHNUTH GOYAL,JAIPUR vs. ACIT, WARD -1(3), JAIPUR

In the result, the appeal of the assessee is allowed

Bench: Him. Thus, The Addition Of Rs. 30,04,864/- So Uphold Deserves To Be Deleted. Shri Ashnuth Goyal Vs Acit, Ward 1(3), Jaipur

section 10(38) for holding the profit from the sale of shares as exempt have duly SHRI ASHNUTH GOYAL VS ACIT, WARD 1(3), JAIPUR been fulfilled by the assessee, thus in no circumstances it could be held as bogus or sham transaction more particularly when no corroborative evidence was brought on record by the department to hold that assessee

RAJRAJESHWARI GUPTA ,KOTA vs. ITO , WARD 1(1),KOTA, KOTA

In the result, the appeal of the assessee is allowed with no orders as to costs

Bench: Hon’ble SHRI SANDEEP GOSAIN (Judicial Member)

50,560/- , thereby creating a demand of Rs.4,13,070/-, after making addition u/s 68 to the tune of Rs. 9,37,172/- by treating the long term capital gain [claimed exempt u/s 10(38)] as accommodation entry and thus bogus, and further adding an amount of Rs.18,743/- u/s 69C holding that assessee has paid commission for obtaining such

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

In the result, both appeals of the assessee are allowed

50,000/- on sale of\nimmovable property vide registered sale deed dated 29.01.2013 whereby the\nLong Term Capital Gains earned by the assessee was deposited under Capital\nGains Account scheme wherefrom the amount was paid to the builder [PB\n180-183]. The said document was shown to the Assessing Officer during the\ncourse of assessment proceedings. He was satisfied

PAWAN GUPTA,KOTA vs. ITO WARD 1(3) KOTA , KOTA

In the result, the appeal of the assessee is allowed with no orders as to costs

section 68.\n1.31As the issue involved is of chargeability of long term capital gain as undisclosed income of the\nassessee u/s 68 of the Act, it may be mentioned that many High courts and ITAT benches have\nheld in favour of the assessee. In one of the cases (CIT vs. Mukesh Ratilal Marolia) SLP\nfiled by the Revenue against

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)

gain or loss would be payable by the shareholders of the Company. 3. The CFCL holds majority equity in CVL and became direct subsidiary. Therefore, it may be inferred that assessee Company has planned for tax avoidance by merging its two subsidiaries. Third party is not involved in these transactions. Assessee Company was having share holding of 72.27% in CFCL

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)

gain or loss would be payable by the shareholders of the Company. 3. The CFCL holds majority equity in CVL and became direct subsidiary. Therefore, it may be inferred that assessee Company has planned for tax avoidance by merging its two subsidiaries. Third party is not involved in these transactions. Assessee Company was having share holding of 72.27% in CFCL

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)

gain or loss would be payable by the shareholders of the Company. 3. The CFCL holds majority equity in CVL and became direct subsidiary. Therefore, it may be inferred that assessee Company has planned for tax avoidance by merging its two subsidiaries. Third party is not involved in these transactions. Assessee Company was having share holding of 72.27% in CFCL