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

10. At this juncture, it is pertinent to note that penalty proceedings are distinct from the assessment proceedings. Merely because an addition has been made or confirmed in the assessment, does not, per se, lead to imposition of penalty u/s. 271(l)(c). Penalty proceedings are separately initiated on conclusion of the assessment, in which the assessee is given

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

10. At this juncture, it is pertinent to note that penalty proceedings are distinct from the assessment proceedings. Merely because an addition has been made or confirmed in the assessment, does not, per se, lead to imposition of penalty u/s. 271(l)(c). Penalty proceedings are separately initiated on conclusion of the assessment, in which the assessee is given

RAMESH CHAND BANSAL,BEAWAR vs. DCIT, AJMER

In the result, the appeals of the assessee are allowed

Section 274 should satisfy the grounds which he has to meet specifically. Otherwise, principles of natural justice is offended if the show cause notice is vague. On the basis of such proceedings, no penalty could be imposed on the assessee.” The Hon’ble court also held that initiating penalty proceedings on one limb and find the assessee guilty on another

SHRI ASHOK KUMAR MAHESHWARI,JAIPUR vs. PR. COMMISSIONER OF INCOME TAX, JAIPUR

In the result, appeal of the assessee is allowed

46,83,000/-. A search and seizure operation was carried out on 18/07/2012, thus the search was conducted during the financial year relevant to assessment year 2013-14. The Assessing Officer initiated the penalty proceedings U/s 271AAB by issuing notice U/s 274 read with Section 271 of the I.T. Act, 1961 on 13/03/2015 wherein the penalty has been initiated

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

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

10%, 20% or 30% depending on the fulfillment of certain conditions therein. It was submitted that all the conditions specified in Section 271AAB have been fulfilled in the instant case, therefore, the penalty U/s 271AAB being in the nature of mandatory penalty and there being no discretion with the Income tax authorities, the penalty so imposed

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

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

10. It was further held by the ld. CIT(A) that as per clause (b) of explanation 5A, the term used is “due date” and not “due date as specified u/s 139(1)” and therefore, even if assessee files return of income after date of search but within extended due date u/s 139(4) by including the unaccounted income admitted

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

46 CCH 145 (Del.) (Trib.) The ITAT held that valuation made by DVO was estimate that could be basis for making addition to income of assessee for purpose of assessment but same alone could not be basis to construe concealment for purpose of imposing penalty u/s 271(1)(c). In view of above, penalty imposed by AO and confirmed

R P WOOD PRODUCTS PVT LTD ,NAYA BAZAR AJMER vs. DCIT CENTRAL CIRCLE AJMER, JAIPUR ROAD AJMER

In the result, appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

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

46,13,124/ i.e the income offered in the revised return of income/computation of income. 4. Along with the assessment order, the Assessing Officer also initiated penalty u/s 271AAB(1A) making the following note in the assessment order: “Accordingly, the assessee offered an amount of Rs 2,07,96,754/ on account of commission sales which was neither

SHRI MAHESH KUMAR JAIN,KISHANGARH vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, AJMER, AJMER

In the result, we affirm the order of the ld CIT(A) in all these cases and all these cross appeals filed by the revenue and the assessee are dismissed

u/s 271AAA of the Act. It was submitted that the legal proposition so laid down continues to apply in context of section 271AAB(1)(a) with a variation of levy of penalty @ 10% as against discharge from levy of penalty under section 271AAA(2) of the Act. In this regard, we refer to the various authorities on the subject

DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. M/S GOKUL KRIPA COLONIZERS & DEVELOPERS PVT. LTD., JAIPUR

In the result, the appeals of the revenue stands dismissed, and the

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

46,50,173 147-203 2019-20 27.04.2022 3,92,77,480 17,02,82,090 13,10,04,612 204-273 2020-21 26.04.2022 6,69,95,750 18,79,04,440 12,09,08,688 274-324 2021-22 26.04.2022 10,49,04,680 65,30,18,040 54,81,13,364 325-405 Aggrieved from the additions

DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. M/S GOKUL KRIPA COLONIZERS & DEVELOPERS PVT. LTD., JAIPUR

In the result, the appeals of the revenue stands dismissed, and the

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

46,50,173 147-203 2019-20 27.04.2022 3,92,77,480 17,02,82,090 13,10,04,612 204-273 2020-21 26.04.2022 6,69,95,750 18,79,04,440 12,09,08,688 274-324 2021-22 26.04.2022 10,49,04,680 65,30,18,040 54,81,13,364 325-405 Aggrieved from the additions

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

Section 139(1) waiting for the correct and\ncomplete information of income to be included, necessitating an upward revision of\nincome. Further had the assessee woke up only after issuance of notice u/s 143(2), he\ncould have filed the revised return immediately but not after a long gap of 5 months i.e.\non 31.03.2011. Undisputedly, the assessee is aged

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

Section 139(1) waiting for the correct and\ncomplete information of income to be included, necessitating an upward revision of\nincome. Further had the assessee woke up only after issuance of notice u/s 143(2), he\ncould have filed the revised return immediately but not after a long gap of 5 months i.e.\non 31.03.2011. Undisputedly, the assessee is aged

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

Section 139(1) waiting for the correct and\ncomplete information of income to be included, necessitating an upward revision of\nincome. Further had the assessee woke up only after issuance of notice u/s 143(2), he\ncould have filed the revised return immediately but not after a long gap of 5 months i.e.\non 31.03.2011. Undisputedly, the assessee is aged

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

Section 139(1) waiting for the correct and\ncomplete information of income to be included, necessitating an upward revision of\nincome. Further had the assessee woke up only after issuance of notice u/s 143(2), he\ncould have filed the revised return immediately but not after a long gap of 5 months i.e.\non 31.03.2011. Undisputedly, the assessee is aged

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

Section 139(1) waiting for the correct and\ncomplete information of income to be included, necessitating an upward revision of\nincome. Further had the assessee woke up only after issuance of notice u/s 143(2), he\ncould have filed the revised return immediately but not after a long gap of 5 months i.e.\non 31.03.2011. Undisputedly, the assessee is aged

SHRI MOHAMED MOHTRAM FAROOQUI,JHUNJHUNU vs. ACIT, CIRCLE, JHUNJHUNU

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

10 Sh. Mohamed Mohtram Farooqui vs. ACIT, Jhunjhunu Thus, Parliament has created a deeming fiction by virtue of which in such cases, even if the assessee includes such income (which represents the value of the assets found in his possession during the search) in his return filed after the search, it will be deemed that such return disclosing higher income

DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. M/S GOKUL KRIPA COLONIZERS & DEVELOPERS PVT. LTD., JAIPUR

In the result the appeal of the revenue in ITA no

10. Considering that the subject matter of the quantum proceedings was the non-\ncompliance with Section 269T of the Act, there was no need for the appeal against the\nsaid order in the quantum proceedings to be disposed of before the penalty proceedings\ncould be initiated. In other words, the initiation of penalty proceedings did not hinge on\nthe completion