KOSHAL KISHOR SHARMA,JAIPUR vs. DCIT(INTL. TAX), JAIPUR, JAIPUR

In the result, appeals of the assessee are allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

195 to purchase of mutual fund to following persons/ concerns : Koshal Kishor Sharma, Jaipur. S.No. Name of the Bank/Contractors Name / Mutual fund Name Amount 1. State Bank of Travancore (cash deposit) 51,79,100/- 2. Principal Mutual Fund Amount 7,50,000/- 3. M/s Franklin Templeton Mutual fund Total • Rs.75,125/- Total Rs.60,04,225/- It is noticed that

WHOLE SALE CLOTH MERCHANT ASSOCIATION ,KOTA vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE KOTA , KOTA

195 Taxman 117 the Bombay High Court has held that "Explanation 3 does not and cannot override the necessity of fulfilling the conditions set out in the substantive part of section 147 An Explanation to a statutory provision is intended to explain its contents and cannot be construed to override or render the substance or core nugatory, Section 147

CASTAMET WORKS PRIVATE LIMITED,KHARWA vs. PRINCIPLE COMMISSIONER OF INCOME TAX, UDAIPUR

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001. 28. The correctness of the claim of the Assessee for the purpose of Section 14A read with Rule

ACIT, ALWAR vs. M/S PRIME CHEM OIL LTD.,, ALWAR

195 Taxman 117 (Bombay) which has considered both the decision of Hon’ble Rajasthan High Court in case of Shri Ram Singh's case (Supra) and also the effect of insertion of explanation 3 to section 147 and whether the said decision of Hon’ble Rajasthan High Court still holds good in law post insertion of explanation 3 to section

AJAY BAKLIWAL,KOTA vs. ACIT, CENTRAL CIRCLE, KOTA, KOTA

In the result, the appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

147, section 148,section 149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall- (a) issue notice to such person requiring him to furnish within

RMS KARAMCHARI BACHAT AND SAKH SAHAKARI SAMITI LIMITED JAIPUR,JAIPUR vs. ITO WARD-1(2), JAIPUR, JAIPUR

In the result, the appeals of the assessee are allowed

reassessment process invalid in law. The AO's\naction in initiating proceedings u/s 147 is based on conjecture and suspicion, and falls\nfoul of the binding legal principles laid down by the Hon'ble Supreme Court and various\nHigh Courts.\nIn light of the above legal and factual position, it is respectfully submitted that the\nreassessment proceedings-initiated u/s 147

DCIT, CC-2, JAIPUR vs. M/S. ROYAL JEWELLERS, JAIPUR

In the result, appeals of the revenue stands dismissed

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

147, 148 and 151 of the Act and determine the total income of the assessee. 21. The argument raised by the counsel for the appellant to the effect that once a notice under Section 1534 of the Act is issued, the assessments for six years are at large both for the AD and assessee has no warrant in law. 22.In

DCIT, CC-2, JAIPUR vs. M/S. ROYAL JEWELLERS, JAIPUR

In the result, appeals of the revenue stands dismissed

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

147, 148 and 151 of the Act and determine the total income of the assessee. 21. The argument raised by the counsel for the appellant to the effect that once a notice under Section 1534 of the Act is issued, the assessments for six years are at large both for the AD and assessee has no warrant in law. 22.In

DCIT, CC-2, JAIPUR vs. M/S. ROYAL JEWELLERS, JAIPUR

In the result, appeals of the revenue stands dismissed

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

147, 148 and 151 of the Act and determine the total income of the assessee. 21. The argument raised by the counsel for the appellant to the effect that once a notice under Section 1534 of the Act is issued, the assessments for six years are at large both for the AD and assessee has no warrant in law. 22.In

RMS KARAMCHARI BACHAT AND SAKH SAHAKARI SAMITI LIMITED JAIPUR,JAIPUR vs. ITO WARD-1(2), JAIPUR, JAIPUR

In the result, the appeals of the assessee are allowed

reassessment process invalid in law. The AO's\naction in initiating proceedings u/s 147 is based on conjecture and suspicion, and falls\nfoul of the binding legal principles laid down by the Hon'ble Supreme Court and various\nHigh Courts.\n\nIn light of the above legal and factual position, it is respectfully submitted that the\nreassessment proceedings-initiated u/s

