CAREER POINT LIMITED,KOTA, RAJASTHAN vs. PRINCIPAL COMMISSIONER OF INCOME TAX, UDAIPUR, RAJASTHAN

In the result, the appeal of the assessee is allowed

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

2,87,80,532/- Interest Income from Gr Companies Rs. 1,23,21,610/- Interest from Bank Deposit Rs. 52,68,744/- Other loans & Advances Rs. 33,34,284/- Net Gain on sale of current investment Rs. 1,65,12,080/- Profit on sale of fixed assets Rs. 6,499/- Bad debts recovered Rs. 2,50,455/- Miscellaneous Income

GIRNAR SOFTWARE PRIVATE LIMITED,6TH FLOOR, JAIPUR TEXTILE MARKET, B-2, NEAR MODEL TOWN, MALVIYA NAGAR, JAIPUR vs. PCIT – 2, JAIPUR, NEW CENTRAL REVENUE BUILDING

In the result, the appeal of the assessee is allowed

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

2 (SC) [PB 89-97]: SLP dismissed against High Court ruling that section 14A cannot be invoked where no exempt income was earned by assessee in relevant assessment year. • Cheminvest Limited vs CIT 378 ITR 33 (Delhi) (PB 98-105): The High Court held that no disallowance under section 14A can be made in a year in which

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

2) shall also apply in relation to a case where an assessee claims that no expenditure has been incurred by him in relation to income which does not form part of the total income under this Act: Provided that nothing contained in this section shall empower the Assessing Officer either to reassess under section 147 or pass

RASHLEELA ENTERPRISES PRIVATE LIMITED,JAIPUR vs. THE PCIT (CENTRAL), JAIPUR

In the result, the appeal of the assessee is allowed

2,118/- on account of indirect\nexpenses and nil on account of direct expenses as there were no\ndirectly attributable expenses.\nIn view of above, it is prayed that the order passed by ld.AO is neither\nerroneous nor prejudicial to the interest of the revenue and Revision\norder passed by Id. PCIT deserves to be set aside.\nIt is further

MAHADEV ENCLAVE PVT. LTD.,JAIPUR vs. PCIT(CENTRAL), JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

14A of the Act by Finance Act, 2022 w.e.f. 01.04.2022 is prospective in nature and cannot be treated as retrospective in nature even though the language used is “For the removal of doubts” or “deemed to have always applied”. Reliance in this regard is placed on the following decisions:- Sedco Forex International Drill

RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORP. LTD.,JAIPUR vs. ACIT, JAIPUR

In the result, both set of cross appeals for the respective assessment years are disposed off with above directions

14A of the Income-tax Act. 5. Whether on the facts and circumstances of the case and in law, the ld. CIT(A) was justified in allowing deduction u/s 80IA on interest income including penal interest income and on other income. 6. (a) Whether on the facts and circumstances of the case

M/S. MAHALAXMI SAWS PVT. LTD., H-39, ROAD NO.2B, RIICO INDUSTRIAL AREA, SIRSI ROAD, BINDAYAKA, JAIPUR,JAIPUR vs. INCOME TAX OFFICER WARD-4(2) JAIPUR, JAIPUR

In the result, this appeal of the assessee is allowed

68 by completely ignoring the submission made and evidences adduced, thus addition so made deserves to be deleted. 2 ITA 280/JP/2019_ M/s Mahalaxmi Saws Pvt. Ltd. Vs ITO 3. On the facts and in the circumstances of the case, the ld. CIT(A) has grossly erred in confirming disallowance of Rs. 24,486/- made by ld. AO, out of expenses

CENTRAL CIRCLE-1, JAIPUR vs. LATE SHRI SATISH KUMAR AGARWAL, L/H SMT. SANTOSH AGARWAL, JAIPUR

In the result, appeal of the Revenue is partly allowed for statistical purposes

14A as discussed in para Rs. 73,332/- no. 7 Add : Disallowance u/s 80G as discussed in para Rs. 2,685/- no. 8 Add : Addition of unexplained Cash found Rs. 32,69,455/- during search as discussed in para no. 9. Add : Addition of on account of excess stock Rs. 2,32,09,339/- found as discussed in para

INCOME TAX OFFICER, JAIPUR vs. KEDIA BUILDERS AND COLONIZERS PRIVATE LIMITED, JAIPUR

In the result, all appeals of the revenue are stands dismissed

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

section 147 of the I.T. Act, 1961.” 5.5. The appellant submitted that the AO has satisfied himself that appellant had taken accommodation entry in the shape of unsecured loans. The appellant submitted that it raised objections before AO against such reasons wherein it was categorically contended that appellant had not taken any unsecured loans from any of the party

