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)

2. From the above facts it is abundantly clear that the AO did not specify as to under which limb of sec. 271(1)(c) the assessee is required to explain his case. In the notice issued u/s 274 read with sec. 271(1)(c), penalty proceedings u/s 271(1)(c) is initiated for concealment of income or furnishing

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

2,00,00,000 | Nil | Nil\n| Development of Stones\n| (CDOS)\n| Prior period expenses | 36,73,140 | Nil | Nil\n| CSR expenses | 6,41,42,000 | 6,41,42,000 | 1,41,42,000\n| Deduction u/s 80IA | 15,33,95,189 | Nil | Nil\n| Disallowance u/s

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

2) Any penalty imposable under sub-section (1) shall be imposed by the Joint\nCommissioner.\nProvided that any penalty under sub-section (1), on or alter the 1st day of April, 2025,\nshall be imposed by the Assessing Officer.\n*275 Bar of limitation for imposing penalties (1) No order imposing a penalty under this\nChapter shall be passed

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

2) Any penalty imposable under sub-section (1) shall be imposed by the Joint\nCommissioner.\nProvided that any penalty under sub-section (1), on or alter the 1st day of April, 2025,\nshall be imposed by the Assessing Officer.\n*275 Bar of limitation for imposing penalties (1) No order imposing a penalty under this\nChapter shall be passed

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

2) Any penalty imposable under sub-section (1) shall be imposed by the Joint\nCommissioner.\nProvided that any penalty under sub-section (1), on or alter the 1st day of April, 2025,\nshall be imposed by the Assessing Officer.\n*275 Bar of limitation for imposing penalties (1) No order imposing a penalty under this\nChapter shall be passed

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

2) Any penalty imposable under sub-section (1) shall be imposed by the Joint\nCommissioner.\nProvided that any penalty under sub-section (1), on or alter the 1st day of April, 2025,\nshall be imposed by the Assessing Officer.\n*275 Bar of limitation for imposing penalties (1) No order imposing a penalty under this\nChapter shall be passed

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

2) Any penalty imposable under sub-section (1) shall be imposed by the Joint\nCommissioner.\nProvided that any penalty under sub-section (1), on or alter the 1st day of April, 2025,\nshall be imposed by the Assessing Officer.\n*275 Bar of limitation for imposing penalties (1) No order imposing a penalty under this\nChapter shall be passed

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

2) Any penalty imposable under sub-section (1) shall be imposed by the Joint\nCommissioner.\nProvided that any penalty under sub-section (1), on or alter the 1st day of April, 2025,\nshall be imposed by the Assessing Officer.\n*275 Bar of limitation for imposing penalties (1) No order imposing a penalty under this\nChapter shall be passed

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

2) Any penalty imposable under sub-section (1) shall be imposed by the Joint\nCommissioner.\nProvided that any penalty under sub-section (1), on or alter the 1st day of April, 2025,\nshall be imposed by the Assessing Officer.\n*275 Bar of limitation for imposing penalties (1) No order imposing a penalty under this\nChapter shall be passed

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

2) Any penalty imposable under sub-section (1) shall be imposed by the Joint\nCommissioner.\nProvided that any penalty under sub-section (1), on or alter the 1st day of April, 2025,\nshall be imposed by the Assessing Officer.\n*275 Bar of limitation for imposing penalties (1) No order imposing a penalty under this\nChapter shall be passed

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)

2. In the cases referred to in clause (b), 66 [in addition to tax, if any, payable] by him, 67 [a sum of ten thousand rupees] for each such failure:] 3……” A bare perusal of above, makes it amply clear for levy of penalty for non-compliance with notice issued u/s 142(1). In the instant case the appellant

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

2) Any penalty imposable under sub-section (1) shall be imposed by the Joint\nCommissioner.\nProvided that any penalty under sub-section (1), on or alter the 1st day of April, 2025,\nshall be imposed by the Assessing Officer.\n*275 Bar of limitation for imposing penalties (1) No order imposing a penalty under this\nChapter shall be passed

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

2) Any penalty imposable under sub-section (1) shall be imposed by the Joint\nCommissioner.\nProvided that any penalty under sub-section (1), on or alter the 1st day of April, 2025,\nshall be imposed by the Assessing Officer.\n*275 Bar of limitation for imposing penalties (1) No order imposing a penalty under this\nChapter shall be passed

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

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

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