ITO, WARD-3, SRIGANGANAGAR vs. SHRI BADRI PRASAD, SRIGANGANAGAR

50C Rs.3,28,87,500/- Sale Consideration Received Rs. 3,28,87,500/- 4 Shri Badri Prasad Sale Consideration Rs. 3,28,87,500/- Less: Transfer expense Rs. 3,28,875/- Less: Indexed Cost of Acq. FY 1981-82 274000/100*852 Rs. 23,34,480/- Rs. 3,02,24,145/- Deduction u/s 54B Rs. 3,02,24,145/- Capital Gain

SHRI TRILOCK CHAND BUGALIYA,NAGAUR vs. ITO, WARD-2, NAGAUR

In the result, appeal of the assessee is allowed

Bench: Shri Pavan Kumar Gadale & Dr. Dipak P. Ripoteassessment Year : 2009-10 Shri Trilock Chand Bugaliya, Income Tax Officer, C/O Rajendra Jain Advocate, Vs Ward-2, Makrana 106 Akshay Deep Complex, 5Th B Road, Sardarpura, Jodhpur Pan: Acvpb6833F Appellant / Assessee Respondent / Revenue Assessee By Shri Rajendra Jain, Advocate & Smt. Raksha Birla, C.A. Revenue By Ms. Nidhi Nair, Jcit-Dr Date Of Hearing 07.08.2023 Date Of Pronouncement 07.08.2023 Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Against The Order Of Ld. Commissioner Of Income Tax (Appeals)-2, Jodhpur Dated 14.02.2020 Emanating From The Assessment Order Under Section 143(3) R.W.S. 147 Dated 30.03.2013 Passed By Income Tax Officer, Ward-2, Makrana. The Assessee Has Raised The Following Grounds Of Appeal : Shri Trilock Chand Bugaliya

section 50C of the Act particularly when the transaction is an adventure of nature of trade. 3. That on the facts and in the circumstances of the case, the ld CIT (A) erred in upholding the finding of ld AO that profit derived from sale of land as income from capital gain particularly when the assessee had claimed the same

UMMAID MAL SINGHVI,JODHPUR vs. ACIT, CENTRAL CIRCLE-2, JODHPUR

Accordingly, legal ground raised by the assessee is allowed for statistical purpose

Bench: Shri Pavan Kumar Gadale & Dr. Dipak P. Ripoteassessment Year : 2008-09 Shri. Ummaid Mal Singhvi, Acit, C/O Rajendra Jain Advocate, Vs Central Circle-2, 106 Akshay Deep Complex, 5Th Jodhpur B Road, Sardarpura, Jodhpur Pan: Abpps7429D Appellant / Assessee Respondent / Revenue Assessee By Shri Rajendra Jain, Advocate Revenue By Ms. Nidhi Nair, Jcit-Dr Date Of Hearing 07.08.2023 Date Of Pronouncement 07.08.2023 Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)-2, Udaipur Dated 30Th September, 2019 For Assessment Year 2008-09 Emanating From The Penalty Order Under Section 271Aaa Of The Income Tax Act Passed By Assistant Commissioner Of Income Tax, Circle-2, Jodhpur. The Assessee Has Raised The Following Grounds Of Appeal : Ummaid Mal Singhvi

1,42,000/- being addition in long term capital gain declared by the assessee by invoking the provisions of section 50C

ACIT, CIRCLE, BHILWARA vs. M/S. SURAJ FABRICS INDUSTRIES LTD. , KOLKATA

In the result appeal of the revenue is dismissed

Bench: Shri Pavan Kumar Gadale & Dr. Dipak P. Ripoteassessment Year: 2010-11 Assistant Commissioner M/S Suraj Fabrics Industries Of Income-Tax, Circle, Vs Ltd., 224A, Elegant Tower, Bhilwara A.J.C. Bose Road, Kolkata, West Bengal Pan: Aabcs8988B Appellant / Revenue Respondent / Assessee Revenue By Smt. Alka Rajvanshi Jain, Cit-Dr Assessee By None Date Of Hearing 11.08.2023 Date Of Pronouncement 11.08.2023 Order Per Dr. Dipak P. Ripote, Am: This Is An Appeal Filed By The Department Against The Order Of Ld. Commissioner Of Income Tax (Appeals), Ajmer Dated 06.09.2017 Deleting The Penalty Under Section 271(1)(C) Of The Act For A.Y. 2010-11. The Assessee Has Raised Following Grounds Of Appeal As Under:- “1. Cancelling The Penalty Levied For Addition Of Unexplained Cash Credit On A/C Of Share Capital Of 10,00,00,000/- Without Appreciating The Facts That The Quantum Addition Made By The Ao Was Confirmed By The Ld.Cit(A) As The Identity & M/S Suraj Fabrics Industries Ltd.

capital gain", the appellant, relying on the decision of ITAT "E" Bench Mumbai in the case of ACIT, 14(1), Mumbai vs. M/s Sunland Metal Recycling (ITA No. 6454/Mum/2011, A.Y. 2008-09) has contended that no penalty u/s 271(1)(c) can be levied in respect of the addition made by invoking the Provisions of Section 50C

ASHIANA BUILDPROP PRIVATE LIMITED,UDAIPUR vs. DCIT, CENTRAL CIRCLE-1, UDIAPUR, UDAIPUR

Bench: DR. MITHA LAL MEENA (Accountant Member), DR. S. SEETHALAKSHMI (Judicial Member)

gain or u/s 48, 56 or u/s 68 or 69. Thus the addition so made without any provision of act is also against the law and liable to be deleted on this ground alone. When the ld. AO has not invoked any provision of Act/law then also how the ld.AO can make the addition. When

ASHIANA BUILDPROP PRIVATE LIMITED,UDAIPUR vs. DCIT- CENTRAL CIRCLE-1 UDIAPUR, UDAIPUE

gain or u/s 48, 56\nor u/s 68 or 69. Thus the addition so made without any provision of act is also against the\nlaw and liable to be deleted on this ground alone. When the ld. AO has not invoked any\nprovision of Act/law then also how the ld.AO can make the addition. When in the law\nand

ASHIANA BUILDPROP PRIVATE LIMITED,UDAIPUR vs. DCIT, CENTRAL CIRCLE-1, UDAIPUR, UDAIPUR

1,26,65,229/-(8194403+4470826)\ninstead of Rs.81,94,403/- declared by the assessee. Accordingly he has made\naddition of Rs.44,70,826/- in the A.Y. 2013-14. Same type of additions have also\nbeen made in the A.Y. 2014-15 to 2016-17 asper the above chart.\n6.2. Further

ASHIANA BUILDPROP PRIVATE LIMITED,UDAIPUR vs. DCIT, CENTRAL CIRCLE-1 UDAIPUR, UDAIPUR

In the result, appeals of the assessee are partly allowed

gain or u/s 48, 56\nor u/s 68 or 69. Thus the addition so made without any provision of act is also against the\nlaw and liable to be deleted on this ground alone. When the ld. AO has not invoked any\nprovision of Act/law then also how the ld.AO can make the addition. When in the law\nand