KRISHNA BUILD HOME PRIVATE LIMITED,JAIPUR vs. INCOME TAX OFFICER, WARD 4(2), JAIPUR, JAIPUR

Bench: The Learned Ao, The Reassessment Proceeding Is Illegal, Bad In Law, Without Jurisdiction & Is Based On Wrong Facts & On Change Of Opinion & In Gross Violation Of Proviso To S. 147 Of The It Act, Which Says No Action Can Be Taken M/S. Krishna Build Home Pvt. Ltd., Jaipur.

section of Income from House Property, the property for the purposes of any business or profession will not be covered under the provision of computing the income under head Income from house property. In the case of the assessee profit derived from sale of unsold stock is taxable as Income from Business or Profession. The unsold units so constructed

RADHEY CONSTRUCTION PVT. LTD.,JAIPUR vs. ITO, JAIPUR

Appeal is dismissed

Bench: Or At The Time Of Hearing.”

house property was only of Rs. 2,64,500/- as these were let out only for part of the year, against which the AO has calculated rent of these properties for the whole year as under at Rs. 6,76,574/-: Showrooms rent @ 40000/-per month Rs. 4,80,000/- B-404 rent @ 11.68 per sqft

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

house property is 1/2nd . 3.10. Based on the above discussed facts, working of Long term capital gain & deduction claimed u/s 54F is being recomputed as under:- Full value of consideration as shown by 17000206 assessee in his ITR Less: Indexed cost of acquisition & 3184911 construction Net long term capital gain 13815295 Deduction u/s 54F of the IT Acrt,1961 (LTCG

DCIT,C-7, JAIPUR vs. BHARAT MOHAN RATURI, JAIPUR

In the result, the appeal of the Department is dismissed and that of the C

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;djvihy la-@ITA No. 413/JP/2022 fu/kZkj.ko"kZ@AssessmentYear :2013-14 The DCIT Circle-7 Jaipur cuke Vs. Shri Bharat Mohan Raturi 161, Indira Colony, Bani Park Jaipur 302 015 (Raj) LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.: AANPR 7066G vihykFkhZ@Appellant izR;FkhZ@Respondent CO No. 2/JP/2023 (Arising out of vk;djvihy la-@ITA No. 413/JP/2022 ) fu/kZkj.ko"kZ@AssessmentYear :2013-14 Shri Bharat Mohan Raturi 161, Indira

16 to 18. Before proceeding further, we want to evaluate Section 54 and Section 54F of the Act which are reproduced below. ‘’Sec. 54: Profit on sale of property used for residence. 54. 39[(1)] 40[41[Subject to the provisions of sub-section (2), where, in the case of an assessee42 being an individual or a Hindu undivided family

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

section 133(6) of the Act to make inquiries about claim of illegitimate and erroneous deduction of Rs. 1,59,000/- under Chapter VIA of the Act, loss from House property at Rs 70,000/- and non disclosure of interest income of Rs 1,21,350/-, the facts could never be brought on record. Thereby the assessee would have gone

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

section 133(6) of the Act to make inquiries about claim of illegitimate and erroneous deduction of Rs. 1,59,000/- under Chapter VIA of the Act, loss from House property at Rs 70,000/- and non disclosure of interest income of Rs 1,21,350/-, the facts could never be brought on record. Thereby the assessee would have gone

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

section 133(6) of the Act to make inquiries about claim of illegitimate and erroneous deduction of Rs. 1,59,000/- under Chapter VIA of the Act, loss from House property at Rs 70,000/- and non disclosure of interest income of Rs 1,21,350/-, the facts could never be brought on record. Thereby the assessee would have gone

INCOME TAX OFFICER, JAIPUR vs. VINOD KUMAR JHARCHUR HUF, JAIPUR

In the result, the ground raised by the assessee in the application filed under rule 27

house in allowing deduction under section property 154 of Rs.2429590/- only instead of actual expenses incurred of Rs.6154101/- thereby making addition of Rs.3724511/- Thus, from above it is clear that the assessee has taken a specific ground of appeal before the ld. CIT(A) with regard to the validity of the rectification proceedings on the ground that such a rectification

SHRI MANOHAR LAL CHOUDHARY,JAIPUR vs. ACIT, CIRCLE-6, JAIPUR

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

section 54 of the Act. The basic nature, attributes and character of the property being a residential house however need to be satisfied to qualify for claim of deduction u/s 54 which, as we have noted above, has not been satisfied in the instant case and thus, the claim of deduction has been rightly denied by the AO and confirmed

INDIRA GIRI,JAIPUR vs. ASSESSING OFFICER, INCOME TAX DEPARMENT JAIPUR

The appeal of the assessee is allowed

Bench: The Due Date Of Furnishing Itr, Therefore Deposit In Capital Gain Account For Compliance U/S 54(2) Was Impossible On The Part Of The Assessee.

house within the period stipulated in Section 54 F(i), if the assessee wants the benefit of Section 54F, then he should deposit the said capital gains in an account which is duly notified by the Central Government. In other words, if he wants of claim exemption from payment of income tax by retaining the cash, then the said amount

