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

AJOY SHARMA,JAIPUR vs. DCIT CENTRAL CIRCLE-1, JAIPUR, JAIPUR

801/- had escaped assessment on\naccount of non-filing of return and on account of such erroneous and illegitimate\ndeduction. To bring this amount of income to tax, proceedings u/s 147 of the Act\nwere initiated in the case by recording reasons and after obtaining prior approval\nof the Principal Commissioner of Income Tax, Bathinda.\nA notice under section

AJOY SHARMA ,JAIPUR vs. DCIT CENTRAL CIRCLE-1, JAIPUR, JAIPUR

801/- had escaped assessment on\naccount of non-filing of return and on account of such erroneous and illegitimate\ndeduction. To bring this amount of income to tax, proceedings u/s 147 of the Act\nwere initiated in the case by recording reasons and after obtaining prior approval\nof the Principal Commissioner of Income Tax, Bathinda.\nA notice under section

AJOY SHARMA ,JAIPUR vs. DCIT CENTRAL CIRCLE-1, JAIPUR, JAIPUR

801/- had escaped assessment on\naccount of non-filing of return and on account of such erroneous and illegitimate\ndeduction. To bring this amount of income to tax, proceedings u/s 147 of the Act\nwere initiated in the case by recording reasons and after obtaining prior approval\nof the Principal Commissioner of Income Tax, Bathinda.\nA notice under section

AJOY SHARMA ,JAIPUR vs. DCIT CENTRAL CIRCLE-1, JAIPUR, JAIPUR

801/- had escaped assessment on\naccount of non-filing of return and on account of such erroneous and illegitimate\ndeduction. To bring this amount of income to tax, proceedings u/s 147 of the Act\nwere initiated in the case by recording reasons and after obtaining prior approval\nof the Principal Commissioner of Income Tax, Bathinda.\nA notice under section

AJOY SHARMA ,JAIPUR vs. DCIT CENTRAL CIRCLE-1, JAIPUR, JAIPUR

801/- had escaped assessment on\naccount of non-filing of return and on account of such erroneous and illegitimate\ndeduction. To bring this amount of income to tax, proceedings u/s 147 of the Act\nwere initiated in the case by recording reasons and after obtaining prior approval\nof the Principal Commissioner of Income Tax, Bathinda.\nA notice under section

DEVIKA BUILDESTATE PRIVATE LIMITED,JAIPUR vs. INCOME TAX OFFICER, JAIPUR

In the result, the appeal of the assessee is allowed

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

disallowance of professional fees of Rs. 27,00,000. In this ground the appellant asserts that the professional fees were legitimate expenses for land development services. However, the following points rebut this claim. 1. The services rendered were not clearly defined or corroborated with tangible evidences, despite opportunities given by the concerned AO 2 Notices under Section

ELCON DRUGS & FORMULATION LTD.,JAIPUR vs. JCIT(OSD), CIRCLE-4, JAIPUR

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

Section 40AD, the provision for presumptive taxation and it will deliver justice for both the parties in terms of these facts. Ground No. 2 raised by the assessee is partly allowed. 14 Elcon Drugs & Formation Ltd. 14. Regarding ground No. 3 and 4 are purely legal in nature where the disallowance is made

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

disallowed the Assessee's LTCG exemption despite genuine, well-documented share transactions (supported by contract notes, Demat statements, and bank records) executed on recognized stock exchanges and subject to STT. The Assessing Officer's reliance on generic assumptions and unsubstantiated allegations, rather than concrete evidence, is contrary to established precedents (e.g., Parasmal Bhandari and Reena Kumari). Hence, the denial

DCIT, CC-2, JAIPUR vs. SHRI JITENDRA KUMAR AGARWAL, JAIPUR

In the result, appeal of the assessee is dismissed and that of the revenue is also stands dismissed

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

section (1).” It is evident from the plain reading of heading of section 115BBE itself that the provisions of this section are applicable only to incomes referred to in section 68, Shri Jitendra Kumar Agarwal vs. DCIT 69, 69A, 69B,69C or 69D, and as submitted supra, the additions made by the ld.AO are on account of alleged undisclosed income

SHRI JITENDRA KUMAR AGARWAL,JAIPUR vs. DCIT, CENTRAL CIRCLE-2, JAIPUR

In the result, appeal of the assessee is dismissed and that of the revenue is also stands dismissed

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

section (1).” It is evident from the plain reading of heading of section 115BBE itself that the provisions of this section are applicable only to incomes referred to in section 68, Shri Jitendra Kumar Agarwal vs. DCIT 69, 69A, 69B,69C or 69D, and as submitted supra, the additions made by the ld.AO are on account of alleged undisclosed income

ACIT, CC-4, JAIPUR vs. SMT. SUNITA AGARWAL, JAIPUR

In the result appeals of the revenue are dismissed

disallowance made and total portfolioas on the last date of balance sheet is tabulated in Annexure attached with this written submission for the sake of convenience.From the perusal of the chart annexed, it is evident that all the assessees have been regularly dealing in shares and hold shares of various companies other than alleged as penny stock companies also. Facts

