RACHNA GOYAL,JODHPUR vs. ITO, WARD-1(2), JODHPUR

In the result, the appeal is dismissed

capital gain. While so observing, the authorities held that the assessee has not tendered cogent evidence to explain as to how the shares in a unknown company worth Rs. 5/- had jumped to Rs. 485/- in no time. The Income Tax Appellate Tribunal held that the fantastic sale price was not at all possible as there was no financial basis

ASHOK PANWAR HUF,JODHPUR vs. ACIT, CENTRAL CIRCLE-3, JODHPUR

In the result, both the appeals of the assesses ITA No

Bench: Dr. Mitha Lal Meena, Hon'Ble & Shri Anikesh Banerjee, Hon'Ble

capital gain (LTCG) as exempt under section10(38) of the Act on sale of shares of M/s Parag Shilpa Investments Ltd (in short, 'scrip'). The assessee purchased 2800 shares on 09/03/2012 for Rs.2,80,000/-. The said scrip was sold in the financial year 2014-15 for Rs,.1,58,67,077/- through the broker, Shri Suresh Rathi. The assessee

SMT. JAYA MOGRA,UDAIPUR vs. DCIT, CENTRAL CIRCLE-2, UDAIPUR

In the result, appeal of the assessee in ITA No

investment in land. 10 However, the CIT(A) observed that the land at Bad had not been disclosed by the assessed in the balance sheet for AY 2008-09. The CIT(A) further noted that initially the assessee had claimed that land at Badi was 12 kms away from the Collectorate, alert was claimed to be 5 Smt. Jaya Mogra

SAMPAT LAL LODHA ,NATHDWARA vs. ITO, WARD-2, RAJSAMAND

In the result, both appeals of the assessee are allowed

unexplained credits and may not be added to his total income as per Provisions of Section 68 of the Act. In response, the A.R. of the assessee vide his written submissions dated 22.03.2016 has submitted as under: - o"kZ ds nkSjku fy;k x;k Unsecured Loans dh jkf'k 22]00]000 :- Fkh tks fd lHkh

SAMPAT LAL LODHA ,NATHDWARA vs. ITO, WARD-2, RAJSAMAND

In the result, both appeals of the assessee are allowed

unexplained credits and may not be added to his total income as per Provisions of Section 68 of the Act. In response, the A.R. of the assessee vide his written submissions dated 22.03.2016 has submitted as under: - o"kZ ds nkSjku fy;k x;k Unsecured Loans dh jkf'k 22]00]000 :- Fkh tks fd lHkh

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.

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 and M/s Suraj Fabrics Industries Ltd. creditworthiness of investing companies and genuineness of the transactions were not proved; 2. cancelling the penalty levied for addition made

SMT KRISHNA AGARWAL ,PALI vs. ITO WARD-1, PALI, PALI

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

capital gains as per provision of law and disclosed the same in her return of A.Y 2016-17. 4 Smt. Krishna Agarwal vs. ITO 4. It was submitted that from the bank statement, it can be observed that the assessee has received the sales consideration from sale of property in 2014 & 2015 and thereafter has withdrawn the cash

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

investments found outside the\nbooks of accounts during the course of search. Further the finding cannot be\ngeneralized without specific material evidence in support of such findings. In the\npresent case there was no significant asset or alternate expenses found outside books\nof accounts during course of search.\n53\nITA Nos. 706 to 709/Jodh/2024\nAshiana Buildprop Pvt. Ltd., Udaipur.\n3.However

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

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 UDAIPUR, UDAIPUR

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, 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