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)

246 or section 246A, and the Joint Commissioner (Appeals) or the Commissioner (Appeals) passes the order on or after the 1st day of June, 2003 disposing of such appeal, an order imposing penalty shall be passed before the expiry of the financial year in which the proceedings, in the course of which action for imposition of penalty has been initiated

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)

246 or section 246A, and the Joint Commissioner (Appeals) or the Commissioner (Appeals) passes the order on or after the 1st day of June, 2003 disposing of such appeal, an order imposing penalty shall be passed before the expiry of the financial year in which the proceedings, in the course of which action for imposition of penalty has been initiated

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

246 or section 246A, and the Joint Commissioner (Appeals) or\nthe Commissioner (Appeals) passes the order on or after the 1st day of June, 2003\ndisposing of such appeal, an order imposing penalty shall be passed before the expiry of\nthe financial year in which the proceedings, in the course of which action for imposition\nof penalty has been initiated

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

246 or section 246A, and the Joint Commissioner (Appeals) or\nthe Commissioner (Appeals) passes the order on or after the 1st day of June, 2003\ndisposing of such appeal, an order imposing penalty shall be passed before the expiry of\nthe financial year in which the proceedings, in the course of which action for imposition\nof penalty has been initiated

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

246 or section 246A, and the Joint Commissioner (Appeals) or\nthe Commissioner (Appeals) passes the order on or after the 1st day of June, 2003\ndisposing of such appeal, an order imposing penalty shall be passed before the expiry of\nthe financial year in which the proceedings, in the course of which action for imposition\nof penalty has been initiated

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

penalty proceedings were initiated in terms of section 271 or\nsection 273 which were the principal provisions for imposing penalty under\nChapter XXI. Since the initiation of penalty proceedings was linked with\nassessment proceedings and the orders in such assessments were subject to\nappeal, the findings in such proceedings ordinarily became the foundation for\ninitiating proceedings for penalty and remained

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

penalty under section 275 as\noriginally enacted was directly linked with the completion of proceedings in the\ncourse of which the penalty proceedings were initiated in terms of section 271 or\nsection 273 which were the principal provisions for imposing penalty under\nChapter XXI. Since the initiation of penalty proceedings was linked with\nassessment proceedings and the orders in such

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

246 or section 246A, and the Joint Commissioner (Appeals) or\nthe Commissioner (Appeals) passes the order on or after the 1st day of June, 2003\ndisposing of such appeal, an order imposing penalty shall be passed before the expiry of\nthe financial year in which the proceedings, in the course of which action for imposition\nof penalty has been initiated

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

246 or section 246A, and the Joint Commissioner (Appeals) or\nthe Commissioner (Appeals) passes the order on or after the 1st day of June, 2003\ndisposing of such appeal, an order imposing penalty shall be passed before the expiry of\nthe financial year in which the proceedings, in the course of which action for imposition\nof penalty has been initiated

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

246 or section 246A, and the Joint Commissioner (Appeals) or\nthe Commissioner (Appeals) passes the order on or after the 1st day of June, 2003\ndisposing of such appeal, an order imposing penalty shall be passed before the expiry of\nthe financial year in which the proceedings, in the course of which action for imposition\nof penalty has been initiated

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

246 or section 246A, and the Joint Commissioner (Appeals) or\nthe Commissioner (Appeals) passes the order on or after the 1st day of June, 2003\ndisposing of such appeal, an order imposing penalty shall be passed before the expiry of\nthe financial year in which the proceedings, in the course of which action for imposition\nof penalty has been initiated

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

246 or section 246A, and the Joint Commissioner (Appeals) or\nthe Commissioner (Appeals) passes the order on or after the 1st day of June, 2003\ndisposing of such appeal, an order imposing penalty shall be passed before the expiry of\nthe financial year in which the proceedings, in the course of which action for imposition\nof penalty has been initiated

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, JAIPUR vs. M/S KIRAN FINE JEWELLERS PVT LTD. , JAIPUR

