Abhishek Corporation v. DCIT

63 TTJ 651Income Tax Appellate Tribunal1999#5162 most cited

What is Abhishek Corporation v. DCIT authority for?

The entire receipts on account of on-money or premium charged by an assessee on booking of flats are not to be treated as undisclosed income for the block period; only a net profit rate can be applied on unaccounted sales/receipts for making additions.

23

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2026.

Also referred to as

Abhishek Corporation v. DCIT · on-money · premium · booking of flats · undisclosed income · block period · net profit rate · unaccounted sales · addition

Sections most often in play

Section 143(3)Section 142(1)Section 133ASection 147Section 148Section 148ASection 115BBESection 132(4)

Issues it is cited on

on money receiptsection 256section 80ib(10)section 145(2)project completion methodsurrender of incomesection 199house property incomesection 3(1)on-moneysection 158bcblock period

Judgments citing Abhishek Corporation v. DCIT

SIX TWENTY REALTY PVT LTD,RAJOT vs. DCIT, CC-1, RAJKOT, RAJKOT

ITA 787/RJT/2024[2020-21]Status: DisposedITAT Rajkot11 Mar 2026AY 2020-21
Section 133ASection 143(3)Section 147Section 148Section 250

…the entire receipts themselves. If that were the legal position,\nwhat should be estimated as a reasonable profit out of such receipts, must bear an\nelement of estimation.\n\n• Hon'ble ITAT, Ahmedabad Bench in the case of Abhishek Corporation v. DCIT\n[1999] 63 TTJ 651 (Ahd.), wherein, it was held that where it was found that assessee\nhad been charging on money /premium in respect of booking of flats, the entire\nreceipts on account of on money /premium charged by the assessee on booking of\nflats would not be the undisclosed income of the assessee for the block period, but\nonly net profit rate could be applie…

SIX TWENTY REALTY PVT. LTD.,RAJKOT vs. DCIT, CC-1, RAJKOT, RAJKOT

ITA 786/RJT/2024[2019-20]Status: DisposedITAT Rajkot11 Mar 2026AY 2019-20
Section 133ASection 143(3)Section 147Section 148Section 250

…he entire receipts themselves. If that were the legal position,\nwhat should be estimated as a reasonable profit out of such receipts, must bear an\nelement of estimation.\n\n•\nHon'ble ITAT, Ahmedabad Bench in the case of Abhishek Corporation v. DCIT\n[1999] 63 TTJ 651 (Ahd.), wherein, it was held that where it was found that assessee\nhad been charging on money /premium in respect of booking of flats, the entire\nreceipts on account of on money /premium charged by the assessee on booking of\nflats would not be the undisclosed income of the assessee for the block period, but\nonly net profit rate could be applie…

SIX TWENTY REALTY PVT. LTD.,RAJKOT vs. DCIT, CC-1, RAJKOT, RAJKOT

ITA 785/RJT/2024[2018-19]Status: DisposedITAT Rajkot11 Mar 2026AY 2018-19

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinha

For Appellant: Shri Mehul Ranpura, Ld.ARFor Respondent: Shri Sanjay Punglia, Ld. CIT(DR)
Section 133ASection 143(3)Section 147Section 148Section 250

…not the entire receipts themselves. If that were the legal position,  what should be estimated as a reasonable profit out of such receipts, must bear an element of estimation.  Hon'ble ITAT, Ahmedabad Bench in the case of Abhishek Corporation v. DCIT [1999] 63 TTJ 651 (Ahd.), wherein, it was held that where it was found that assessee had been charging on money /premium in respect of booking of flats, the entire receipts on account of on money /premium charged by the assessee on booking of flats would not be the undisclosed income of the assessee for the block period, but only net profit rate could be applied on…

DCIT, CENTRAL CIRCLE-1, RAJKOT, RAJKOT vs. SIX TWENTY REALTY PRIVATE LIMITED, RAJKOT

ITA 765/RJT/2024[2019-20]Status: DisposedITAT Rajkot11 Mar 2026AY 2019-20
Section 133ASection 143(3)Section 147Section 148Section 250

