CASTAMET WORKS PRIVATE LIMITED,KHARWA vs. PRINCIPLE COMMISSIONER OF INCOME TAX, UDAIPUR

3. Provide if any disallowance has been made in the ITR for expenditure incurred for earning exempt income. If yes, provide a working note on the same and if not, justify why disallowance should not be made as per the provisions of section 14A

CAREER POINT LIMITED,KOTA, RAJASTHAN vs. PRINCIPAL COMMISSIONER OF INCOME TAX, UDAIPUR, RAJASTHAN

In the result, the appeal of the assessee is allowed

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

3) read with Section 143(3A) and 143(3B) of the Income Tax Act, 1961.” The ld. A/R now raised the main issue in this case is whether the ld. Pr. CIT was justified in invoking jurisdiction under section 263 of the I.T. Act, 1961 and thereby proposing to make disallowance of Rs. 2,53,26,820/- under section 14A

CHAMBAL FERTILISERS AND CHEMICALS LIMITED,KOTA vs. DCIT, KOTA

In the result, appeal of the revenue is dismissed

3,74,24,514 6 5.00 9% India Steamship Limited 233 28,726 510.00 9% 233 29,30,055 Total Disallowance 35,92,45,372 21 ITA NO. 201(6)/JP/2017 M/s. Chambal Fertilizers & Chemicals Ltd. Hence, the AO held that the assessee had utilized a part of its borrowing for making investments in group companies without any commercial expediency

CHAMBAL FERTILISERS AND CHEMICALS LIMITED,KOTA vs. ACIT, KOTA

In the result, appeal of the revenue is dismissed

3,74,24,514 6 5.00 9% India Steamship Limited 233 28,726 510.00 9% 233 29,30,055 Total Disallowance 35,92,45,372 21 ITA NO. 201(6)/JP/2017 M/s. Chambal Fertilizers & Chemicals Ltd. Hence, the AO held that the assessee had utilized a part of its borrowing for making investments in group companies without any commercial expediency

M/S. CHAMBAL FERTILIZERS AND CHEMICALS LIMITED,KOTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA

In the result, appeal of the revenue is dismissed

3,74,24,514 6 5.00 9% India Steamship Limited 233 28,726 510.00 9% 233 29,30,055 Total Disallowance 35,92,45,372 21 ITA NO. 201(6)/JP/2017 M/s. Chambal Fertilizers & Chemicals Ltd. Hence, the AO held that the assessee had utilized a part of its borrowing for making investments in group companies without any commercial expediency

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)

section 275(1)(a). Hence the penalty order should have been passed before 31.10.2018 and therefore the penalty order dt.31.03.2019 passed by AO is clearly barred by limitation. 6. On merits it is submitted that the penalty has been imposed by the AO for concealment of income on two issues namely disallowance of CSR expenses and disallowance u/s 14A

MODERN INSULATORS LTD.,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-6, JAIPUR

In the result, appeal of the assessee is allowed

3,88,668/- made by the Assessing Officer u/s 14A of the IT Act. The disallowance confirmed is illegal, unjustified and excessive. The only issue arises in this appeal is regarding disallowance made by the AO under section

BIMAL ROY SONI,J L N MARG vs. DCIT, CIRCLE - 1, JAIPUR, STATUE CIRCLE

In the result, appeals of the assessee is partly allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. Nos. 239 & 240/JP/2022 fu/kZkj.k o"kZ@Assessment Years : 2013-14 & 2014-15 Bimal Roy Soni 11, Chetak Marg, JLN Marg Jaipur cuke Vs. DCIT, Circle-01, Jaipur NCR, Building LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AFPPS 1588 H vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Akhilesh Kumar Jain (C.A.) jktLo dh vksj ls@ Revenue by : Smt Runi Pal (Addl. CIT) a lquokb

section 14A. 5. Thus interest to be disallowed should be with reference to amount of investment made out of borrowed funds, which comes to Rs.4,12,63,005/= ( Rs.67312353/= minus Rs.26049348/=) and the amount of interest attributable to this amount by applying average rate of interest of 12.89% (Please refer to PB-7) comes to Rs.53,18,801/=. Thus your