In the result, all the appeals of the revenue are dismissed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, आयकर अपील सं. / ITA Nos.268, 270, 271 & 274/JP/2025 निर्धारण वर्ष / Assessment Years : 2013-14, 2014-15 & 2017-18 Dy. Commissioner of Income बनाम Tax, Central Circle-02, Jaipur Vs. Kiran Fine Jewellers Private Limited F-19, Gautam Marg, Vaishali Nagar, Jaipur स्थायी लेखा सं. / जीआईआर सं./PAN/GIR No.: AADCK7512P अपीलार्थी / Appellant प्रत्यर्थी / Respondent निर्धारिती की ओर से / Assessee by: Shri R. K. Bhatra, CA राजस्व

u/s 271E is clearly exigible and consequently, he ordered to levy penalty of Rs. 9,36,57,733/- i.e., equal to the amount of repayment of loan other than account payee cheque, is imposed on the assessee in terms of section 271E of the Act. 21 ITA Nos. 268, 270, 271 & 274-JP-2025 /JP/2024 DCIT vs. Kiran Fine Jewellers

DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR vs. M/S KIRAN FINE JEWELLERS PVT LTD. , JAIPUR

In the result, all the appeals of the revenue are dismissed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, आयकर अपील सं. / ITA Nos.268, 270, 271 & 274/JP/2025 निर्धारण वर्ष / Assessment Years : 2013-14, 2014-15 & 2017-18 Dy. Commissioner of Income बनाम Tax, Central Circle-02, Jaipur Vs. Kiran Fine Jewellers Private Limited F-19, Gautam Marg, Vaishali Nagar, Jaipur स्थायी लेखा सं. / जीआईआर सं./PAN/GIR No.: AADCK7512P अपीलार्थी / Appellant प्रत्यर्थी / Respondent निर्धारिती की ओर से / Assessee by: Shri R. K. Bhatra, CA राजस्व

u/s 271E is clearly exigible and consequently, he ordered to levy penalty of Rs. 9,36,57,733/- i.e., equal to the amount of repayment of loan other than account payee cheque, is imposed on the assessee in terms of section 271E of the Act. 21 ITA Nos. 268, 270, 271 & 274-JP-2025 /JP/2024 DCIT vs. Kiran Fine Jewellers

DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR vs. M/S KIRAN FINE JEWELLERS PVT LTD. , JAIPUR

In the result, all the appeals of the revenue are dismissed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

u/s 271E is clearly exigible and consequently, he ordered to levy penalty of Rs. 9,36,57,733/- i.e., equal to the amount of repayment of loan other than account payee cheque, is imposed on the assessee in terms of section 271E of the Act. 21 ITA Nos. 268, 270, 271 & 274-JP-2025 /JP/2024 DCIT vs. Kiran Fine Jewellers

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, JAIPUR, JAIPUR vs. M/S KIRAN FINE JEWELLERS PVT LTD. , JAIPUR

In the result, all the appeals of the revenue are dismissed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, आयकर अपील सं./ITA Nos.268, 270, 271 & 274/JP/2025 निर्धारण वर्ष / Assessment Years : 2013-14, 2014-15 & 2017-18 Dy. Commissioner of Income बनाम Kiran Fine Jewellers Private Tax, Vs. Limited Central Circle-02, Jaipur F-19, Gautam Marg, Vaishali Nagar, Jaipur स्थायी लेखा सं./ जीआईआर सं./PAN/GIR No.: AADCK7512P अपीलार्थी / Appellant प्रत्यर्थी / Respondent निर्धारिती की ओर से / Assessee by : Shri R. K. Bhatra, CA राजस्व की

u/s 271E is clearly exigible and consequently, he ordered to levy penalty of Rs. 9,36,57,733/- i.e., equal to the amount of repayment of loan other than account payee cheque, is imposed on the assessee in terms of section 271E of the Act. 21 ITA Nos. 268, 270, 271 & 274-JP-2025 /JP/2024 DCIT vs. Kiran Fine Jewellers

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

u/s 271D/E and also\nheld that the period of limitation reckoned from the date of assessment order.\nThe relevant finding of Hon'ble High Court is reproduced hereunder: -\n19. In the facts and circumstances noticed above, the Tribunal has held the penalty\norders to be barred by time in terms of section 275(1)(c).\n20. The revenue contends that

DAYARAM YADAV,JAIPUR vs. CIT(A), NFAC

In the result, appeal of the assessee is allowed

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

246 ITR 568 (Del). In absence of recording of the satisfaction in the assessment order, mere 17 Sh. Dayaram Yadav, Jaipur vs. ITO initiation of penalty will not confer jurisdiction on the AO to levy the penalty. 1.9 Without prejudice to the submission made above, it may be mentioned that the penalty proceedings were initiated by issue of a notice