KANHAIYALAL RAMESHWAR DAS,KOTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, JAIPUR

disallowance of unabsorbed depreciation.\nThe assessee filed the appeal before the Id. CIT(A)-4, Jaipur which\nwas disposed off vide order 04-04-2018 by the Id. CIT(A). After giving the\neffect of the above order, the assessed income was reduced to\nRs.1,05,94,050/- which was as declared in the revised return of income\nfiled

ASSISTANT COMMISSIONER OF INCOME TAX, JAIPUR vs. JITENDRA KUMAR AGARWAL, JAIPUR

In the result, the appeals filed by the Revenue are dismissed

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

11-2006 and cash was found from possession of assessee - Assessee had drawn cash flow statement for entire period of six years in order to determine undisclosed income based on seized material for each of six assessment years - Whether penalty under section 271(1)(c) cannot be imposed by invoking Explanation 5 in assessment year 2004-05 in respect

ASSISTANT COMMISSIONER OF INCOME-TAX, JAIPUR vs. ROYAL JEWELLERS, JAIPUR

In the result, the appeals filed by the Revenue are dismissed

11 taxmann.com 207 (Delhi) wherein it was held where\nincome surrendered by assessee during survey had been shown by it in its regular\nincome-tax return filed within prescribed time, penalty could be imposed. Thus\nthe Ld. CIT(A) has followed the above decisions and deleted the penalty on the\ndeclared income of Rs.1,80,00,000/-. However

ASSISTANT COMMISSIONER OF INCOME TA , JAIPUR vs. SHRI NATH CORPORATION, JAIPUR

In the result, the appeals filed by the Revenue are dismissed

11-2006 and cash was found from possession of assessee Assessee had drawn cash flow statement for entire period of six years in order to determine undisclosed income based on seized material for each of six assessment years - Whether penalty under section 271(1)(c) cannot be imposed by invoking Explanation 5 in assessment year 2004-05 in respect

M/S RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND INVESTMENT CORPORATION LTD.,JAIPUR vs. DCIT, CIRCLE-6, JAIPUR, JAIPUR

In the result, both the appeals of the assessee are allowed as indicated hereinabove

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

disallowance represent concealment of income and thus imposed penalty u/s 271(1)(c). 2. From the above facts it is abundantly clear that the AO did not specify as to under which limb of sec. 271(1)(c) the assessee is required to explain his case. In the notice issued u/s 274 read with sec. 271(1)(c), penalty proceedings

M/S RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORPORATION LTD.,JAIPUR vs. DCIT, CIRCLE-6, JAIPUR, JAIPUR

In the result, both the appeals of the assessee are allowed as indicated\nhereinabove

disallowance represent concealment\nof income and thus imposed penalty u/s 271(1)(c).\n\n2. From the above facts it is abundantly clear that the AO did not specify as to under which\nlimb of sec. 271(1)(c) the assessee is required to explain his case. In the notice issued u/s\n274 read with sec. 271(1)(c), penalty

SUPERFINE HOTELS PRIVATE LIMITED,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-6,, JAIPUR

In the result, appeal of the assessee is partly allowed

disallowance of deduction claimed u/s 80IB by\nholding that assessee had made wrong claim of deduction u/s 80IB-\nAO levied penalty u/s 271(1)(c) on ground of furnishing of inaccurate\nparticulars of income by assessee- CIT(A) deleted penalty imposed\nby AO u/s 271(1)(c)—Held, AO passed order under section 271(1)(c

RAWAT BAL VIDHA NIKETAN SAMITTEE,JAIPUR vs. PCIT(CENTRAL), JAIPUR

disallowed on the principal of lack of\ncommercial expediency.\n10. The funds of the trust have not been deposited or invested in the specified\nforms/modes/assets as prescribed u/s 11(5) of the Act. As such, there is a violation\nof provisions of section 13(1)(d) of the Act. Furthermore, during the year under\nconsideration, the assesseetrust has shown advances

DCIT, CENTRAL CIRCLE-2, JAIPUR, CENTRAL CIRCLE-2 JAIPUR vs. SHRI PRAKASH CHAND SHARMA, C-42, GOKUL PATH VAISHALI NAGAR, JAIPUR, JAIPUR

In the result, appeals of the revenue are dismissed

Bench: Ao On The Charge Of Concealment Of Income.

disallowance of expenditure was set aside to the record of the AO for fresh adjudication. In the meantime, the AO initiated the proceedings for levy of penalty under section 271(1)(c) and levied the penalty of Rs. 53,78,285/-, Rs. 1,31,42,199/- and Rs. 1,20,43,429/- for the assessment years 2010-11, 11

