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

section 271, be deemed to represent the income\nin respect of which particulars have been concealed. Thus, I confirm the penalty\nlevied by the AO of Rs.72,45,844/- u/s

RAJ KUMAR JAIN,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE – 2, JAIPUR, JAIPUR

In the result, appeal of the assessee is allowed

271(1)(c) 35 Shri Raj Kumar Jain, Jaipur. that the income was surrendered on the basis of some documents on which the name of some persons and some amount is mentioned. The Learned Assessing Officer has not made any enquiry regarding those documents whether the person the name of which mentioned is an existing person or the amount mentioned

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

section 143(3) r/w 153A, thereafter initiated penalty by issuance of notice u/s 274 r/w 271 dated 21.30.2014 in respect of all the five items of disallowance/additions by Vaibhav Global Ltd. vs. ACIT treating them as covered under the expression “concealment particulars of income or furnished inaccurate particulars of income” and then finally passed the impunged penalty order u/s 271

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

section 143(3) r/w 153A, thereafter initiated penalty by issuance of notice u/s 274 r/w 271 dated 21.30.2014 in respect of all the five items of disallowance/additions by Vaibhav Global Ltd. vs. ACIT treating them as covered under the expression “concealment particulars of income or furnished inaccurate particulars of income” and then finally passed the impunged penalty order u/s 271

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

section 143(3) r/w 153A, thereafter initiated penalty by issuance of notice u/s 274 r/w 271 dated 21.30.2014 in respect of all the five items of disallowance/additions by treating them as covered under the expression “concealment particulars of income or furnished inaccurate particulars of income” and then finally passed the impunged penalty order u/s 271(1)(c) in respect

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

NARAYAN HEIGHTS & TOWERS,JAIPUR vs. ITO, JAIPUR

In the result, the appeal of the assessee is allowed

Bench: The Hearing Of Appeal.”

u/s 274 of the Act should specifically state as to whether penalty is being proposed for concealment of particulars of income or inaccurate particulars of income. In the present case notice under section 274 dated 25/3/2015 enclosed at paper book page 16 reads as under: “Penalty Notice Under Section 274, Read with Section 271

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

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

section 271(1)(c), is the basis of such statements and whether there are any tangible material by way of any entry in books of accounts, documents or transactions which have been found during the course of search and which support and corroborates such statements. 41. In the assessee’s statement recorded u/s 132(4) on 19.12.2014, in question

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)

section 271AAB is not satisfied. Apart from the fact that these transactions were duly recorded in the books of account, the assessee has also produced relevant documents, the details of which are as under :— (A) IN RELATION TO SHARES PURCHASE : Summary of shares purchased during the FY 2012-13 (page No. 87 of paper book) Copy of share allotment Advice

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

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

u/s 271AAB of the Act is not mandatory but discretionary. The provisions of section 271AAB of the Act is parimateria with that of section 158BFA of the Act relating to block assessment and accordingly argued that the levy of penalty under section 271AAB is not mandatory but discretionary. When there is reasonable cause, the penalty is not exigible

SMT. APARNA AGRAWAL,KOTA vs. DEPUTY COMMISSIONER OF INCOME TAX, KOTA

In the result, appeal of the assessee is allowed and the appeal of the revenue

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 VASUDEV AGRAWAL,KOTA vs. DEPUTY COMMISSIONER OF INCOME TAX, KOTA

In the result, appeal of the assessee is allowed and the appeal of the revenue

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 RAJENDRA AGRAWAL,KOTA vs. DEPUTY COMMISSIONER OF INCOME TAX , KOTA

In the result, appeal of the assessee is allowed and the appeal of the revenue

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

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

SMT. INDIRA AGRAWAL,KOTA vs. DEPUTY COMMISSIONER OF INCOME TAX, KOTA

In the result, appeals of the assessee in ITA No

271 shall be imposed upon the assessee in respect of the undisclosed income referred to in sub-section (1). Section 158BFA(2): (2) The Assessing Officer or the Commissioner (Appeals) in the course of any proceedings under this Chapter, may direct that a person shall pay by way of penalty a sum which shall not be less than the amount

SHRI AJAY AGARWAL,KOTA vs. DEPUTY COMMISSIONER OF INCOME TAX, KOTA

In the result, appeal of the assessee is allowed and the appeal of the revenue

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

SMT. JYOTI AGARWAL,KOTA vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, KOTA

In the result, appeals of the assessee in ITA nos

271 shall be imposed upon the assessee in respect of the undisclosed income referred to in sub-section (1). Section 158BFA(2): (2) The Assessing Officer or the Commissioner (Appeals) in the course of any proceedings under this Chapter, may direct that a person shall pay by way of penalty a sum which shall not be less than the amount

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