Abhishek Corporation v. DCIT

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

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…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

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

…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

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

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

…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

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

…oods, 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/ʻon 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…

ACIT, Central Circle, Alwar vs. Shri Babu Lal Data, 2015-16

In the result, appeal of the revenue is dismissed

…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

…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

…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

…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…