SANJU SONI,JODHPUR vs. ITO, WARD-1(1), JODHPUR

14. In view of the above findings, both the appeals deserve to be allowed

Bench: Dr. MITHA LAL MEENA (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

set off of any loss,— (a) carried forward or depreciation from any earlier assessment year, if such loss or depreciation

DR. MANISH CHHAPARWAL ,UDAIPUR vs. DCIT, CENTRAL CIRCLE-2, UDAIPUR

In the result, the appeal of the assessee is partly allowed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

set off of unabsorbed losses and depreciation if any income remains that income can only be taxed in the hands

SATYA NARAYAN DHOOT,JODHPUR vs. PR. CIT-1, JODHPUR

In the result, the appeal of the assessee is allowed in respect of above said three issues

Bench: Shri B.R. Baskaran (Am) & Shri Sandeep Gosain (Jm) I.T.A. No. 49/Jodh/2022 (A.Y. 2017-18) Vs. Pcit-1 Satya Narayan Dhoot C/O Rajendra Jain Advocate Jodhpur 106, Akshay Deep Complex 5Th B Road, Sardarpura Jodhpur, Rajasthan-342 001. Pan : Aanpd4945L (Appellant) (Respondent) Assessee By Shri Rajendra Jain Department By Smt. Alka Rajvanshi Jain Date Of Hearing 03.11.2022 Date Of Pronouncement 17 .01.2023 O R D E R Per B.R.Baskaran (Am) :-

depreciation of wind mill as required u/s 80IA(5) of the Act. (b) AO has allowed brought forward losses without proper details of unabsorbed loss brought forward from AY 15-16 to AY 16-17. 2 Satya Narayan Dhoot (c) AO has allowed set

THE LAKE PALACE HOTELS & MOTELSPRIVATE LIMITED,UDAIPUR vs. PCIT,CIRCLE-2, UDAIPUR

In the result, appeal of the assessee is allowed

set aside on the issues as discussed above.” 5. Feeling dissatisfied with the order of the PCIT, assessee has preferred the present appeal before this tribunal on the grounds so raised and reproduced here in above. A propose to the grounds so raised the ld. AR of the assessee relied upon the detailed written submission filed before the ld. PCIT

M/S TARUN CONSTRUCTION COMPANY,WARD NO.24, NEAR BHAGAT SINGH CHOWK, SURATGARH vs. CPC, BANGALORE/ ITO, WARD-1, SRIGANGANAGAR , SRIGANGANAGAR

In the result, appeals are dismissed

Bench: Shri Saktijit Dey, Vice- & Dr. Brr Kumar

loss shall be computed after making the following adjustments, namely: (iv) disallowance of expenditure (or increase in income) indicated in the audit report but not taken into account in computing the total income in the return." 4. From the aforesaid provisions, it is very clear that the said cl. (iv) would come into operation when the tax auditor had suggested

M/S TARUN CONSTRUCTION COMPANY,WARD NO.24, NEAR BHAGAT SINGH CHOWK, SURATGARH vs. CPC, BANGALORE/ ITO, WARD-1, SRIGANGANAGAR, SRIGANGANAGAR

In the result, appeals are dismissed

Bench: Shri Saktijit Dey, Vice- & Dr. Brr Kumar

loss shall be computed after making the following adjustments, namely: (iv) disallowance of expenditure (or increase in income) indicated in the audit report but not taken into account in computing the total income in the return." 4. From the aforesaid provisions, it is very clear that the said cl. (iv) would come into operation when the tax auditor had suggested

KAUSHALIYA DEVI DHOOT,JODHPUR vs. PR. CIT-1, JODHPUR

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

Bench: Shri B. R. Baskaran & Shri Sandeep Gosainkaushaliya Devi Dhoot Vs Pr. Cit-1, 0, Lodha Street 1St A Road, Jodhpur Sardarpura, Jodhpur (Appellant) (Respondent) Pan No. Aanpd 4947 J

depreciation brought forward from earlier year is set off against the profits of wind power unit declared during the year under consideration, the assessee would not be eligibile to claim deduction u/s 80IA of the Act. Accordingly, he took the view that the assessment order is rendered erroneous and prejudicial to the interests of 3 Kaushaliya Devi Dhoot vs. PCIT

