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

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

income of Rs.3,94,67,426/-surrendered in survey\noperation u/s 133A conducted on 09.12.2014 at the business premises of the\nassessee situated at 1756, Telepada, SMS Highway, Jaipur. The assessment\nu/s 143(3) r.w.s 153A was completed at Rs.3,95,19,200/- vide order dated\n24.12.2018 and penalty proceedings for concealment of particulars of\nincome were initiated u/s 271

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)

business premises of the assessee situated at 1756, Telepada, SMS Highway, Jaipur. The assessment u/s 143(3) r.w.s 153A was completed at Rs. 3,95,19,200/- vide order dated 24.12.2018 and penalty proceedings for concealment of particulars of ITA No. 267, 196 & 197/JPR/2024 5 Shri Nath Corporation & Ors., Jaipur. income were initiated u/s 271

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

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

income of Rs.3,94,67,426/-surrendered in survey operation u/s 133A conducted on 09.12.2014 at the business premises of the assessee situated at 1756, Telepada, SMS Highway, Jaipur. The assessment u/s 143(3) r.w.s 153A was completed at Rs.3,95,19,200/- vide order dated 24.12.2018 and penalty proceedings for concealment of particulars of\nincome were initiated u/s 271

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)

business or strategic purpose. Supreme Court endorsement of 14A applicability. DCIT v. B.T. Patil & Sons Belgaum (P.)Ltd. Citation: [2018] 94 taxmann.com 434 (Mumbai - Trib.) Held: Non suo-motu disallowance u/s 14A when exempt income is earned constitutes furnishing of inaccurate particulars, inviting penalty under Section 271

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

271(1)(c) dt.07.10.2016, it is stated that it\nappears that assessee has concealed the particulars of income or furnished\ninaccurate particulars of income. Thus penalty notice is issued without specifying\nwhether the charge is for concealment of income or for furnishing of inaccurate\nparticulars of income. In subsequent notice dt. 14.03.2019 also, the assessee was\nnot made aware

RAKESH KUMAR JAIN,JAIPUR vs. DCIT,CIRCLE-2, JAIPUR, JAIPUR

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

Bench: Or At The Time Of Hearing Of The Appeal & / Or Modify Any Of The Above Grounds.

penalty proceedings u/s 271(1)© for filing of inaccurate particular of income / concealment of income are initiated by way of issue of notice u/s 271(1)© of the Act. 4. Subject to above remarks total income of the assessee is recomputed as under:- Income as declared by the assessee as per original return. Income from business

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

In the result, appeal of the assessee is partly allowed

penalty u/s 271(1)(c) of the IT Act, 1961 whereas there\nwas no specific satisfaction in the assessment order of the Learned\nAssessing Officer that whether it was a case of furnishing of\ninaccurate particulars of income or concealment of income.\nThe assessee is a company engaged in hotel business

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.

271(1)(c) of the Act ignoring the fact that the assessee himself declared additional income in the ROI filed u/s 153A of the Act and the assessee has duly understood as to what was Shri Prakash Chand Sharma, Jaipur. the purport and import of the notice and furnished his reply before AO on the charge of concealment of income

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.

271(1)(c) of the Act ignoring the fact that the assessee himself declared additional income in the ROI filed u/s 153A of the Act and the assessee has duly understood as to what was Shri Prakash Chand Sharma, Jaipur. the purport and import of the notice and furnished his reply before AO on the charge of concealment of income

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.

271(1)(c) of the Act ignoring the fact that the assessee himself declared additional income in the ROI filed u/s 153A of the Act and the assessee has duly understood as to what was Shri Prakash Chand Sharma, Jaipur. the purport and import of the notice and furnished his reply before AO on the charge of concealment of income

DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR vs. SHRI KAMAL SETHIA, JAIPUR

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

business in his individual capacity. The assessee in his return of income has declared income from house property, remuneration and interest from these partnership firms. A search was conducted on the assessee on 17.12.2014 and statement of the assessee was recorded u/s 132(4) in which the assessee has voluntarily surrendered

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

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

business premise (4, Pearl Premier, Jamnalal Bajaj Marg, Opp. Hotel Raj Mahal, C-Scheme, Jaipur), Shri Nitin Gilara and Vipul Gilara (partners of the assessee firm) had accepted undisclosed income of Rs. 5,73,33,348/- in his statement u/s 132(4) of the Act. The total income declared in the return of income for the 'specified previous year' includes

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

penalty U/s 271(1)(c) of the I.T. Act. Since common issues are involved, both the appeals were heard together and are disposed off by this consolidated order. Vaibhav Global Ltd. vs. ACIT 2. For the purpose of present discussions, we take the appeal of the assessee in ITA No. 730/JP/2018 for A.Y. 2009-10 as a lead case with

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

penalty U/s 271(1)(c) of the I.T. Act. Since common issues are involved, both the appeals were heard together and are disposed off by this consolidated order. Vaibhav Global Ltd. vs. ACIT 2. For the purpose of present discussions, we take the appeal of the assessee in ITA No. 730/JP/2018 for A.Y. 2009-10 as a lead case with

SMT. SHIPRA JAIN,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, JAIPUR

In the result, the penalty so levied u/s 271(1)(c) is hereby deleted and appeals are allowed

271(1)(c) is illegal and bad in law. 2. The ld. CIT(A) has erred on facts and in law in confirming the levy of penalty of Rs. 3,09,000/- on addition of Rs. 10 lacs made on account of alleged estimated unexplained investment in construction of house. He has further erred in confirming the above penalty ignoring

RAMESH CHAND BANSAL,BEAWAR vs. DCIT, AJMER

In the result, the appeals of the assessee are allowed

u/s 132 (4) on dated 13.10.2010 when search took place in reply to Q.No.15 (PB 51). The assessee has also paid the entire tax together with interest due thereon. The assessee also substantiated the manner of earning the undisclosed income being the income from the real estate business. Even otherwise no specific question was raised, asking the assessee

NARAYAN HEIGHTS & TOWERS,JAIPUR vs. ITO, JAIPUR

In the result, the appeal of the assessee is allowed

Bench: The Hearing Of Appeal.”

business premises of the assessee. The return u/s 153 of the I.T. Act was filed on 31-03-2009 declaring total income of Rs. 5,85,090/- which included additional income surrender of Rs.4,53,819/-. The assessment was made by 6 Narayana Heights & Tower. the AO u/s 153A/143(3) of I.T. Act on total income

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

business done, as\nadmitted by the assessee, the expenditure claimed cannot be allowed and depreciation\nis also not admissible and hence not allowed to be carried forward and accordingly\ncompleted the assessment at 'nil' income ignoring the loss returned by the assessee.\nWe further find that the Assessing Officer without initiating any penalty proceedings\nduring the course of assessment proceedings