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)

disallowances. In terms of this scheme, Section 40 (which too starts with a non obstante clause overriding Sections 30-38), deals with what cannot be deducted in computing income under the head “Profits and Gains of Business and Profession”. Likewise, Section 40A(2) opens with a non-obstante clause 18 Ocean Exim India Pvt. Ltd. vs. ITO and spells

AMIT SINGH,BHIWADI (ALWAR) vs. DCIT, CPC- BENGALURU, CPC- BENGALURU

In the result, the appeal of the assessees is allowed

41 taxmann.com 100 (Gujarat) is as under: "Section 43B, read with section 36(1)(va) of the Income-tax Act, 1961 - Business disallowance

SANJIV PRAKASHAN,JAIPUR vs. ACIT, CIRCLE-1, JAIPUR

disallowance. 3. That the assessee craves his right to add, alter, amend or delete any grounds of appeal at the time of hearing or earlier. Further, the assessee has taken following additional sub- grounds in this appeal; “1. The learned AO/CPC has erred in making adjustments under section 143(1) without giving intimation to the assessee of such adjustments, either

THE RAJASTHAN STATE CO-OP. BANK LTD.,JAIPUR vs. DCIT, JAIPUR

In the result, appeal filed by the assessee is dismissed

section 80P(4) by Finance Act, 2006 w.e.f 1-4-07. The original assessment was completed u/s 143(3) at an income of Rs. 32,94,27,120/- making disallowance of Rs. 1,18,99,651/- on account of transfer to statutory Reserve out of carried forward account of provision for expenses treating the same as taxable u/s 41

NIRMAL KUMAR BARDIYA,JAIPUR vs. ACIT, CIRCLE-1, JAIPUR, JAIPUR

In the result, both the appeals of the assessee are allowed

41 & 42/Agra/2021 dated 14-6-2021(Para – 18 26) Further it is submitted that for bringing clarity on the issue the Finance Bill, 2021 proposed to add an Explanation – 2 to section 36 (1) (va) and Explanation – 5 to section 43B specifically to disallow

ANIL KUMAR DANGAYACH HUF,JAIPUR vs. ITO, JAIPUR

In the result, appeal of the assessee is allowed

Bench: Or At The Time Of Hearing.

1. Under the facts and circumstances of the case the learned CIT (A) has erred in confirming the addition of Rs. 3,34,38,259/- made by the learned Assessing Officer by treating the sundry creditors as non-genuine appearing in balance sheet. 2 Anil Kumar Dangayach HUF, Jaipur. 2. Under the facts and circumstances of the case the learned

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

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

AMBA TECH ENGINEERING,JAIPUR vs. ITO, BHIWADI

In the result, the appeal of the assessees is allowed

disallowance U/s 36(1)(va) can be made and that this issue is settled in favour of the assesseee by the judgments of Hon’ble High Courts, which are produced as under:- 1. KARNATAKA HIGH COURT: February 4, 2014 [2014] 366 ITR 408 (Kar) M/S ESSAE TERAOKA PVT LTD VERSUS DEPUTY COMMISSIONER OF INCOME-TAX 2. KARNATAKA HIGH COURT

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

RMC GEMS INDIA LTD,JAIPUR vs. ADIT, CPC, BANGLORE

In the result, the appeal of the assessee is allowed

41 & 42/Agra/2021 dated 14-6-2021(Para – 18 26) Further it is submitted that for bringing clarity on the issue the Finance Bill, 2021 proposed to add an Explanation – 2 to section 36 (1) (va) and Explanation – 5 to section 43B specifically to disallow

PARIS ELYSEES INDIA PRIVATE LIMITED,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX , CIRCLE-7, JAIPUR

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

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

section 36(1)(va). Thus, only factual reporting, which was mandated, was done and no opinion was expressed regarding the disallowance. Otherwise also no disallowance can be made on the basis of mere reporting in Audit Report. The disallowance can be made only on the basis of relevant law and taking into account judicial view in that regard. 2.2.iv

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. SARITA DEWAN, SIKAR

In the result, the appeals of the revenue in ITA No

disallowing the\nexemption of Long-Term Capital Gains on account of unexplained credits\nu/s 68 of the Act based on these observations ground no. 1 raised by the\nrevenue is dismissed.\nSince we have confirmed the action of the Id. CIT(A) in directing the\ndeletion of addition vide ground no. 1 the ground no. 2 being consequential\nto ground

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. SARITA DEWAN, SIKAR

In the result, the appeals of the revenue in ITA No

disallowing the\nexemption of Long-Term Capital Gains on account of unexplained credits\nu/s 68 of the Act based on these observations ground no. 1 raised by the\nrevenue is dismissed.\nSince we have confirmed the action of the Id. CIT(A) in directing the\ndeletion of addition vide ground no. 1 the ground no. 2 being consequential\nto ground

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. TRILOK DEWAN, SIKAR

In the result, the appeals of the revenue in ITA No

disallowing the\nexemption of Long-Term Capital Gains on account of unexplained credits\nu/s 68 of the Act based on these observations ground no. 1 raised by the\nrevenue is dismissed.\nSince we have confirmed the action of the Id. CIT(A) in directing the\ndeletion of addition vide ground no. 1 the ground no. 2 being consequential\nto ground

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. SNEHLATA AGARWAL, SIKAR

In the result, the appeals of the revenue in ITA No

disallowing the\nexemption of Long-Term Capital Gains on account of unexplained credits\nu/s 68 of the Act based on these observations ground no. 1 raised by the\nrevenue is dismissed.\nSince we have confirmed the action of the Id. CIT(A) in directing the\ndeletion of addition vide ground no. 1 the ground no. 2 being consequential\nto ground

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

In the result, the appeals of the revenue in ITA No

disallowing the\nexemption of Long-Term Capital Gains on account of unexplained credits\nu/s 68 of the Act based on these observations ground no. 1 raised by the\nrevenue is dismissed.\nSince we have confirmed the action of the Id. CIT(A) in directing the\ndeletion of addition vide ground no. 1 the ground no. 2 being consequential\nto ground

DCIT, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. PRIYA DEWAN, SIKAR

In the result, the appeals of the revenue in ITA No

disallowing the\nexemption of Long-Term Capital Gains on account of unexplained credits\nu/s 68 of the Act based on these observations ground no. 1 raised by the\nrevenue is dismissed.\nSince we have confirmed the action of the Id. CIT(A) in directing the\ndeletion of addition vide ground no. 1 the ground no. 2 being consequential\nto ground