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

36 and the same\nare reproduced hereunder: -\n(i)\nWhether on the facts and circumstances of the case, the Ld. CIT (A) has erred in\ndeleting levy of penalty by Addl./Jt. CIT only on technical ground without giving any\nfinding on the merits of levy of penalty?\n(ii)\nWhether on the facts and circumstances of the case

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

271- Е\nbeyond 30th June 2008, the Additional CIT defeated the very object of Section 275 (1)\n(c).\"\nHon'ble Delhi High Court in the case of Principal Commissioner of Income-tax\n(Central)-2 v. Mahesh Wood Products (P.) Ltd. [2017] 82 taxmann.com 39\n(Delhi)/[2017] 394 ITR 312 (Delhi) [05-05-2017] held as under

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

271- Е\nbeyond 30th June 2008, the Additional CIT defeated the very object of Section 275 (1)\n(c).\"\nHon'ble Delhi High Court in the case of Principal Commissioner of Income-tax\n(Central)-2 v. Mahesh Wood Products (P.) Ltd. [2017] 82 taxmann.com 39\n(Delhi)/[2017] 394 ITR 312 (Delhi) [05-05-2017] held as under

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

36 and the same\nare reproduced hereunder: -\n(i)\nWhether on the facts and circumstances of the case, the Ld. CIT (A) has erred in\ndeleting levy of penalty by Addl./Jt. CIT only on technical ground without giving any\nfinding on the merits of levy of penalty?\n(ii)\nWhether on the facts and circumstances of the case

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

36 and the same\nare reproduced hereunder: -\n(i)\nWhether on the facts and circumstances of the case, the Ld. CIT (A) has erred in\ndeleting levy of penalty by Addl./Jt. CIT only on technical ground without giving any\nfinding on the merits of levy of penalty?\n(ii)\nWhether on the facts and circumstances of the case

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

36 and the same\nare reproduced hereunder: -\n(i)\nWhether on the facts and circumstances of the case, the Ld. CIT (A) has erred in\ndeleting levy of penalty by Addl./Jt. CIT only on technical ground without giving any\nfinding on the merits of levy of penalty?\n(ii)\nWhether on the facts and circumstances of the case

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

36 and the same\nare reproduced hereunder: -\n(i) Whether on the facts and circumstances of the case, the Ld. CIT (A) has erred in\ndeleting levy of penalty by Addl./Jt. CIT only on technical ground without giving any\nfinding on the merits of levy of penalty?\n(ii) Whether on the facts and circumstances of the case

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

271(1)(c) to the assessee for the same addition.\n5.\nAssessee company was not right person to allege that it has taken cash loan\nand the same were taken by some other persons.\n6.\nComplete working was not given either assessment stage or penalty proceeding\nstage: -\n7.\nThe first onus is on department to show that the assessee company

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)

Section 275 was substituted by the Taxation Laws (Amendment) Act, 1970, which came into effect from 1-4-1971. The change was explained by the Board vide Circular No. 56, dated 19-3-1971. Significantly, it postulated that section 275 of the Income-tax Act which specified the time-limit for completion of penalty proceedings has been substituted

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)

Section 275 was substituted by the Taxation Laws (Amendment) Act, 1970, which came into effect from 1-4-1971. The change was explained by the Board vide Circular No. 56, dated 19-3-1971. Significantly, it postulated that section 275 of the Income-tax Act which specified the time-limit for completion of penalty proceedings has been substituted

KANHAIYALAL RAMESHWAR DAS,KOTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, JAIPUR

36 & 37 of Id. CIT(A)\n\"11. In the instant case, the notice initiating the penalty proceedings talks\nabout initiation of penalty proceedings U/s 271AAB of the Act in respect of\nundisclosed income of the specified previous year. However, while passing the\npenalty proceedings, the Assessing officer has given a clear finding as reflected\nin the penalty order that

KANHAIYALAL RAMESHWAR DAS,KOTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, JAIPUR

36 & 37 of Id. CIT(A)\n“11. In the instant case, the notice initiating the penalty proceedings talks\nabout initiation of penalty proceedings U/s 271AAB of the Act in respect of\nundisclosed income of the specified previous year. However, while passing the\npenalty proceedings, the Assessing officer has given a clear finding as reflected\nin the penalty order that

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD., KOTA

Penalty proceedings u/s 271(1)(c) are also\ninitiated against the assessee since I am satisfied that the assessee has\nfurnished inaccurate particulars of income by claiming wrong deduction on\naccount of interest paid on borrowed funds u/s 36(1)(iii) of the Act.\n013\nITA No. 1090, 1097 TO 1099 & 1091/JPR/2024\nChambal Fertilizers and Chemicals Ltd., Kota

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD, KOTA

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

Penalty proceedings u/s 271(1)(c) are also initiated against the assessee since I am satisfied that the assessee has furnished inaccurate particulars of income by claiming wrong deduction on account of interest paid on borrowed funds u/s 36(1)(iii) of the Act.” o13 ITA No. 1090, 1097 TO 1099 & 1091/JPR/2024 Chambal Fertilizers and Chemicals Ltd., Kota

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD., KOTA

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

Penalty proceedings u/s 271(1)(c) are also initiated against the assessee since I am satisfied that the assessee has furnished inaccurate particulars of income by claiming wrong deduction on account of interest paid on borrowed funds u/s 36(1)(iii) of the Act.” o13 ITA No. 1090, 1097 TO 1099 & 1091/JPR/2024 Chambal Fertilizers and Chemicals Ltd., Kota

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD, KOTA

Penalty proceedings u/s 271(1)(c) are also\ninitiated against the assessee since I am satisfied that the assessee has\nfurnished inaccurate particulars of income by claiming wrong deduction on\naccount of interest paid on borrowed funds u/s 36(1)(iii) of the Act.\n013\nITA No. 1090, 1097 ΤΟ 1099 & 1091/JPR/2024\nChambal Fertilizers and Chemicals Ltd., Kota

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA, KOTA vs. CHAMBAL FERTILIZERS AND CHEMICALS LTD, KOTA

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

Penalty proceedings u/s 271(1)(c) are also initiated against the assessee since I am satisfied that the assessee has furnished inaccurate particulars of income by claiming wrong deduction on account of interest paid on borrowed funds u/s 36(1)(iii) of the Act.” o13 ITA No. 1090, 1097 TO 1099 & 1091/JPR/2024 Chambal Fertilizers and Chemicals Ltd., Kota

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)

36,73,140 Nil Nil CSR expenses 6,41,42,000 6,41,42,000 1,41,42,000 Deduction u/s 80IA 15,33,95,189 Nil Nil Disallowance u/s 14A 71,75,575 71,75,575 71,75,575 Service Tax Receivable 1,93,00,000 1,93,00,000 Set aside Excess provision