DCIT, CENTRAL CIRCLE-2, JAIPUR, CENTRAL CIRCLE-2 JAIPUR vs. SHRI PRAKASH CHAND SHARMA, C-42, GOKUL PATH VAISHALI NAGAR, JAIPUR, JAIPUR

In the result, appeals of the revenue are dismissed

Bench: Ao On The Charge Of Concealment Of Income.

disallowance of expenditure was set aside to the record of the AO for fresh adjudication. In the meantime, the AO initiated the proceedings for levy of penalty under section 271(1)(c) and levied the penalty of Rs. 53,78,285/-, Rs. 1,31,42,199/- and Rs. 1,20,43,429/- for the assessment years 2010-11, 11

DCIT, CENTRAL CIRCLE-2, JAIPUR, CENTRAL CIRCLE-2 JAIPUR vs. SHRI PRAKASH CHAND SHARMA, C-42, GOKUL PATH VAISHALI NAGAR, JAIPUR, JAIPUR

In the result, appeals of the revenue are dismissed

Bench: Ao On The Charge Of Concealment Of Income.

disallowance of expenditure was set aside to the record of the AO for fresh adjudication. In the meantime, the AO initiated the proceedings for levy of penalty under section 271(1)(c) and levied the penalty of Rs. 53,78,285/-, Rs. 1,31,42,199/- and Rs. 1,20,43,429/- for the assessment years 2010-11, 11

VAIBHAV GLOBAL LIMITED,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-5, JAIPUR

In the result, the penalty is directed to be deleted and appeal of the assessee is allowed

disallowed shall, for the purposes of clause (c) of this sub- section, be deemed to represent the income in respect of which particulars have been concealed or inaccurate particulars have been furnished, unless the assessee proves to the satisfaction of the Assessing Officer or the Commissioner (Appeals) or the Principal Commissioner or Commissioner that the price charged or paid

VAIBHAV GLOBAL LIMITED,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-5, JAIPUR

In the result, the penalty is directed to be deleted and appeal of the assessee is allowed

disallowed shall, for the purposes of clause (c) of this sub- section, be deemed to represent the income in respect of which particulars have been concealed or inaccurate particulars have been furnished, unless the assessee proves to the satisfaction of the Assessing Officer or the Commissioner (Appeals) or the Principal Commissioner or Commissioner that the price charged or paid

ACIT(EXEMPTION), JAIPUR vs. MAHIMA SHIKSHA SAMITI, JAIPUR

In the result, all the grounds taken by the Revenue are dismissed and ground taken by the assessee society is allowed

disallowed, contribution to Jaipur National University which has not been held to be application of income in view of violation of section 13(1)(c) and section 13(2)(a) of the Act, and addition to fixed Assets which have not been allowed as application of income. Taking into consideration all these issues in addition to systematic generation of surplus

WHOLE SALE CLOTH MERCHANT ASSOCIATION ,KOTA vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE KOTA , KOTA

c) to state that the benefit of section 11 will not be available only to such part of income referred therein. This amendment is brought w.e.f. 1-04-2023. From this amendment itself it is evident that before this amendment the assessee it is not eligible for the benefits of section 11 if any part of income or any property

KANHAIYALAL RAMESHWAR DAS,KOTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, JAIPUR

disallowance of unabsorbed depreciation.\nThe assessee filed the appeal before the Id. CIT(A)-4, Jaipur which\nwas disposed off vide order 04-04-2018 by the Id. CIT(A). After giving the\neffect of the above order, the assessed income was reduced to\nRs.1,05,94,050/- which was as declared in the revised return of income\nfiled

M/S. RAMBHOJO'S,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, JAIPUR

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

disallowance of certain expenses. The ld AO levied penalty of Rs. 57,33,335/- under clause (a) of section 271AAB(1) @ 10% of Rs. 5,73,33,348/- being income surrendered in search as recorded in statement u/s 132(4) and of Rs. 35,408/- under sub clause (b) of section 271AAB (1) of Act @ 20% of Rs. 1

OCEAN EXIM INDIA PRIVATE LTD,JAIPUR vs. ITO WARD 1(2), JAIPUR

In the result, the appeal of the assessee is dismissed

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

Sections 36(1)(va) as well as 43B vide Finance Act, 2021 to this effect but also the CBDT has issued a 11 Ocean Exim India Pvt. Ltd. vs. ITO Memorandum of Explanation that the same applies w.e.f. 1.4.2021 only. It is further not an issue that the foregoing legislative amendments have proposed employers' contribution/ disallowance u/s 43B as against

RUPESH TAMBI,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, JAIPUR

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

disallowances and additions. The penalty proceeding\nu/s 271AAB of the IT Act, 1961 has been initiated on the ground that assessee\nduring the course of search in the statement recorded u/s 132(4) offered a sum of\nRs.49,50,000/- on account of investment in construction of house and\nRs.20,28,903/- on account of excess value of stock found