DR. ASHA MATHUR,GUJRAT vs. ASSISTANT COMMISSIONR OF INCOME TAX, CIRCLE-1, JAIPUR

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

Bench: The Itat By Taking Following

property (hereafter in this section referred to as the original asset), and the assessee has within a period of [one year before or two years after the date on which the transfer took place purchased], or has within a period of three years after that date constructed, a residential house, then], instead of the capital gain being charged to income

ACIT, CIRCLE, BHARATPUR vs. M/S. JAGDAMBE STONE COMPANY, BHARATPUR

In the result, this appeal of the Revenue is dismissed

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am

section 22 of the Act, the assessee is the deemed owner of the land and the assessee 's contention that sub-letting this land to L&T is to be considered as 'income from house property'. The ld. CIT(A) has further held that preceding year case i.e A.Y. 2014-15 was also assessed

M/S PRAMOD SAHAI BHATNAGAR HUF,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, JAIPUR

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

property after allowing it to become a long-term asset, and then, may be that he might be raising construction, as found in the present case, or even may be, he might be working as a regular builder, having more than one plot, and constructing more than one house on such plots, and then selling them, and thereby earning income

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

The appeal of the appellant is partly allowed

section 133(6) of the Act to make inquiries about claim of illegitimate and erroneous deduction of Rs. 1,59,000/- under Chapter VIA of the Act, loss from House property at Rs 70,000/- and non disclosure of interest income of Rs 1,21,350/-, the facts could never be brought on record. Thereby the assessee would have gone

RENU PODDAR,JAIPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-2, JAIPUR

In the result the appeal of the assessee is allowed

Housing Finance Ltd [PB 93- 104] 5.3. Details of payments made to seller and source thereof [PB 81] Details of payments made to seller and source thereof [PB 81] Details of payments made to seller and source thereof [PB 81] 5.4. Bank Statements of all the joint owners evidencing direct payments to Bank Statements of all the joint owners evidencing

SHRI GULAB CHAND MEENA,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX (OSD) , JAIPUR

In the result, appeal of the assessee is allowed

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 49/Jp/2018 Fu/Kzkj.K O"Kz@Assessment Year :2011-12 Cuke Shri Gulab Chand Meena, A.C.I.T.(Osd), Vs. Village- Dantali, Tehsil- Range-7, Sanganer, Jaipur. Jaipur. Lfkk;H Ys[Kk La-@Thvkbzvkj La-@Pan/Gir No.: Abupm 2026 R Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By : Shri Manish Agarwal (Ca) Jktlo Dh Vksj Ls@ Revenue By : Smt. Monisha Choudhary (Addl.Cit) Lquokbz Dh Rkjh[K@ Date Of Hearing : 11/01/2021 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 28/01/2021 Vkns'K@ Order Per: Sandeep Gosain, J.M. This Is An Appeal Filed By The Assessee Against The Order Of Ld.Cit(A)- 3, Jaipur Dated 06/12/2017 For The A.Y. 2011-12 In The Matter Of Order Passed U/S 143(3) Read With Section 147 Of The Income Tax Act, 1961 (In Short, The Act), Wherein Following Grounds Have Been Taken. “1. On The Facts & The Circumstances Of The Case The Ld. Cit(A) Erred In Confirming The Disallowance Of Deduction U/S 54F Of Rs. 5,78,571/- Made By Ld.Ao Arbitrarily & Accordingly Treating It As A Long Term Capital Gain When All The Conditions Prescribed U/S 54F Were Fulfilled By Assessee. 1.1. That The Ld. Cit(A) Has Further Erred In Not Considering The Fact That Assessee Had Submitted The Valuation Report In Support Of His Claim Of 2

house property. (3) Further, assessee can also claim exemption, if the capital gain is utilized within the time limit u/s 139(4) even though nothing is deposited in the capital gain account within time limit u/s 139(1) as first limb of section 54(2) states merely section 139 and does not specify any sub section thereof. From the above

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

The appeal of the appellant is partly allowed

section 133(6) of the Act to make inquiries about claim of illegitimate and erroneous deduction of Rs. 1,59,000/- under Chapter VIA of the Act, loss from House property at Rs 70,000/- and non disclosure of interest income of Rs 1,21,350/-, the facts could never be brought on record. Thereby the assessee would have gone

BHAGWAN SWAROOP AGARWAL,JAIPUR vs. ITO, JAIPUR

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

16 ITA 263/JP/14_ Sh. Bhagwan Swaroop Agarwal Vs. ITO interpretation and not a liberal interpretation. Applying the same ratio of the jurisdictional High Court in case of the assessee the benefit of section 54 is not available to the assessee when the new houses were purchased in the name of his wife and the income from the new house

SAVITRI LEASING FINANCE LTD,JAIPUR vs. INCOME TAX OFFICER, WARD - 4(2), JAIPUR, JAIPUR

In the result, the appeal of the assesee is allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), DR MITHA LAL MEENA (Accountant Member)

section 275(1A) of the Act. Before parting it is stated that even though the claimed modified ground of appeal number 1 of the appellant has not been admitted, without prejudice, it is stated that the ground raised by the appellant stands covered by the above detailed discussion and the ground of appeal number 1 raised by the appellant stands