BUILDFOLIO REALITIES LLP,RAJKOT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1,, RAJKOT

ITA 510/RJT/2024Status: DisposedITAT Rajkot11 March 2026AY 2022-23Bench: DR. ARJUN LAL SAINI (Accountant Member), SHRI DINESH MOHAN SINHA (Judicial Member)1 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the estimated profit on 'on-money' at 16% by the CIT(A) was too high. It directed the Assessing Officer to make the addition at the rate of 10% on the 'on-money'.

What were the facts?

During a search operation, unaccounted expenses and receipts related to a real estate project were discovered. The Assessing Officer made additions based on this seized material, which were then contested by the assessee.

What were the issues?

The primary issue was the estimation of profit on unaccounted receipts ('on-money') in a real estate project. The Tribunal also considered the validity of additions made under Section 147 based on seized material.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(12)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Buildfolio Reali"es LLP आयकर अपील"य अ"धकरण, राजकोट "यायपीठ, राजकोट। IN THE INCOME TAX APPELLATE TRIBUNAL, RAJKOT BENCH, RAJKOT BEFORE DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER AND SHRI DINESH MOHAN SINHA, JUDICIAL MEMBER आयकर अपील सं/.ITA No. 509 & 510/RJT/2024 "नधा"रणवष"/ Assessment Year: 2021-22 & 2022-23 (Hybrid Hearing) Buildfolio Realities LLP The Deputy Commissioner of Vs Income Tax, Central-1 . Shop No. 5GF, Business Edifice, Canal Road 37, Income Tax Office, Amruta Karanpura Corner, Rajkot Estate Building, Near Girnar Cinema, M G Road, Rajkot Rajkot-360005 Rajkot-360001 "ायीलेखासं/.जीआइआरसं/.PAN/GIR No.: AAWFB8233C (अपीलाथ"/Appellant) (""थ"/Respondent)

आयकर अपील सं ".ITA No. 683/RJT/2024 "नधा"रणवष" " Assessment Year: 2021-22 (Hybrid Hearing) Income Tax, Central-1 . Shop No. 5GF, Business Income Tax Office, Amruta Edifice, Canal Road 37, Estate Building, Near Girnar Karanpura Corner, Rajkot Cinema, M G Road, Rajkot Rajkot-360005 Rajkot-360001 "ायीलेखासं/.जीआइआरसं/.PAN/GIR No.: AAWFB8233C (अपीलाथ"/Appellant) (""थ"/Respondent)

Buildfolio Reali"es LLP

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 147

All 49,210 judgments and leading authorities on Section 147 →

Recent GST High Court judgments

Search GST case law →