…the entire receipts themselves. If that were the legal position,\nwhat should be estimated as a reasonable profit out of such receipts, must bear an\nelement of estimation.\n\n• Hon'ble ITAT, Ahmedabad Bench in the case of Abhishek Corporation v. DCIT\n[1999] 63 TTJ 651 (Ahd.), wherein, it was held that where it was found that assessee\nhad been charging on money /premium in respect of booking of flats, the entire\nreceipts on account of on money /premium charged by the assessee on booking of\nflats would not be the undisclosed income of the assessee for the block period, but\nonly net profit rate could be applie…

DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL CIRCLE)-1(4), AHMEDABAD, AHMEDABAD vs. HINDVA BUILDERS, AHMEDABAD

In the result, all the four appeals of the Revenue are hereby dismissed

ITA 1563/AHD/2024[2017-18]Status: DisposedITAT Ahmedabad01 Jan 2026AY 2017-18

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha

For Appellant: Shri Tushar Hemani, Sr. Advocate &For Respondent: Sl.Nos.1 & 2 - Shri R.P. Rastogi, CIT-DR
Section 147Section 148Section 148ASection 149Section 250Section 3(1)

…per cent on gross receipts under section 44AD or any figure admitted by the assesse if it was higher than 8 per cent, hence assessing officer was not justified in charging entire 'on money' receipts as assessee's undisclosed income. (d) Abhishek Corporation 63 TTJ 651 (Ahd.) (e) Calcutta Co. Ltd 37 ITR 1 (SC) (f) Unreported decision of the Hon'ble Jurisdictional Ahmedabad Bench of ITAT in the case of ITO vs. Anand Builders, wherein the Hon'ble Tribunal held that only 8% of gross receipt could be taxed in the case of a builder out of the on-money. Reference to the Hon'ble High Court was rejected and SLP agains…

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), AHMEDABAD, AHMEDABAD vs. HINDVA BUILDERS, AHMEDABAD

In the result, all the four appeals of the Revenue are hereby dismissed

ITA 1562/AHD/2024[2017-18]Status: DisposedITAT Ahmedabad01 Jan 2026AY 2017-18

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha

For Appellant: Shri Tushar Hemani, Sr. Advocate &For Respondent: Sl.Nos.1 & 2 - Shri R.P. Rastogi, CIT-DR
Section 147Section 148Section 148ASection 149Section 250Section 3(1)

…per cent on gross receipts under section 44AD or any figure admitted by the assesse if it was higher than 8 per cent, hence assessing officer was not justified in charging entire 'on money' receipts as assessee's undisclosed income. (d) Abhishek Corporation 63 TTJ 651 (Ahd.) (e) Calcutta Co. Ltd 37 ITR 1 (SC) (f) Unreported decision of the Hon'ble Jurisdictional Ahmedabad Bench of ITAT in the case of ITO vs. Anand Builders, wherein the Hon'ble Tribunal held that only 8% of gross receipt could be taxed in the case of a builder out of the on-money. Reference to the Hon'ble High Court was rejected and SLP agains…

DCIT, CENTRAL CIRCLE-1(4), AHMEDABAD, AHMEDABAD vs. HINDVA BUILDERS, AHMEDABAD

In the result, all the four appeals of the Revenue are hereby dismissed

ITA 1451/AHD/2024[2016-17]Status: DisposedITAT Ahmedabad01 Jan 2026AY 2016-17

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha

For Appellant: Shri Tushar Hemani, Sr. Advocate &For Respondent: Sl.Nos.1 & 2 - Shri R.P. Rastogi, CIT-DR
Section 147Section 148Section 148ASection 149Section 250Section 3(1)

…per cent on gross receipts under section 44AD or any figure admitted by the assesse if it was higher than 8 per cent, hence assessing officer was not justified in charging entire 'on money' receipts as assessee's undisclosed income. (d) Abhishek Corporation 63 TTJ 651 (Ahd.) (e) Calcutta Co. Ltd 37 ITR 1 (SC) (f) Unreported decision of the Hon'ble Jurisdictional Ahmedabad Bench of ITAT in the case of ITO vs. Anand Builders, wherein the Hon'ble Tribunal held that only 8% of gross receipt could be taxed in the case of a builder out of the on-money. Reference to the Hon'ble High Court was rejected and SLP agains…