BIMAL ROY SONI,J L N MARG vs. DCIT, CIRCLE-1, JAIPUR, N.C.R. BUILDING

In the result, appeals of the assessee is partly allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. Nos. 239 & 240/JP/2022 fu/kZkj.k o"kZ@Assessment Years : 2013-14 & 2014-15 Bimal Roy Soni 11, Chetak Marg, JLN Marg Jaipur cuke Vs. DCIT, Circle-01, Jaipur NCR, Building LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AFPPS 1588 H vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Akhilesh Kumar Jain (C.A.) jktLo dh vksj ls@ Revenue by : Smt Runi Pal (Addl. CIT) a lquokb

section 14A. 5. Thus interest to be disallowed should be with reference to amount of investment made out of borrowed funds, which comes to Rs.4,12,63,005/= ( Rs.67312353/= minus Rs.26049348/=) and the amount of interest attributable to this amount by applying average rate of interest of 12.89% (Please refer to PB-7) comes to Rs.53,18,801/=. Thus your

TRUWORTH INFOTECH PRIVATE LIMITED,JAIPUR vs. INCOME TAX OFFICER, WARD-2(2), JAIPUR

In the result, the appeal of the assessee is allowed

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

3) at an income of Rs. 10,52,209/- by making disallowance u/s 14A of I.T. Act. 1961 amounting to Rs. 10,53,684/- by holding that assessee company has made investment in shares of unlisted companies of Rs. 1,49,29,900/- from which either exempt income is generated or no income is generated and so provision of section

M/S. MAHALAXMI SAWS PVT. LTD., H-39, ROAD NO.2B, RIICO INDUSTRIAL AREA, SIRSI ROAD, BINDAYAKA, JAIPUR,JAIPUR vs. INCOME TAX OFFICER WARD-4(2) JAIPUR, JAIPUR

In the result, this appeal of the assessee is allowed

disallowed the interest expenses. For ready reference, we reproduce Section 14A of the Act is as under: “[Expenditure incurred in relation to income not includible in total income. 14A. (1) For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does

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

section 275(1)(a). Hence the penalty order should have\nbeen passed before 31.10.2018 and therefore the penalty order dt.31.03.2019 passed by AO\nis clearly barred by limitation.\n\n6. On merits it is submitted that the penalty has been imposed by the AO for concealment of\nincome on two issues namely disallowance of CSR expenses and disallowance u/s 14A

RASHLEELA ENTERPRISES PRIVATE LIMITED,JAIPUR vs. THE PCIT (CENTRAL), JAIPUR

3) (APB 12-14) alleging that Ld. AO has neither made any query on the applicability of section 14A r.w.r. 8D on the assessee company nor has examined it for disallowance

M/S ETERNAL HEART CARE CENTRE & RESEARCH INSTITUTE PVT. LTD. ,3A, JAGATPURA ROAD, NEAR JAWAHAR CIRCLE, JAIPUR vs. PCIT, JAIPUR-2, JAIPUR

In the result, appeal filed by the assessee is allowed

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

disallowance of expenses under section 14A of the Act read with Rule 8D of IT Rules, 1962 on investment of Rs.6,76,00,00/- made in the mutual funds even when the assessee has not earned any exempt income during the year under consideration with reference to investment in such mutual funds. We note that the case of the Assessee

LAKHANI SHOEE CO. PVT. LTD vs. ACIT, ALWAR

In the result, appeal of the assessee in ITA No

disallowance under section 14A of the Act read with Rule 8D is not warranted. 3. (a) That in this connections

DCIT, JAIPUR vs. GVK JAIPUR EXPRESSWAY PVT LTD, JAIPUR

In the result, the appeal of the revenue for the years [A

Section 14A and\ndisallowed the interest paid by the appellant company, on the funds utilized for\nsubscribing to the share capital in various group companies and further\nincluded the same in the book profits for computing the MAT u/s 115JB of the\nAct. Ld. CIT(A) has deleted the disallowance made u/s 14A and further held\nthat the said disallowance

DCIT, JAIPUR vs. GVK JAIPUR EXPRESSWAY PVT LTD, JAIPUR

In the result, the appeal of the revenue for the years [A

Section 14A and\ndisallowed the interest paid by the appellant company, on the funds utilized for\nsubscribing to the share capital in various group companies and further\nincluded the same in the book profits for computing the MAT u/s 115JB\nof the Act. Ld. CIT(A) has deleted the disallowance made u/s 14A and further held\nthat the said disallowance

SH. NAWAL KISHORE DANGAYACH,A-34-A, RAM NAGAR, SHASTRI NAGAR, JAIPUR vs. ACIT, CIRCLE-4, , JAIPUR

In the result, appeal of the assessee is partly allowed

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

3 SHRI NAWAL KISHORE DANGAYACH VS ACIT, CIRCLE-4, JAIPUR the Act. The relevant narration as made by the AO in para 2.4 of the assessment order is as under:- ‘’2.4 Thus, total disallowance u/s 14A is worked out to Rs.78,311/- and the same is treated as expenditure incurred in relation to tax free investment. Hence, the amount