ACIT, CC-4, JAIPUR vs. SHRI MUKUT BEHARI AGARWAL, JAIPUR

In the result appeals of the revenue are dismissed

disallowance made and total portfolioas on the last date of balance sheet is tabulated in Annexure attached with this written submission for the sake of convenience.From the perusal of the chart annexed, it is evident that all the assessees have been regularly dealing in shares and hold shares of various companies other than alleged as penny stock companies also. Facts

ACIT, CC-4, , JAIPUR vs. SHRI ANSHUL JAIN, JAIPUR

In the result appeals of the revenue are dismissed

disallowance made and total portfolioas on the last date of balance sheet is tabulated in Annexure attached with this written submission for the sake of convenience.From the perusal of the chart annexed, it is evident that all the assessees have been regularly dealing in shares and hold shares of various companies other than alleged as penny stock companies also. Facts

ACIT, C.C. -4, JAIPUR vs. MAVERICK COMMODITY BROKERS PVT. LTD., JAIPUR

In the result appeals of the revenue are dismissed

disallowance made and total portfolioas on the last date of balance sheet is tabulated in Annexure attached with this written submission for the sake of convenience.From the perusal of the chart annexed, it is evident that all the assessees have been regularly dealing in shares and hold shares of various companies other than alleged as penny stock companies also. Facts

ACIT, CC-4, JAIPUR vs. SMT. SUNITA AGARWAL, JAIPUR

In the result appeals of the revenue are dismissed

disallowance made and total portfolioas on the last date of balance sheet is tabulated in Annexure attached with this written submission for the sake of convenience.From the perusal of the chart annexed, it is evident that all the assessees have been regularly dealing in shares and hold shares of various companies other than alleged as penny stock companies also. Facts

S N KAPOOR EXPORTS,JAIPUR vs. ACIT, CIRCLE-5, JAIPUR

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

Bench: : Shri Vijay Pal Rao, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 67/Jp/2020 Fu/Kzkj.K O"Kz@Assessment Year : 2012-13 Cuke M/S. S.N. Kapoor Exports The Acit Vs. Khawas Ji Ka Bagh, Amer Road Circle - 5 Jaipur Jaipur Lfkk;H Ys[Kk La-@Thvkbzvkj La-@ Pan/Gir No.: Aadfs 6912 J Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By : Shri S.L. Jain,Advocate & Shri Ashok Kumar Gupta, Advocate Jktlo Dh Vksj Ls@ Revenue By : Smt. Runi Paul, Jcit-Dr Lquokbz Dh Rkjh[K@ Date Of Hearing : 18/03/2020 ?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 20 /03/2020 Vkns'K@ Order Per Vijay Pal Rao, Jm This Appeal By The Assessee Is Directed Against The Order Of Ld. Cit(A) -2, Jaipur Dated 15-11-2019 For The Assessment Year 2012-13. The Assessee Has Raised The Following Grounds. ‘’1. That The Ld.Cit (A), Jaipur As Grossly Erred In Law & Facts In Confirming Disallowance Of Foreign Travelling Expenses Rs. 17,77,454 /- As Per Details As Under Without Any Basis & Justification. M/S. S.N.Kapoor Exports Vs Acit, Circle - 5, Jaipur S. Name Of The Person Exp. % Of Exp. Amount Of Exp. Dis % Of Dis No Claimed Allowed Exp. Allowed Allowed By Ao Allowed By Ao By Ao By Assessee 1. Suriender Nath Kapoor 2178661 100% 2178661 Nil Nil

Section 40A(2) of the I.T. Act, 1961 has made proportionate disallowance which was found to be excessive. The ld. DR further contended that it is a case of family of partnership firm and entire families of the partners have undertaken foreign tour. All the expenditure is claimed as business expenditure. Therefore, only the proportionate expenditure which is found

SHRI MANOJ KUMAR GUPTA,JAIPUR vs. ITO, WARD 5(2), JAIPUR

In the result, the ground no

section 37. c. More over depreciation is a statutory allowance and there cannot be any disallowance out of such a statutory allowance/deduction iv. Disallowance out of telephone expenses a. These expenses include mobile expenses of the assessee and his wife, who is also working as business manager of the assessee’s sole proprietory concern, namely, Gupta Computers. The expenses

AGRASEN PRIMSES PRIVATE LIMITED,JAIPUR vs. ITO WARD 5(1), JAIPUR

In the result, the appeal of the assessee is allowed

section 143(3) of the Income\nTax Act (here in after “Act”) by the ITO, Ward-5(1), Jaipur.\n2. The assessee has raised the following grounds of appeal:-\n\"1. On the facts & circumstance of the case & in law also Ld. CIT(Appeals)\ngrossly erred on facts and in law confirming the addition made