DCIT, CENTRAL CIRCLE-1(4), AHMEDABAD, AHMEDABAD vs. HINDVA BUILDERS, AHMEDABAD

In the result, all the four appeals of the Revenue are hereby dismissed

ITA 1450/AHD/2024[2015-16]Status: DisposedITAT Ahmedabad01 Jan 2026AY 2015-16

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha

For Appellant: Shri Tushar Hemani, Sr. Advocate &For Respondent: Sl.Nos.1 & 2 - Shri R.P. Rastogi, CIT-DR
Section 147Section 148Section 148ASection 149Section 250Section 3(1)

…per cent on gross receipts under section 44AD or any figure admitted by the assesse if it was higher than 8 per cent, hence assessing officer was not justified in charging entire 'on money' receipts as assessee's undisclosed income. (d) Abhishek Corporation 63 TTJ 651 (Ahd.) (e) Calcutta Co. Ltd 37 ITR 1 (SC) (f) Unreported decision of the Hon'ble Jurisdictional Ahmedabad Bench of ITAT in the case of ITO vs. Anand Builders, wherein the Hon'ble Tribunal held that only 8% of gross receipt could be taxed in the case of a builder out of the on-money. Reference to the Hon'ble High Court was rejected and SLP agains…

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4, JAIPUR vs. PAWAN KUMAR JHALANI, JAIPUR

In the result, the appeal of the revenue in ITA No

ITA 966/JPR/2025[2019-20]Status: DisposedITAT Jaipur17 Nov 2025AY 2019-20

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Shri Rohan Sogani, CAFor Respondent: Mrs. Anita Rinesh, JCIT
Section 132(1)Section 153CSection 4

…ods, which were sold, had been made by the assessee and that investment was also not disclosed, only the excess over the cost incurred could be treated as profit. Accordingly, only profits embedded in sale proceeds can be taxed. Abhishek Corporation Vs. DCIT 63 TTJ 651 (Ahd.) (Trib.) Only net profit rate can be applied on unaccounted sales/receipts. AO not justified in making further addition as the undisclosed income offered by assessee covers such amount. Mohan Sadhani Vs. CIT 304 ITR 52 (MP) Held that entire sale proceeds cannot be added to income, only NP rate to be adopted. CIT Vs. Balchand Ajit Kumar 2…

ACIT, CENTRAL CIRCLE, ALWAR vs. SH. TARA CHAND GUPTA, ALWAR

In the result the appeal filed by the revenue in ITA no

ITA 514/JPR/2024[2017-18]Status: DisposedITAT Jaipur10 Mar 2025AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM आयकर अपील सं./ITA. Nos.447 to 449/JP/2024 निर्धारण वर्ष / Assessment Years : 2015-16 to 2017-18 Shri Tarachand Gupta 9 Keshav Nagar Sch 13, Alwar बनाम ACIT, Vs. Central Circle, Alwar स्थायी लेखा सं./ जीआईआर सं./PAN/GIR No.: AAYPC 5777 E अपीलार्थी / Appellant प्रत्यर्थी / Respondent आयकर अपील सं./ITA. No. 514/JP/2024 निर्धारण वर्ष / Assessment Year : 2017-18 ACIT, Central Circle, Alwar बनाम Shri Tarachand Gupta 9 Kesh

For Appellant: Sh. P. C. Parwal, C.AFor Respondent: Sh. Arvind Kumar, CIT-DR a
Section 143(3)Section 68Section 69C

…ods, which were sold, had been made by the assessee and that investment was also not disclosed, only the excess over the cost incurred could be treated as profit. Accordingly, only profits embedded in sale proceeds can be taxed. Abhishek Corporation Vs. DCIT 63 TTJ 651 (Ahd.) (Trib.) Seized documents indicating that assessee was receiving premium/‘on money’ on booking of flats belonging to other parties. AO justified in rejecting the books of accounts. However, entire premium charged by assessee cannot be treated as undisclosed income for block period because AO had not proved by bringing material on record that…

