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.

54 - Assessing Officer denied exemption on ground that assessee could neither prove possession of residential flat within a period of two years from date of transfer of old flat nor had deposited unutilized capital gain in capital gain account scheme before due date of filing of return under section

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

Capital Gain Account Scheme. In this regard, it is submitted that section 54(1) provides that if capital gain earned

GURUVENDRA SINGH ,KOTA vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1, KOTA, KOTA

In the result, appeal of the assessee is allowed

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

54,73,930 44,74,118 2016-17 18,55,935 Nil 14784290 41,987 1,47,42,303 NIL 1.7. Against the amount of Capital Gain, assessee claimed benefit of Section

SMT. RENU JAIN,NEW DELHI vs. ITO, WARD 5(2), JAIPUR

In the result, the matter is decided in favour of the assessee and against the Revenue and the sole ground of appeal is allowed

54(2) declares that within one year from the date of transfer if the capital gain is not invested in purchase of building, he should deposit the amount in the Capital Gain Account Scheme or else the assessee should invest the capital gains before filing of return within the permitted period under section

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

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

gain tax. Section 50C was introduced to deal with the unaccounted money generated by under-reporting of sale price. 7.5 Thus, section 50C was introduced to deal with unaccounted money generated by underreporting of the sale price. In sec. 45(3), where a partner contributed his capital asset to the firm, the amount recorded in the books is deemed

PRADEEP VATRANA,ALWAR vs. DCIT, ALWAR

In the result, the appeal filed by the assessee is allowed for statistical purposes

capital gains in accordance with the provisions of section 45(2) as well as business income on sale of such plots. Further, the matter relating to allowability of development expenses and claim of deduction u/s 54

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

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

capital gains, except as provided in section 54, 54F, etc. According to the Tribunal while charging capital gains on profits

MAHAVEER YADAV,JAIPUR vs. ITO, JAIPUR

In the result, the appeal of the assessee is partly allowed for statistical purposes

54,93,100. Therefore, the taxability arising on conversion of agricultural land into stock-in-trade to the extent it has been sold during the year, arises during the impunged assessment year. The matter is accordingly set-aside to the file of the AO to determine the capital gains in accordance with the provisions of section

KULDEEP SINGH SHEKHAWAT,KOTA vs. ITO W-2(1), KOTA, KOTA

In the result, the appeal of the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Gagan Goyalkuldeep Singh Shekhawat, 11, Samridhi Traders, Police Line, Gopal Vihar, Baran Road-324001 Pan No. Araps0973M ...... Appellant Vs. Income Tax Officer, Ward-2(1), Kota …... Respondent

Capital Gains Account Scheme, can be made till the date of belated return under section 139(4) or revised return under section 139(5) as the wordings used in section 54

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

In the result, appeal of the assessee is allowed

capital gain, the assessee claimed deduction under section 54 of the IT Act at Rs. 68,41,728/- as well

DR. ASHA MATHUR,GUJRAT vs. ASSISTANT COMMISSIONR OF INCOME TAX, CIRCLE-1, JAIPUR

In the result, appeal of the assessee is allowed for statistical

Bench: The Itat By Taking Following

capital gains to the extent invested in the new residential house is not chargeable to tax under section 45 of the Act. The benefit was intended for investment in one residential house within India. Accordingly, it is proposed to amend the aforesaid sub-section (I) of section 54

SHRI NARESH JAIN,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3, JAIPUR

In the result, the appeal of the assessee is allowed

sections 54, 54B, 54D, 54E, 54 EA, 54EA, 54 EB, 54F, 54G and 54H, be chargeable to income tax under the head "capital gains

JAGDISH WADHWANI,JAIPUR vs. ITO, JAIPUR

In the result, appeal of the assessee is dismissed

Bench: The Date Of Hearing.”

section 54 of the Act. As regards charging the capital gain in subsequent year as per the proviso to section

M/S PRAMOD SAHAI BHATNAGAR HUF,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, JAIPUR

In the result, the appeal filed by the assessee is allowed for

capital gain is not the issue germaine in the present appeal. The AO while restricting the claim to one flat has relied upon the decision of Special Bench of the Mumbai Tribunal in case of ITO vs. M/s Sushila M. Jhavery 107 ITD 327. There is no quarrel on the point that the amendment brought in section 54

ACIT, KOTA vs. SMT. ZAHIDA BANO, KOTA

In the result, the Revenue appeal is dismissed

capital gains' and shall be deemed to be income of the previous year in which the transfer took place. The aforesaid sections which form part of section 54

SITA DEVI AGARWAL,JAIPUR vs. ITO, WD-4(1), JAIPUR

In the result, the appeal filed by the assessee is allowed

section 68 or not. In the case of NR Portfolio, it was held that the genuineness and credibility are deeper and obtrusive. Similarly, the bank statements provided by the assessee to prove the genuineness of the transactions cannot be considered in view of the judgment of Hon'ble court in the case of Pratham Telecom India Pvt Ltd, wherein

SAJJAD ALI,CHITTORGARH vs. DCIT(INTL)- JAIPUR, JAIPUR

Bench: SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

Capital Gain Exemptions u/s 54 amounting to Rs. 82,28,577/-. In this case, the assessee initially booked a flat worth Rs. 1,05,12,601/- on 30.04.2015 from the Builder M/s. Sana Land Developers Pvt. Ltd on which the assessee claimed exemption u/s 54 of the Income Tax Act, 1961 against the LTCG earned of Rs.82,28,577/-, however

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