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

In the result, appeal of the assessee is dismissed

capital gain. While so\nobserving, the authorities held that the assessee has not tendered cogent\nevidence to explain as to how the shares in a unknown company worth Rs.\n5/- had jumped to Rs. 485/- in no time. The Income Tax Appellate Tribunal\nheld that the fantastic sale price was not at all possible as there was no\nfinancial basis

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

MANGILAL DATLA,BANSWARA vs. INCOME TAX OFFICER, WARD BANSWARA, BANSWARA

In the result, the appeal filed by the assessee is allowed, both on legal issue\nas well as on facts

unexplained money u/s 69A r.w.s. 115BBE of\nthe Act\".\n4. In first appeal assessee has filed detailed WS(PB32-38) and documents admittedly, however\nthe ld. CIT(A) without considering and without deciding our legal grounds of appeal and legal\nposition, validity of proceedings\n5. In first appeal assessee challenged the legality, validity andproceeding u/s 147/148 and also\nchallenged

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

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, 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 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

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