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

90\n(Hyd.) (Trib.)\nMerely because assessee preferred a claim which was not acceptable to revenue,\nassessee could not be visited with proceedings u/s 271(1)(c) unless twin\nrequirements u/s 271(1)(c) were satisfied.\n\nQuippo Telecom Infrastructure Pvt. Ltd. Vs. ACIT (2020) 185 ITD 275 (Del.)\n(Trib.)\nWhere assessee furnished all particulars related to its claim

RAKESH KUMAR JAIN,JAIPUR vs. DCIT,CIRCLE-2, JAIPUR, JAIPUR

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

Bench: Or At The Time Of Hearing Of The Appeal & / Or Modify Any Of The Above Grounds.

u/s 274 r.w.s. 271 of Act which has been issued in printedletter without ticking / marking the applicable clause / without striking-off the irrelevant limb which reveals that the penalty was initiated as well as levied for both the charges. It is apparent that if AO, in the course of assessment proceedings, was satisfied that the assessee has concealed the particulars

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

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)

90,95,257/-. In appeal the A/R of the appellant filed submission on merits as well as legality of 13 M/s Gokul Kripa Colonisers & Developers Pvt. Ltd. the penalty order. On legality he argued that the penalty levied is barred by limitation and the issue is covered by decisions of Hon'ble Supreme Court, Hon'ble Rajasthan High Court

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)

90,95,257/-. In appeal the A/R of the appellant filed submission on merits as well as legality of 13 M/s Gokul Kripa Colonisers & Developers Pvt. Ltd. the penalty order. On legality he argued that the penalty levied is barred by limitation and the issue is covered by decisions of Hon'ble Supreme Court, Hon'ble Rajasthan High Court

AJOY SHARMA ,JAIPUR vs. DCIT CENTRAL CIRCLE-1, JAIPUR, JAIPUR

u/s 271(1)(d) of the Act.\nHeld : In the case the assessee was found to be guilty of furnishing inaccurate particulars of\nincome and therefore, was held liable for penalty. The assessee had itself admitted the\nmistake and thus, the penalty was rightly imposed. However, the penalty of Rs.2,16,520/-.\n5.3 CIT vs. Chennupati Tyre & Rubber Products

AJOY SHARMA ,JAIPUR vs. DCIT CENTRAL CIRCLE-1, JAIPUR, JAIPUR

penalty u/s 271(1)(c), it must be proved that the assessee has\nconsciously made the concealment or furnished inaccurate particulars of his\nincome. The said principle has been reiterated in Virtual Soft Systems Ltd. vs.\nCIT (2007) 207 CTR (SC) 733: (2007) 289 ITR 83 (SC) held that:\n“24. Sec.271 of the Act is a penal provision

AJOY SHARMA,JAIPUR vs. DCIT CENTRAL CIRCLE-1, JAIPUR, JAIPUR

penalty u/s 271(1)(c), it must be proved that the assessee has\nconsciously made the concealment or furnished inaccurate particulars of his\nincome. The said principle has been reiterated in Virtual Soft Systems Ltd. vs.\nCIT (2007) 207 CTR (SC) 733: (2007) 289 ITR 83 (SC) held that:\n“24. Sec.271 of the Act is a penal provision

AJOY SHARMA ,JAIPUR vs. DCIT CENTRAL CIRCLE-1, JAIPUR, JAIPUR

penalty u/s 271(1)(c), it must be proved that the assessee has\nconsciously made the concealment or furnished inaccurate particulars of his\nincome. The said principle has been reiterated in Virtual Soft Systems Ltd. vs.\nCIT (2007) 207 CTR (SC) 733: (2007) 289 ITR 83 (SC) held that:\n“24. Sec.271 of the Act is a penal provision

AJOY SHARMA ,JAIPUR vs. DCIT CENTRAL CIRCLE-1, JAIPUR, JAIPUR

penalty u/s 271(1)(c), it must be proved that the assessee has\nconsciously made the concealment or furnished inaccurate particulars of his\nincome. The said principle has been reiterated in Virtual Soft Systems Ltd. vs.\nCIT (2007) 207 CTR (SC) 733: (2007) 289 ITR 83 (SC) held that:\n“24. Sec.271 of the Act is a penal provision

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

In the result, appeal of the assessee is partly allowed

u/s 132(4) recorded during the course of search nor a declaration in the return of income, the penalty has been kept at a higher pedestal which can vary from 30% to 90%. Further, it is noted that the provisions of section 271AAB overrides section 271

