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.

disallowance of Rs. 5,16,066/- made u/s 40A(3) is hereby cancelled. (iii) Regarding the addition of Rs. 28,950/- made under the head "long term 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

SUBHASH CHAND JAIN ,JODHPUR vs. ACIT, CIRCLE-1, JODHPUR

In the result the appeal of the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Manoj Kumar Aggarwal

Section 50C(2). The Ld. DVO has taken (+)50% as factor of adjustment on account of Location/Situation addition due to property situated on 100 mtr wide Ring Road With 44’0” wide front, he has not even considered the concept of commercial potential and ascertained the FMV based on the land used reported by him. 12 ITA 111 & 112/Jodh/2020 Subhash

SMT. CHANDRA KANTA CHOUDHARY,BHILWARA vs. ITO, WARD-3,, BHILWARA

In the result, this appeal of the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Manoj Kumar Aggarwalsmt. Chandra Kanta Choudhary, Vs. I.T.O. 135, Main Sector, Ward-3, Bhilwara. Bhilwara. Pan No. Abxpc 9134 H Assessee By Shri Sunil Porwal (Ca) Revenue By Shri A.S. Yadav, Jcit-Dr Date Of Hearing 03.11.2020 Date Of Pronouncement 29/01/2021 O R D E R Per: Bench This Is The Appeal Filed By The Assessee Against The Order Of The Ld. Cit(A), Ajmer Dated 10/01/2018 For The Ay. 2014-15, Wherein The Assessee Has Raised The Following Grounds Of Appeal: “1. That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Ought To Have Quashed The Order Passed By Ld Ao As The Order Passed By Ld Ao Without Jurisdiction & Also Contrary To The Guideline Issued By The Hon’Ble Cbdt. 2. That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Erred In Sustaining Addition Of Rs. 89,39,398/- In Respect Of Long Term Capital Gain Particularly When Same Was Never Subject Matter Of Limited Scrutiny. 3. That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Erred In Confirming Addition Made By Ld Ao Which He Could Not Have Made As The Jurisdiction Of The Ld Ao Was Limited.

50C. 7. That on the facts and in the circumstances of the case, the ld. CIT(A) erred in charging interest U/s 234A, 234B and 234C.” 2. The hearing of the appeal was concluded through video conference in view of the prevailing situation of Covid-19 Pandemic. 3. Brief facts of the case are that the assessee has e-filed

SUBHASH CHAND JAIN ,JODHPUR vs. ACIT, CIRCLE-1, JODHPUR

In the result the appeal of the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Manoj Kumar Aggarwal

Section 50C(2). The Ld. DVO has taken (+)50% as factor of adjustment on account of Location/Situation addition due to property situated on 100 mtr wide Ring Road With 44’0” wide front, he has not even considered the concept of commercial potential and ascertained the FMV based on the land used reported by him. 12 ITA 111 & 112/Jodh/2020 Subhash

HITKARI AND SWARAJ ENTERPRISES PRIVATE LIMITED,BARMER vs. PR. CIT-1, JODHPUR

In the result, the appeal of the assessee is allowed

Bench: Shri B. R. Baskaran & Shri Sandeep Gosain

50C 1,40,26,690 Cost of land: 1. 58,00.020 (cost of land) +1,74,20,000 (cost of improvement) 1. 7,24,790 (cost of land) +24,00,000 (cost of improvement) 1. 11,00,000 (cost of land) +30,75,000 3,05,19,810 (cost of improvement) Short term capital loss

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

section 145 are not found to\nbe relevant in the facts of this case. The AO has not disturbed the book results as the cash\ntransactions are not part of regular books of accounts.\nThe ld CIT(A) has also tried to distinguish the decisions relied upon. Thus on the\nbasis of above observations the ld. CIT(A) confirmed