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

In the result, appeal of the assessee is allowed

short-term capital gain. This is the only issue which arises in this case. As stated above, this view of the Department is erroneous for two reasons. Firstly, under section 32(1), no depreciation

HINDUSTAN SALES INDUSTRIAL CORPORATION,JAIPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, JAIPUR

In the result, the appeal of the assessee is allowed

short term and not long-term capital gain as claimed by the assessee. The assessee them self-submitted that for one year there was a claim for depreciation

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

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

Short Term Capital Gain)/ indexed cost ( in case of Long Term Capital Gain of such land to the partner. 7.4 Section 50C states that where the consideration received or accrued as a result of transfer of a land or building or both is less than the value adopted or assessed or assessable for the purpose of Stamp Duty ( Stamp Duty

DINESSH KUMAR SHARMA,JAIPUR vs. ITO, WARD4(2), JAIPUR

In the result, appeal of the assessee is allowed

short term capital loss, and did\nnot earn long term capital gains. In the present case, reopening under section 147 has been done\nwithout linking information received from Investigation Wing of Department to actual facts in\nthe appellant's case.\n\n2. Legal position in this regard-\n\n2.1 In this regard, provisions of section 147 are reproduced hereunder

VIRENDRA SINGH BHADAURIA,JAIPUR vs. PR. CIT-3, , JAIPUR

In the result, this appeal of the assessee is allowed

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 255/Jp/2020 Assessment Year: 2015-16 Virendra Singh Bhadauriya, Cuke Pr.Cit-3, Vs. 71, Mansa Nagar, Shirsi Road, Jaipur. Jaipur-302012. Pan No.: Aaepb 0767 F Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By : Ms. Datyani Pandey (Adv) & Shri Rajiv Pandey (Ca) Jktlo Dh Vksj Ls@ Revenue By : Shri B.K. Gupta (Cit-Dr) Lquokbz Dh Rkjh[K@ Date Of Hearing : 10/02/2021 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 25/03/2021 Vkns'K@ Order Per: Sandeep Gosain, J.M. The Present Appeal Has Been Filed By The Assessee Against The Order Of The Ld. Pr.Cit-3, Jaipur Dated 16/03/2020 Passed U/S 263 Of The Income Tax Act, 1961 (In Short, The Act) For The A.Y. 2015-16. The Assessee Has Raised Following Grounds Of Appeal: “1. On The Facts & Circumstances Of The Case Ld. Pr. Commissioner Of Income Tax-3, Jaipur Erred In:- Ground No.1:- In Holding That The Assessment Order Dt.26.12.2017 Passed U/S 143(3) By Assessing Officer To Be Erroneous In So Far As Is Prejudicial To Interest Of Revenue On Issues Of 2

short, the Act) for the A.Y. 2015-16. The assessee has raised following grounds of appeal: “1. On the facts and circumstances of the case Ld. Pr. Commissioner of Income Tax-3, Jaipur erred in:- Ground No.1:- In holding that the assessment order dt.26.12.2017 passed u/s 143(3) by Assessing Officer to be erroneous in so far as is prejudicial

JAGDISH KUMAR ARORA,BHAWANIMANDI vs. DCIT, CENTRAL CIRCLE- KOTA, KOTA

In the result, the appeal of the assessee is allowed

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

short term capital gains but deleted addition on account of long term capital gains—Held, there is not an iota of any cogent material mentioned by Assessing Officer which enabled him to have reached conclusion that this case was a fit case for conversion from limited scrutiny to complete scrutiny—If proposal of Assessing Officer and approval of Pr. Commissioner

PRADEEP VATRANA,ALWAR vs. DCIT, ALWAR

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

short span of time on regular basis to companies, income earned by the assessee was taxable as business income. 4. The relevant findings of the ld CIT(A) which are under challenge before us reads as under:- “5.3.1 I have perused the assessment order as well as submissions made by the appellant. Following facts have emerged: 1. That the appellant

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)

Depreciation of Rs. 1,00,525/-) for the year under consideration. The Humble Appellant has also declared sale proceeds of building amounting of Rs. 61,00,000/- and after claiming indexing benefit, declared Long term capital loss of Rs. 50,450/-. That the Humble Appellant has claimed the cost of Property