KANHIAYA LAL SAIN,JAIPUR vs. JCIT RANGE-7 JAIPUR, JAIPUR

In the result, the Appeals of the appellant stands allowed with no orders as to costs

Bench: SHRI SANDEEP GOSAIN (Judicial Member)

271(1)(c) of the Act, subsequently, reference was made to Addl. CIT to initiate penalty proceedings under section 271D of the Act, the Assessing Officer ought to have been recorded his satisfaction. However, Ld. AO has failed to do so. The same is in violation of CBDT Circular no. 09/DV/2016 dated 26.04.2016 advising Assessing Officer to make a reference

POOJA UPADHYAY,JAIPUR vs. ITO WARD 5(1), JAIPUR, JAIPUR

In the result, appeal of the assessee is allowed

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

Section 271(1)(c) of the Act, the penalty proceedings had been initiated and/or imposed i.e., whether for concealment particulars of income or furnishing of inaccurate particulars of income. The impugned penalty order being contrary to the judicial principle laid down kindly be quashed. 4. The appellant prays your honour indulgences to add, amend or alter

SHRI JAI HIND AGARWAL,JAIPUR vs. ITO, WD-5(4), JAIPUR

In the result, this appeal of the assessee is allowed

Bench: Or At The Time Of Hearing.” 2. The Hearing Of The Appeal Was Concluded Through Video Conference In View Of The Prevailing Situation Of Covid-19 Pandemic.

90,425/- inter-alia making the addition of Rs. 11,12,645/- on account of alleged bogus purchases @ 25% on total purchase of Rs. 44,50,581/- and addition of Rs. 32,38,590/- u/s 41(1) of the Act on account of cessation of liability of trade creditors. Thereafter, the A.O. initiated penalty proceedings U/s 271

JOINT COMMISSIONER OF INCOME TAX, AJMER vs. VIJAY KUMAR SAINI, AJMER

In the result, appeal of the assessee is allowed

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

90,150/- vide order dated 29.09.2021. The AO also initiated penalty proceedings under section 271AAB(1A) of the IT Act separately and accordingly issued show cause notices dated 30.09.2021 under section 271 read with section 274 of the IT Act without specifying the default prescribed under section 271AAB(1A) of the I.T. Act, 1961. In compliance to the said penalty

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)

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

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)

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

AJMER INDUSTRIES LLP,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)

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

SHRI OM PRAKASH MODI,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR

In the result, this appeal of the assessee is partly allowed

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 196/Jp/2018 Fu/Kzkj.K O"Kz@Assessment Year :2014-15 Shri Om Prakash Modi, Cuke D.C.I.T., Vs. B-49, Keshav Path, Suraj Nagar Central Circle-2, (West), Civil Lines, Jaipur. Jaipur. Lfkk;H Ys[Kk La-@Thvkbzvkj La-@Pan/Gir No.: Acfpm 8683 C Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By: Shri Manish Agarwal (Ca) Jktlo Dh Vksj Ls@ Revenue By : Shri Varinder Mehta (Cit-Dr) Lquokbz Dh Rkjh[K@ Date Of Hearing : 04/03/2021 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 18/03/2021 Vkns'K@ Order Per: Sandeep Gosain, J.M. The Present Appeal Has Been Filed By The Assessee Against The Order Of The Ld. Cit(A)-4, Jaipur Dated 01/01/2018 For The A.Y. 2014-15, Wherein The Assessee Has Raised Following Grounds Of Appeal: “1. On The Facts & In The Circumstances Of The Case The Ld. Cit(A) Has Grossly Erred In Confirming The Penalty U/S 271Aab Imposed At Rs. 3,75,00,000/-, Arbitrarily, Thus The Order So Passed Deserves To Be Quashed. 2. On The Facts & In The Circumstances Of The Case The Ld. Cit(A)Has Erred In Ignoring The Fact That The Appellant Has Duly Disclosed In The Statements U/S 132(4) & The Mode & Manner Was Also Explained, Further Due Tax Was Also Paid, Therefore, The Penalty Of Rs. 3,75,00,000/- So Levied Deserves To Be Deleted. 2.1 That The Ld. Cit(A) Has Grossly Erred In Confirming The Penalty Imposed On Additional Income Of Rs. 12,50,00,000/- Duly Offered

90% depending on the fulfillment of certain conditions. 11. We have heard the ld. Counsels of both the parties and have perused the material placed on record. We have also deliberated upon the decisions cited in the orders passed by the authorities below as well as cited before us and we have also gone through the orders passed