ACIT, CIRCLE, PALI. vs. M/S. RAJASTHAN MARUDHARA GRAMIN BANK, , JODHPUR

Appeals are disposed off in the terms indicated as above

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

depreciation or any of allowances as the case may be, for the year concerned.’ The ld. CIT(A) has observed that the AO had reason to believe that income chargeable to tax has escaped assessment, and the reasons so recorded were duly communicated to the appellant. In our view, the ld. CIT(A) was 11 ITA Nos. 504/Jodh/20218 &Ors. Asstt

M.G.B. GRAMIN BANK (THROUGH SUCCESSOR RAJASTHANMARUDHARA GRAMIN BANK),JODHPUR vs. ACIT, PALI

Appeals are disposed off in the terms indicated as above

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

depreciation or any of allowances as the case may be, for the year concerned.’ The ld. CIT(A) has observed that the AO had reason to believe that income chargeable to tax has escaped assessment, and the reasons so recorded were duly communicated to the appellant. In our view, the ld. CIT(A) was 11 ITA Nos. 504/Jodh/20218 &Ors. Asstt

M.G.B. GRAMIN BANK (THROUGH SUCCESSOR RAJASTHANMARUDHARA GRAMIN BANK),JODHPUR vs. ADDITIONAL CIT, PALI

Appeals are disposed off in the terms indicated as above

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

depreciation or any of allowances as the case may be, for the year concerned.’ The ld. CIT(A) has observed that the AO had reason to believe that income chargeable to tax has escaped assessment, and the reasons so recorded were duly communicated to the appellant. In our view, the ld. CIT(A) was 11 ITA Nos. 504/Jodh/20218 &Ors. Asstt

M.G.B. GRAMIN BANK (THROUGH SUCCESSOR RAJASTHANMARUDHARA GRAMIN BANK),JODHPUR vs. ACIT, PALI

Appeals are disposed off in the terms indicated as above

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

depreciation or any of allowances as the case may be, for the year concerned.’ The ld. CIT(A) has observed that the AO had reason to believe that income chargeable to tax has escaped assessment, and the reasons so recorded were duly communicated to the appellant. In our view, the ld. CIT(A) was 11 ITA Nos. 504/Jodh/20218 &Ors. Asstt

M.G.B. GRAMIN BANK (THROUGH SUCCESSOR RAJASTHANMARUDHARA GRAMIN BANK),JODHPUR vs. ACIT, PALI

Appeals are disposed off in the terms indicated as above

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

depreciation or any of allowances as the case may be, for the year concerned.’ The ld. CIT(A) has observed that the AO had reason to believe that income chargeable to tax has escaped assessment, and the reasons so recorded were duly communicated to the appellant. In our view, the ld. CIT(A) was 11 ITA Nos. 504/Jodh/20218 &Ors. Asstt

M.G.B. GRAMIN BANK (THROUGH SUCCESSOR RAJASTHANMARUDHARA GRAMIN BANK),JODHPUR vs. ADDITIONAL CIT, PALI

Appeals are disposed off in the terms indicated as above

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

depreciation or any of allowances as the case may be, for the year concerned.’ The ld. CIT(A) has observed that the AO had reason to believe that income chargeable to tax has escaped assessment, and the reasons so recorded were duly communicated to the appellant. In our view, the ld. CIT(A) was 11 ITA Nos. 504/Jodh/20218 &Ors. Asstt