KARUNA JAIN,JAIPUR vs. ITO WD 2(1), JPR, JAIPUR

In the result, grounds raised by the assessee are dismissed

Bench: Shri Gagan Goyal & Shri Narinder Kumar

term Capital Loss through trading of shares of Penny Stocks. The modus operandi found is that the investors/beneficiaries hold these shares for one year or so and then sale it to one of the shell private limited companies of the operator. These facts were confirmed by the stake holders’ viz. Operators/Syndicate members/Brokers which were providing accommodation entries in statements recorded

MAHAVEER YADAV,JAIPUR vs. ITO, JAIPUR

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

term capital gain on sale of these plots. 2.1 The ld. CIT(A) has erred on facts and in law in not allowing the deduction towards cost of land while confirming the assessment of the income of Rs. 48,98,790/- under the head “Profits and Gains from Business”. 2.2 The Ld. CIT(A) has erred on facts

M/S. GANPATI GLOBAL PRIVATE LTD.,JAIPUR vs. ITO, WARD1(4), JAIPUR

In the result, the appeal of the assessee is dismissed

gains'. Similarly, if a company purchases rented house and gets rent, such rent will be assessable to tax under section 22 as income from house property. Likewise, the company may have income from other sources. The company may also, as in that case, keep the surplus funds in short-term deposits in order to earn interest. Such interest will

RAM KHILARI MEENA,DAUSA vs. ITO, DAUSA, DAUSA

In the result, the appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

short AO]. 2. In this appeal, the assessee has raised following grounds: - “1. That the ld. CIT(A), NFAC has erred in law in sustaining the addition made by ld. AO on account of Long Term Capital Gain on sale of land and building ignoring the vital fact that no addition had been made on the reason framed for reopening

PINK CITY ARTS AND CRAFTS,JAIPUR vs. ACIT CIRCLE 7, JAIPUR

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

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

short term capital gain by grossly ignoring the fact that assessee could not commence business activities on such building/shed. Appellant prays that such building/ shed could not be put to use for the purposes of business and accordingly was not eligible for depreciation

GHODAWAT HOTELS PVT.LTD.,JAIPUR vs. DCIT(HQ), JAIPUR

In the result, both the appeals of the assessee are partly allowed for statistical purposes as indicated above

depreciation is a statutory deduction available to assessee and other expenses claimed were exclusively incurred for business expenses. Thus the disallowance so sustained deserves to be deleted. 4 M/s. Ghodawat Hotels (P) Ltd. vs. DCIT (HQ), Circle- 6, Jaipur . 2.1 First of all, we take up the grounds of appeal of the assessee for the assessment year 2006-07 which

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. VAIBHAV BANKA, SIKAR

In the result, the appeals of the revenue stands dismissed, and the

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

short, 'the Act'). As found by the High Court in none of the cases any incriminating material was found during the search either from the Assessee or from third party. In that view of the matter, as such, the assessments under section 153-C of the Act are rightly set aside by the High Court. However, Shri N Venkataraman, leamed

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. VIPUL BANKA, SIKAR

In the result, the appeals of the revenue stands dismissed, and the

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

short, 'the Act'). As found by the High Court in none of the cases any incriminating material was found during the search either from the Assessee or from third party. In that view of the matter, as such, the assessments under section 153-C of the Act are rightly set aside by the High Court. However, Shri N Venkataraman, leamed

ALLEN CAREER INSTITUTE,JAIPUR vs. JCIT, KOTA

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

short-term capital gain @ 30 per cent and where the amount is invested in such funds for the period exceeding one year, the maturity proceeds are taxable @ 10 per cent with the indexation benefit and @ 20 per cent without indexation benefits. In other words, the investments in Mutual Funds schemes are not tax-free investments. In support of its contentions

ITO, ALWAR vs. KUNDAN LAL BADSHAH, ALWAR

In the result, appeal filed by the Revenue is disposed off with above directions

Short Term Capital Gain in the hands of the assessee.” 2 ITO, Ward-1(1) Vs. Kundan Lal Badshah, Alwar 2. The facts and the chronology of the events relevant for the issue under consideration are as under: (i) Assessee has purchased agriculture land at Khasra no.230 (0.62 hectare) at village Naurangabad Tehsil Alwar on 23.06.2006 for Rs.210