RAJENDRA AND URSULA JOSHI SKILL DEVELOPMENT PRIVATE LIMITED,JAIPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-2, JAIPUR

In the result both the appeal of the assessee is allowed

68 of the Income Tax Act. Rajendra and Ursula Joshi Skill Development Pvt. Ltd., Jaipur vs. PCIT-2, Jaipur 2. Relation of Shareholders and Late Dr Rajendra Kumar Joshi It seems the detailed statement regarding the relationship between the Donor and the Donees and all the documentary proofs in support of the relationship has not been examined and adverted

RAJENDRA AND URSULA JOSHI HOLDINGS PRIVATE LIMITED,JAIPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, JAIPUR

In the result both the appeal of the assessee is allowed

68 of the Income Tax Act. Rajendra and Ursula Joshi Skill Development Pvt. Ltd., Jaipur vs. PCIT-2, Jaipur 2. Relation of Shareholders and Late Dr Rajendra Kumar Joshi It seems the detailed statement regarding the relationship between the Donor and the Donees and all the documentary proofs in support of the relationship has not been examined and adverted

PINK CITY JEWEL HOUSE PRIVATE LIMITED ,JAIPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL), JAIPUR

2 of section\n263 of the Act. To tax any item of income/ expenditure, unaccounted investment at the\nspecific rate r.w.s. 115BBE of the Act, it is necessary to classify the income under the\nhead deeming provision under section 69, 68, 69B etc. In the present case, the income\nsurrendered was to be classified

ASSTT. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, JAIPUR, JAIPUR vs. M/S MANGLAM BUILD DEVELOPERS LTD, JAIPUR

In the result, the appeal of the Revenue is dismissed

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

2 where the SLP of the Department was dismissed against the finding of the High Court that if there is no exempt income no disallowance u/s 14A can be made. (xiii) I find that the AO has made disallowance of interest & other expenses u/s 14A read with rule 8D in respect of the investment made by the appellant

M/S RAJENDRA AND URSULA HOLDINGS PVT. LTD., JAIPUR,JAIPUR vs. PCIT-1, JAIPUR

In the result ITA NO. ITA 57/JPR/2021 is also stands dismissed

68 being establishing the identity and creditworthiness of the creditor, could not have been presumed by the Ld. Pr. CIT and consequently, he could not have expected the AO to get the same proved by the assesse to the hilt. However, no permission was sought to expend the scope of the scrutiny. The fact that the subjected amount received towards

M/S RAJENDRA AND URSULA JOSHI SKILL DEVELOPEMENT PVT. LTD. JAIPUR,JAIPUR vs. PCIT-2, JAIPUR

In the result ITA NO. ITA 57/JPR/2021 is also stands dismissed

68 being establishing the identity and creditworthiness of the creditor, could not have been presumed by the Ld. Pr. CIT and consequently, he could not have expected the AO to get the same proved by the assesse to the hilt. However, no permission was sought to expend the scope of the scrutiny. The fact that the subjected amount received towards

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, JAIPUR vs. NARESH KUMAR GUPTA, SRIGANGANAGAR

In the results the appeal of the revenue stands dismissed and the

Bench: Him The Order Passed Under Section 143(3) Of The Income Tax Act, [ For Short “Act” ] By The Acit, Circle, Sri Ganganagar [

section 14A by inserting a non- obstante clause and Explanation will take effect from 1- 4-2022 and cannot be presumed to have retrospective effects. 19 & CO No. 09/JPR/2024 DCIT vs. Naresh Kumar Gupta As the appellant has not earned any exempt income, in view of the decisions of the Hon'ble Supreme Court and Hon'ble Delhi High

M/S. CHAMBAL FERTILIZERS AND CHEMICALS LIMITED,KOTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA

In the result, appeal of the revenue is dismissed

68. We therefore agree with the views of the Assessing Officer that the expenditure on building of anicut over Parwan river has given a benefit of enduring nature to the assessee since the assessee has obtained assured supply of water which is being used in manufacturing process carried out by the assessee for a long period of time. However

CHAMBAL FERTILISERS AND CHEMICALS LIMITED,KOTA vs. ACIT, KOTA

In the result, appeal of the revenue is dismissed

68. We therefore agree with the views of the Assessing Officer that the expenditure on building of anicut over Parwan river has given a benefit of enduring nature to the assessee since the assessee has obtained assured supply of water which is being used in manufacturing process carried out by the assessee for a long period of time. However