SH. TARACHAND GUPTA,ALWAR vs. ACIT, CENTRAL CIRCLE, ALWAR, ALWAR

In the result the appeal filed by the revenue in ITA no

ITA 449/JPR/2024[2017-18]Status: DisposedITAT Jaipur10 Mar 2025AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM आयकर अपील सं. / ITA. Nos.447 to 449/JP/2024 निर्धारण वर्ष / Assessment Years : 2015-16 to 2017-18 Shri Tarachand Gupta 9 Keshav Nagar Sch 13, Alwar बनाम Vs. ACIT, Central Circle, Alwar स्थायी लेखा सं./ जीआईआर सं./PAN/GIR No.: AAYPC 5777 E अपीलार्थी / Appellant प्रत्यर्थी / Respondent आयकर अपील सं./ITA. No. 514/JP/2024 निर्धारण वर्ष / Assessment Year : 2017-18 ACIT, Central Circle, Alwar बनाम Shri Tarachand Gupta 9 Ke

For Appellant: Sh. P. C. Parwal, C.AFor Respondent: Sh. Arvind Kumar, CIT-DR a
Section 143(3)Section 68Section 69C

…ods, which were sold, had been made by the assessee and that investment was also not disclosed, only the excess over the cost incurred could be treated as profit. Accordingly, only profits embedded in sale proceeds can be taxed. Abhishek Corporation Vs. DCIT 63 TTJ 651 (Ahd.) (Trib.) Seized documents indicating that assessee was receiving premium/‘on money’ on booking of flats belonging to other parties. AO justified in rejecting the books of accounts. However, entire premium charged by assessee cannot be treated as undisclosed income for block period because AO had not proved by bringing material on record that…

SH. TARACHAND GUPTA,ALWAR vs. ACIT, CENTRAL CIRCLE, ALWAR, ALWAR

In the result the appeal filed by the revenue in ITA no

ITA 447/JPR/2024[2015-16]Status: DisposedITAT Jaipur10 Mar 2025AY 2015-16
For Appellant: Sh. P. C. Parwal, C.AFor Respondent: Sh. Arvind Kumar, CIT-DR
Section 143(3)Section 68Section 69C

…which\nwere sold, had been made by the assessee and that investment was\nalso not disclosed, only the excess over the cost incurred could be\ntreated as profit. Accordingly, only profits embedded in sale proceeds\ncan be taxed.\nAbhishek Corporation Vs. DCIT 63 TTJ 651 (Ahd.) (Trib.)\nSeized documents indicating that assessee was receiving premium/ʻon\nmoney' on booking of flats belonging to other parties. AO justified in\nrejecting the books of accounts. However, entire premium charged by\nassessee cannot be treated as undisclosed income for block period\nbecause AO had not proved by bringing material on record…

M/S. ATRI DEVELOPERS,,AHMEDABAD vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-3(3),, AHMEDABAD

Appeal is dismissed

ITA 2859/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad23 Jul 2024AY 2013-14

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarassessment Year : 2013-14 The Dcit, Cir.3(3) M/S.Atri Developers Ahmedabad. Vs 19, Ambalal House Mayur Park Society Satellite Road Ahmedabad. Pan : Aatfa 1086 D Assessment Year : 2013-14 M/S.Atri Developers The Dcit, Cir.3(3) 19, Ambalal House Vs Ahmedabad. Mayur Park Society Satellite Road Ahmedabad. Pan : Aatfa 1086 D

For Appellant: Shri Mohit Balani, ARFor Respondent: Shri Prateek Sharma, Sr.DR
Section 133ASection 250

…e receipts on account of On-Money would not be undisclosed income of the appellant, but only net profit rate could be applied on such unaccounted receipts on account of On-Money. (i) Abhi Developers vs. ITO 12 SOT 444 (Ahd.) (ii) Abhishek Corporation vs. DCIT 63 TTJ 651 (Ahd.) (iii) DCIT vs. Pramukh Builders 112 ITD 179 (Ahd.)(TM). ITA No.2855 and 2859/Ahd/2016 15 In the present case before me, the Appellant has already offered amount of Rs.2,97,00,000/- in its Profit & Loss account for 57 flats already booked / sold till the date of survey for the year under appeal, and therefore, there is no scope of making a…

THE DY. COMMISSIONER OF INCOME TAX CIRCLE-3(3),, AHMEDABAD vs. M/S. ATRI DEVELOPERS,, AHMEDABAD

Appeal is dismissed

ITA 2855/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad23 Jul 2024AY 2013-14