RMS KARAMCHARI BACHAT AND SAKH SAHAKARI SAMITI LIMITED JAIPUR,JAIPUR vs. ITO, WARD-1(2), JAIPUR, JAIPUR

In the result, the appeals of the assessee are allowed

reassessment process invalid in law. The AO's\naction in initiating proceedings u/s 147 is based on conjecture and suspicion, and falls\nfoul of the binding legal principles laid down by the Hon'ble Supreme Court and various\nHigh Courts.\nIn light of the above legal and factual position, it is respectfully submitted that the\nreassessment proceedings-initiated u/s 147

RMS KARAMCHARI BACHAT AND SAKH SAHAKARI SAMITI LIMITED JAIPUR,JAIPUR vs. ITO WARD-1(2), JAIPUR, JAIPUR

In the result, the appeals of the assessee are allowed

reassessment process invalid in law. The AO's\naction in initiating proceedings u/s 147 is based on conjecture and suspicion, and falls\nfoul of the binding legal principles laid down by the Hon'ble Supreme Court and various\nHigh Courts.\nIn light of the above legal and factual position, it is respectfully submitted that the\nreassessment proceedings-initiated u/s 147

ACIT, JAIPUR vs. RATAN KANWAR RATNAWAT, JAIPUR

In the result, the appeals of the Revenue are dismissed and

195 Taxman 459 (Ker.) it was held that none of the provisions under Chapter XIV-B mandates, for making block assessment there shall be evidence regarding the concealment of income for every year for the block period. Though technically one is not concerned with the block assessment, based on the information as stated above for six previous assessment years, ACIT

ACIT, CC-2, JAIPUR, JAIPUR vs. MAHENDRA SINGH RATNAWAT, JAIPUR

In the result, the appeals of the Revenue are dismissed and

195 Taxman 459 (Ker.) it was held that none of the provisions under Chapter XIV-B mandates, for making block assessment there shall be evidence regarding the concealment of income for every year for the block period. Though technically one is not concerned with the block assessment, based on the information as stated above for six previous assessment years, ACIT

ACIT, JAIPUR vs. RATAN KANWAR RATNAWAT, JAIPUR

In the result, the appeals of the Revenue are dismissed and

195 Taxman 459 (Ker.) it was held that none of the provisions under Chapter XIV-B mandates, for making block assessment there shall be evidence regarding the concealment of income for every year for the block period. Though technically one is not concerned with the block assessment, based on the information as stated above for six previous assessment years, ACIT

ACIT, CC-2, JAIPUR, JAIPUR vs. MAHENDRA SINGH RATNAWAT, JAIPUR

In the result, the appeals of the Revenue are dismissed and

195 Taxman 459 (Ker.) it was held that none of the provisions under Chapter XIV-B mandates, for making block assessment there shall be evidence regarding the concealment of income for every year for the block period. Though technically one is not concerned with the block assessment, based on the information as stated above for six previous assessment years, ACIT

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, KOTA vs. M/S ORIENTAL POWER CABLES LTD., KOTA

reassessment resulting into the demand or proceedings of penalty." (Emphasis supplied) The said judgment which essentially deals with second proviso to Section 153A of the Act also supports the conclusion, which we have reached hereinbefore. 28. It has been observed by the Hon'ble Supreme Court in K.P. Varghese v. ITO [1981] 131 ITR 597/7 Taxman 13 that

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, KOTA vs. M/S ORIENTAL POWER CABLES LTD., KOTA

reassessment resulting into the demand or proceedings of penalty." (Emphasis supplied) The said judgment which essentially deals with second proviso to Section 153A of the Act also supports the conclusion, which we have reached hereinbefore. 28. It has been observed by the Hon'ble Supreme Court in K.P. Varghese v. ITO [1981] 131 ITR 597/7 Taxman 13 that