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)

penalty on you should not be made under section 271(1)© of the Income Tax Act, 1961. If no one attends this office on the said date of hearing, the case shall be decided on the basis of the material available on records. Yours faithfully, 4 ITA NO.309 & 310/JPR/2025 RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORPORATION LTD VS DCIT, CIRCLE

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

41,42,000 + 71,75,575/-) and thus imposed penalty of Rs.72,45,844/-, being\n100%\nof the amount of tax sought to be evaded.\n\n3.3 In appeal before Ld. CIT(A), assessee filed detailed submission challenging\nthe legality of order passed by AO u/s 271(1)(c) and also on merits. The Ld.\nCIT(A), however, without deciding

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

In the result, appeal of the assessee is partly allowed

section 271(1)(c)\nof I.T. Act, 1961 imposing penalty being 100% of tax leviable on\nfollowing income treating same as concealed income of assessee-\nFurther AO also imposed penalty u/s 271AAA by passing separate\norder on alleged undisclosed income which she determined by treating\nland under JV as outright sale on income therefore on same income\ntwo different penalties

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)

271 shall be imposed upon the assessee in respect of the undisclosed income referred to in sub-section (1) or sub-section (1A). (3) The provisions of sections 274 and 275 shall, as far as may be, apply in relation to the penalty referred to in this section. Explanation.—For the purposes of this section,— (a) "specified date" means

GHANSHYAM TAK,NAYA GHAR AJMER vs. DCIT CENTRAL CIRCLE AJMER, JAIPUR ROAD AJMER

In the result, appeal of the assessee is allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

271 are mentioned would not satisfy the requirement of law ; The assessee should know the grounds which he has to meet specifically. Otherwise, the principles of natural justice are offended. On the basis of such proceedings, no penalty could be imposed on the assessee ; ) taking up of penalty proceedings on one limb and finding the assessee guilty of another limb

R P WOOD PRODUCTS PRIVATE LIMITED,AJMER vs. DCIT CENTRAL CIRCLE AJMER, JAIPUR ROAD AJMER

In the result, appeal of the assessee is allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

271 are mentioned would not satisfy the requirement of law ; The assessee should know the grounds which he has to meet specifically. Otherwise, the principles of natural justice are offended. On the basis of such proceedings, no penalty could be imposed on the assessee ; ) taking up of penalty proceedings on one limb and finding the assessee guilty of another limb

SHRI ANIL GHATIWALA,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, JAIPUR

In the result, appeal of the assessee is partly allowed

271(1)(c) which provides for separate charge of “concealment of particulars of income” or “furnishing of inaccurate particulars of income”, there is a singular charge under section 271AAB i.e, of the existence of undisclosed income for the specified previous year which is found during the course of search in the case of the assessee. We entirely agree with

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

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

VISION JEWELLERS,JAIPUR vs. DCIT, CIRCLE-1, JAIPUR, JAIPUR

In the result the appeal of the assessee is allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

u/s 271(1)(c), on the trading additions and commission payment sustained in the quantum proceedings of Rs. 4,42,953, worked out on estimate basis. 5 VISION JEWELLERS VS DCIT CIRCLE-1, JAIPUR 1.2. During the course of quantum proceedings, before the lower authorities, all the details of the purchases made by the assessee firm from the parties, alleged

RUPESH TAMBI,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, JAIPUR

In the result, the appeal of the assessee is Partly allowed

41,980/- which included said additional income\nof Rs.69,78,903/- offered to tax in course of search.\nAction of Ld. A.O.\nThe assessment u/s 143 (3) r.w.s.153B (1) (b) of I. T. Act, 1961 was completed\non 22-12-2016. The Ld. A.O. also initiated penalty proceedings u/s 271AAB of I.\nT. Act, 1961 and issued show cause notice

PREM PRAKASH AGARWAL,NAYA BAZAR AJMER vs. DCIT CENTRAL CIRCLE AJMER, JAIPUR ROAD AJMER

In the result, three appeals of the assessee are allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

41[or the Commissioner (Appeals)] may, notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search has been initiated under section 132 on or after the date on which the Taxation Laws (Second Amendment) Bill, 2016 receives the assent of the President, the assessee shall pay by way of penalty, in addition

PREM PRAKASH AGARWAL,NAYA BAZAR AJMER vs. DCIT CENTRAL CIRCLE AJMER, JAIPUR ROAD AJMER

In the result, three appeals of the assessee are allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

41[or the Commissioner (Appeals)] may, notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search has been initiated under section 132 on or after the date on which the Taxation Laws (Second Amendment) Bill, 2016 receives the assent of the President, the assessee shall pay by way of penalty, in addition