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarassessment Year : 2013-14 The Dcit, Cir.3(3) M/S.Atri Developers Ahmedabad. Vs 19, Ambalal House Mayur Park Society Satellite Road Ahmedabad. Pan : Aatfa 1086 D Assessment Year : 2013-14 M/S.Atri Developers The Dcit, Cir.3(3) 19, Ambalal House Vs Ahmedabad. Mayur Park Society Satellite Road Ahmedabad. Pan : Aatfa 1086 D

For Appellant: Shri Mohit Balani, ARFor Respondent: Shri Prateek Sharma, Sr.DR
Section 133ASection 250

…e receipts on account of On-Money would not be undisclosed income of the appellant, but only net profit rate could be applied on such unaccounted receipts on account of On-Money. (i) Abhi Developers vs. ITO 12 SOT 444 (Ahd.) (ii) Abhishek Corporation vs. DCIT 63 TTJ 651 (Ahd.) (iii) DCIT vs. Pramukh Builders 112 ITD 179 (Ahd.)(TM). ITA No.2855 and 2859/Ahd/2016 15 In the present case before me, the Appellant has already offered amount of Rs.2,97,00,000/- in its Profit & Loss account for 57 flats already booked / sold till the date of survey for the year under appeal, and therefore, there is no scope of making a…

DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, SURAT vs. DMC CONSTRUCTION PVT. LTD.,, MUMBAI

In the result, the grounds of Revenue’s appeal are dismissed

ITA 112/SRT/2021[2012-13]Status: DisposedITAT Surat10 Oct 2023AY 2012-13

Bench: Shri Pawan Singh & Dr Arjun Lal Sainiआ.अ.सं./Ita No.112/Srt/2021 (Ay 2012-13) (Hearing In Physical Court) Deputy Commissioner Of Dmc Construction Pvt. Ltd Income-Tax, Central Circle-3, 9Th Trivedi Niwas, Rashtriya Vs Surat, Room No. 507, 5Th Floor, Shala Road, Ville Parle West, Aayakar Bhawan, Majura Gate, Mumbai-400056 Surat-395001 Pan No. Aadcd 2089 C अपीलाथ"/Appellant ""थ" /Respondent

Section 132Section 133ASection 143(2)Section 143(3)Section 148Section 254(1)

…relied upon the decision of Hon’ble jurisdictional High Court in the case of CIT vs. President Industries [2002] 124 Taxman 654 (Guj); CIT vs. Gurbachhan Singh J Juneja 215 ITR 509 (Guj); Shhlok Enterprise in ITA No.2018/AHD/2016; Abhishek Corporation [1999] 63 TTJ 651 (Ahd) and Kishore Mohanlal Telwala [1999] 107 Taxman 86 (Ahd Trib). 10. The assessee again stated that the Assessing Officer made addition without considering the important fact, which should have been considered that there was no statement of any one admitting or explaining entries found in the excel sheet found from the office of Pranay Mehta, C…

ACIT, CENTRAL CIRCLE, ALWAR vs. SHRI BABU LAL DATA, 2015-16

In the result, appeal of the revenue is dismissed

ITA 1232/JPR/2019[2016-17]Status: DisposedITAT Jaipur05 May 2022AY 2016-17
For Appellant: Sh. P. C. Parwal, CAFor Respondent: S. Naiyer Ali Najmi, CIT
Section 127Section 132Section 139Section 153A

…unt can be brought to tax does not call for any interference. The Tribunal was, therefore, justified in deleting the addition of Rs. 10,85,003 made on account of unaccounted cash sales." Agrawal Motors Vs ACIT 68 ITD 407 (Jab.), Abhishek Corporation Vs. DCIT 63 TTJ 651 (Ahd.) Addition can be made only of G.P./N.P. on suppressed sales and not entire sale price itself. The principles laid down in these cases are equally applicable in case of assessee and therefore, the Ld. CIT(A) has rightly held that sales as such cannot be taxed as income. 2. The Ld. CIT(A) after holding that sales as such cannot be added to i…