NAVKAR WOLLENS PRIVATE LIMITED,BIKANER vs. ACIT CIRCLE-3, BIKANER

In the result, the appeal of the assessee is allowed

Bench: Dr. Mitha Lal Meena, Hon’Ble & Shri Sudhir Pareek, Hon’Blenavkar Woollens Private Ltd. Assistant Commissioner Of Rani Bazar, Bikaner, H.O. Income Tax, Circle – 3 Bikaner, Bikaner Bikaner - 334001 Pan No. Aabcn 9287 G Assessee By Shri Rajendra Jain, Advocate & Smt. Raksha Birla, Ca (Physical) Revenue By Smt. Runi Pal, Cit-Dr & Shri Lalit Kumar Bishnoi, Addl. Cit-Dr (Virtual) Date Of Hearing 29.01.2026. Date Of Pronouncement 26.02.2026. Order Dr. Mitha Lal Meena, A.M.: This Appeal Is Filed By Assessee Against The Order Of National Faceless Appeal Centre Delhi [Hereinafter Referred To As Nfac/Cit(A)] Dated 30.07.2025 With Respect To Assessment Year 2014-15 Challenging Therein Sustaining The Addition Of Rs. 2,34,04,480/- On Account Of Difference Between The Fair Market Value & The Issue Price Of The Equity Shares By Questioning The Method Of Valuation.

depreciation on solar plant is irrelevant. Section 56(2)(viib) specifically deals with the premium received over FMV on the issuance of shares and treats such excess as taxable income regardless of the company’s overall profitability or losses. The learned CIT (A) has held that appellant has not succeeded in discharging its burden to proof to justify

SATYA NARAYAN CHOUDHARY ,UDAIPUR vs. DCIT, CENTRAL CIRCLE-1, UDAIPUR

In the result, appeal of the assessee is allowed in part

Bench: Shri R.C. Sharma & Shri Sandeep Gosainsatya Narayan Choudhary, Vs A.C.I.T., 58, Gokulpura, North Ayad, Central Circle-1, Udaipur-313001. Udaipur. (Appellant) (Respondent) Pan No. Aappc 9260 P Satya Narayan Choudhary, Vs A.C.I.T., 58, Gokulpura, North Ayad, Central Circle-1, Udaipur-313001. Udaipur.

loss account, itself, therefore, question of any income from any undisclosed source does not arise. 5 ITA 266 & 392/Jodh/2019 Satya Nr. Choudhary Vs ACIT Accordingly, we direct the A.O. to treat the income of Rs. 4.75 lacs as income from business. 7. With regard to addition of Rs. 1,00,00,000/- U/s 69 of the Act It was argued

SATYA NARAYAN CHOUDHARY ,UDAIPUR vs. ACIT, CENTRAL CIRCLE-1, UDAIPUR

In the result, appeal of the assessee is allowed in part

Bench: Shri R.C. Sharma & Shri Sandeep Gosainsatya Narayan Choudhary, Vs A.C.I.T., 58, Gokulpura, North Ayad, Central Circle-1, Udaipur-313001. Udaipur. (Appellant) (Respondent) Pan No. Aappc 9260 P Satya Narayan Choudhary, Vs A.C.I.T., 58, Gokulpura, North Ayad, Central Circle-1, Udaipur-313001. Udaipur.

loss account, itself, therefore, question of any income from any undisclosed source does not arise. 5 ITA 266 & 392/Jodh/2019 Satya Nr. Choudhary Vs ACIT Accordingly, we direct the A.O. to treat the income of Rs. 4.75 lacs as income from business. 7. With regard to addition of Rs. 1,00,00,000/- U/s 69 of the Act It was argued

SATYA NARAYAN DHOOT,JODHPUR vs. ACIT, CIRCLE-3, JODHPUR

In the result, the appeal of the assessee is allowed

set off or reduce the loss which the assessee company suffered as a result of delay in supply of machinery and the same would not reduce the cost of machinery for the purposes of calculating depreciation

M/S. NOKHA AGRO SERVICES,,BIKANER vs. PR. CIT, , BIKANER

In the result, appeal of the assessee is allowed

Bench: Shri R.C.Sharma & Shri Sandeep Gosainm/S Nokha Agro Services, 18 Vs Pr. Commissioner Of Income Km Stone, Nh-15, Tax, Sriganganagar Road, Bikaner. Bikaner. (Appellant) (Respondent) Pan: Aaffn 8164 R

setting aside the original order. 4. The impugned order U/s 263 is illegal and most unjustified, as the same is not based on any valid material or legal evidence whatsoever on records, but the same is merely based on wrong suspicions and baseless presumptions. The impugned order deserves to be quashed. 5. The ld. Pr. CIT has erred in observing