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 on sale of residential house as mentioned above. 6. However, due to ignorance of law, the assessee filed the original return of income on 28.9.2013 claiming deduction under section 54F for Rs 94,28,948/-. (copy at Paper Book Page No 1 to 3

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)

Capital Gain at Rs.3,67,682/-(as per enclosed Computation Sheet) as against Rs.2,67,280/- (declared in the Return originally filed on 30.4.2021) after claiming Indexed Cost of Plot at Rs.2,06,624/-, Development Cost on construction of Boundary Wall of Rs. 5,35,799/-, 6 KIRAN YADAV VS ITO, WARED 1(3), JAIPUR Indexed Cost of MittiBharai

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

gain of ₹27,87,561/-was added to the assessee's\nincome from other sources and taxed at 30% under Section 115BBE.\nii.\niii. Additionally, it was determined that an 6% commission (₹1,85,530/-\ncalculated at a reasonable 6% rate on the sale) is to be treated as\nundisclosed expenditure under Section 69C.\niv. Separate penalty proceedings under Section

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

3) of the Income Tax Act, 1961 (in short, the Act) determining total income of assessee at Rs. 8,81,03,620/-. 4. Being aggrieved by the order of the A.O., the assessee carried the matter before the ld. CIT(A), who after considering the submissions of both the parties as well as material placed before him, given relief

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

capital gain u/s.45 of the\nI. T. Act, 1961. According, Ground No. 2 is dismissed\n5 Ground No. 1, 3, 5 & 6 are general in nature and do not require any\nadjudication as the same were already dealt in detail in above paragraphs.\nAccordingly, Ground No. 1, 3, 5 & 6 are dismissed.\n6. Ground No. 4 pertains to initiation

BHARATPUR ROYAL FAMILY RELIGIOUS & CEREMONIAL TRUST,BHARATPUR vs. CIT(E), JAIPUR

In the result, we upheld the order of the ld PCIT in exercise of his powers u/s 263 in setting aside the order so passed by the AO and the grounds of appeal taken by the assessee are hereby dismissed

gain arising from such transfer would be assessed as per the provisions of Chapter IV of the IT Act. Therefore, the applicability of the provisions of section 50C depends whether the real consideration on transfer of the property held in Trust is utilized for acquiring the new capital asset to be held as property held under Trust

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

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

3 & 4:- The appellant has claimed that the deeming of provision of section 50C has a limited scope only to the extent of and for the purpose of section 48. It is further claimed that the process of arriving at Capital Gains and Exemption u/s 54 are two distinct and separate processes. It is further argued that section 54F being

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)

6(sub-section (1) of) section 49, and the capital asset became the property of the previous owner before the 4[1st day of April, 5[1981]], means the cost of the capital asset to the previous owner of the fair market value of the asset on the 4[1st day of April, 5[1981]], at the option

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

3) Further, assessee can also claim exemption, if the capital gain is utilized within the time limit u/s 139(4) even though nothing is deposited in the capital gain account within time limit u/s 139(1) as first limb of section 54(2) states merely section 139 and does not specify any sub section thereof. This conclusion can be validly

ASSISTANT COMMISSIONER OF INCOME TAX,EXEMPTIONS,CIRCLE,JAIPUR, JAIPUR vs. GLOBAL INSTITUTE OF TECHNOLOGY SOCIETY, JAIPUR RAJASTHAN

In the results the appeal of the revenue stands dismissed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

capital expenditure as application out of receipts for the year. Not pressed. Additional Ground :- The learned AO has wrongly disallowed the claim of benefit u/s 11 & 12 of the Income Tax Act, 1961 for violation of section 13(1)(c) r.w.s. 13(2)(b)/(g) of the Income Tax Act, 1961. The assessee has not taken this ground in original

SHRI KRISHNARAJ BUILDHOME PVT LTD,JAIPUR vs. INCOME TAX OFFICER, JAIPUR

6) and (7) of section 23A, sub-section (5) of section\n24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27\nof 1957), shall, with necessary modifications, apply in relation to such\nreference as they apply in relation to a reference made by the Assessing\nOfficer under sub-section (1) of section 16A of that

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)

3 No capital gain will arise till the This issue raised by the date of giving physical possession assessee company is that no of land and also the year of tax capital gain will arise till the liability will be the year of giving company gets physical physical possession of the same to possession of the land and also

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)

3 No capital gain will arise till the This issue raised by the date of giving physical possession assessee company is that no of land and also the year of tax capital gain will arise till the liability will be the year of giving company gets physical physical possession of the same to possession of the land 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)

3 No capital gain will arise till the This issue raised by the date of giving physical possession assessee company is that no of land and also the year of tax capital gain will arise till the liability will be the year of giving company gets physical physical possession of the same to possession of the land 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)

3 No capital gain will arise till the This issue raised by the date of giving physical possession assessee company is that no of land and also the year of tax capital gain will arise till the liability will be the year of giving company gets physical physical possession of the same to possession of the land 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

capital gain. On the other hand, the assessee has brought all the relevant material to substantiate its claim that transactions of the purchase and sale of shares are genuine. Even otherwise the holding of the shares by the assessee at the time of allotment subsequent to the amalgamation/ merger is not in doubt, therefore, the transaction cannot be held

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)

section 68. 26 RAJ RAJESHWARI GUPTA VS ITO, WARD 1(3), KOTA 1.31As the issue involved is of chargeability of long term capital gain as undisclosed income of the assessee u/s 68 of the Act, it may be mentioned that many High courts and ITAT benches have held in favour of the assessee. In one of the cases

CHANDRA PRAKASH JAIN,JAIPUR vs. CIRCLE 1, JPR, JAIPUR

In the result, ground raised by the assessee is partly allowed

Bench: Shri Gagan Goyal & Shri Narinder Kumar

Capital Gain Exemption under Section 10(38) The Assessing Officer (AO) and CIT (A) wrongly denied the LTCG exemption under Section 10(38) by presuming the share transactions were non-genuine without concrete evidence. The transactions were properly executed, as shown by contract notes, Demat statements, bank transactions, and STT compliance. Courts have consistently ruled that in the absence