ACIT, CENTRAL CIRCLE, ALWAR vs. SHRI BABU LAL DATA, 2015-16

In the result, appeal of the revenue is dismissed

ITA 1231/JPR/2019[2015-16]Status: DisposedITAT Jaipur05 May 2022AY 2015-16
For Appellant: Sh. P. C. Parwal, CAFor Respondent: S. Naiyer Ali Najmi, CIT
Section 127Section 132Section 139Section 153A

…unt can be brought to tax does not call for any interference. The Tribunal was, therefore, justified in deleting the addition of Rs. 10,85,003 made on account of unaccounted cash sales." Agrawal Motors Vs ACIT 68 ITD 407 (Jab.), Abhishek Corporation Vs. DCIT 63 TTJ 651 (Ahd.) Addition can be made only of G.P./N.P. on suppressed sales and not entire sale price itself. The principles laid down in these cases are equally applicable in case of assessee and therefore, the Ld. CIT(A) has rightly held that sales as such cannot be taxed as income. 2. The Ld. CIT(A) after holding that sales as such cannot be added to i…

SHRI BABU LAL DATA,ALWAR vs. DCIT, CENTRAL CIRCLE, ALWAR

In the result, appeal of the revenue is dismissed

ITA 1223/JPR/2019[2016-17]Status: DisposedITAT Jaipur05 May 2022AY 2016-17
For Appellant: Sh. P. C. Parwal, CAFor Respondent: S. Naiyer Ali Najmi, CIT
Section 127Section 132Section 139Section 153A

…unt can be brought to tax does not call for any interference. The Tribunal was, therefore, justified in deleting the addition of Rs. 10,85,003 made on account of unaccounted cash sales." Agrawal Motors Vs ACIT 68 ITD 407 (Jab.), Abhishek Corporation Vs. DCIT 63 TTJ 651 (Ahd.) Addition can be made only of G.P./N.P. on suppressed sales and not entire sale price itself. The principles laid down in these cases are equally applicable in case of assessee and therefore, the Ld. CIT(A) has rightly held that sales as such cannot be taxed as income. 2. The Ld. CIT(A) after holding that sales as such cannot be added to i…

SHRI BABU LAL DATA,ALWAR vs. DCIT, CENTRAL CIRCLE, ALWAR

In the result, appeal of the revenue is dismissed

ITA 1222/JPR/2019[2015-16]Status: DisposedITAT Jaipur05 May 2022AY 2015-16
For Appellant: Sh. P. C. Parwal, CAFor Respondent: S. Naiyer Ali Najmi, CIT
Section 127Section 132Section 139Section 153A

…unt can be brought to tax does not call for any interference. The Tribunal was, therefore, justified in deleting the addition of Rs. 10,85,003 made on account of unaccounted cash sales." Agrawal Motors Vs ACIT 68 ITD 407 (Jab.), Abhishek Corporation Vs. DCIT 63 TTJ 651 (Ahd.) Addition can be made only of G.P./N.P. on suppressed sales and not entire sale price itself. The principles laid down in these cases are equally applicable in case of assessee and therefore, the Ld. CIT(A) has rightly held that sales as such cannot be taxed as income. 2. The Ld. CIT(A) after holding that sales as such cannot be added to i…

M/S EKTA HOUSING PVT. LTD.,MUMBAI vs. DY. CIT CENTRAL CIRCLE-6(2), MUMBAI

The appeal of the revenue is dismissed

ITA 1732/MUM/2019[2013-14]Status: DisposedITAT Mumbai24 May 2021AY 2013-14

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood ()

…eipts and not the entire receipts.Similar view had also be drawn by the Hon‟ble High Court of Gujarat in the case of CIT Vs. Abhishek Corporation (2000) 158 CTR 374 (Guj). Relying on the order of the ITAT, Ahmedabad in the case of Abhishek Corporaton Vs. DCIT 63 TTJ 651 (Ahd) the ITAT, Mumbai in the case of ACIT Vs. Guruprena Enterprises, ITA Nos. 255 to 257, 544 & 545/Mum/2010 and 4836/Mum/2009 [affirmed by the Hon‟ble High Court of Bombay in CIT Vs.Guruprerna Enterprises in ITA 1849 of 2011] had observed as under:‟ “Even though it is established from seized documents that assessee was receiving premium/on-mone…

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