Abhishek Corporation v. DCIT

63 TTJ 651Income Tax Appellate Tribunal1999#5076 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 366,005 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

ACIT, Kota vs. Kaizen Enterprises Pvt. Ltd, Kota

In the result, the appeal of the Revenue and the cross-objection of the assessee is allowed for statistical purposes

ITA 1042/JPR/2016[2013-14]Status: DisposedITAT Jaipur18 Jan 2019AY 2013-14
For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Shri Varinder Mehta (CIT)
Section 132Section 132(4)Section 143(3)Section 153A

…ooked in the regular books and not all the expenditures. The ld. CIT(A) thereafter referred to the decisions of the Coordinate Bench in case of Abhishek 8 ITA No. 1042JP/2016 & CO No. 02/JP/2017 ACIT vs. M/s Kaizen Enterprises Pvt. Ltd. Corporation vs. DCIT 63 TTJ 651 and ITO vs. Anand Builders, and held that whole of the gross receipt of “on money” cannot be taxed in the case of the assessee and only a reasonable profit can be taxed. It was further held by the ld. CIT(A) that the AO simply added the differential amount of Rs. 1,16,10,000/- on the basis of sworn statement recorded during the search operation. N…

ACIT Cen Cir 29, Mumbai vs. Vijaydeep Hotels P.Ltd, Mumbai

In the result, the appeals filed by the Revenue are dismissed and the appeals filed by the assessee are partly allowed

ITA 3291/MUM/2011[2004-05]Status: DisposedITAT Mumbai20 Jun 2016AY 2004-05

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं /I.Ta Nos. 3291,3293,3384 & 3385/Mum/11 ("नधा"रण वष" / Assessment Years: 2004-05 To 2007-08 The Acit, M/S. Vijaydeep Hotels Pvt. बनाम/ Cent. Cir-29, Ltd., Vs. Aayakar Bhavan, Hotel Bawa International, Mumbai-400 020 Nehru Road Ext, Near Domestic Airport, Vile Parle, Mumbai-400 049 आयकर अपील सं /I.Ta Nos. 3241 & 3243/Mum/11 ("नधा"रण वष" / Assessment Years: 2006-07 & 2007-08 M/S. Vijaydeep Hotels Pvt. The Acit, बनाम/ Ltd., Cent. Cir-29, Vs. Hotel Bawa International, Aayakar Bhavan, Nehru Road Ext, Mumbai-400 020 Near Domestic Airport, Vile Parle, Mumbai-400 049 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacv 1582D आयकर अपील सं /I.Ta Nos. 951 To 953/Mum/2013 ("नधा"रण वष" / Assessment Years: 2005-06 To 2007-08 Shri Karanveer Singh G. The Acit, बनाम/ Bawa, Cent. Cir-29, Vs. 22, Sahib Guru Angad Aayakar Bhavan, Niwas, Mumbai-400 020 Vitthal Nagar Co. Op. Soc. N.S. Road No. 22, Jvpd Scheme, Juhu, Vile Parle (E), Mumbai-400 049 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aejpb 8856F

For Appellant: Shri Rajiv KhandelwalFor Respondent: Shri G.M. Dass
Section 132Section 143(3)Section 153ASection 37(1)

…he assessee @ 15% of Pub sales towards cost of liquor is very much reasonable. The Ld. Counsel for the assessee further submits that the entire sale of liquor cannot be taxed and he places reliance on the decisions in the case of Abhishek Corporation Vs DCIT {63 TTJ 651(Ahd)}, Kishore Mohanlal 5 Vijaydeep Hotels Telwala Vs ACIT (64 TTJ 543) and in the case of Agarwal Motors Vs ACIT 68 ITD 407 (Jab). 7. We have heard the rival contentions, perused the orders of the authorities below and the materials placed before us. The Assessing Officer while completing the assessment considered the entire gross sales of Rs.…

Vijaydeep Hotels P. Ltd, Mumbai vs. DCIT Cen Cir 29, Mumbai

In the result, the appeals filed by the Revenue are dismissed and the appeals filed by the assessee are partly allowed

ITA 3241/MUM/2011[2006-07]Status: DisposedITAT Mumbai20 Jun 2016AY 2006-07

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं /I.Ta Nos. 3291,3293,3384 & 3385/Mum/11 ("नधा"रण वष" / Assessment Years: 2004-05 To 2007-08 The Acit, M/S. Vijaydeep Hotels Pvt. बनाम/ Cent. Cir-29, Ltd., Vs. Aayakar Bhavan, Hotel Bawa International, Mumbai-400 020 Nehru Road Ext, Near Domestic Airport, Vile Parle, Mumbai-400 049 आयकर अपील सं /I.Ta Nos. 3241 & 3243/Mum/11 ("नधा"रण वष" / Assessment Years: 2006-07 & 2007-08 M/S. Vijaydeep Hotels Pvt. The Acit, बनाम/ Ltd., Cent. Cir-29, Vs. Hotel Bawa International, Aayakar Bhavan, Nehru Road Ext, Mumbai-400 020 Near Domestic Airport, Vile Parle, Mumbai-400 049 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacv 1582D आयकर अपील सं /I.Ta Nos. 951 To 953/Mum/2013 ("नधा"रण वष" / Assessment Years: 2005-06 To 2007-08 Shri Karanveer Singh G. The Acit, बनाम/ Bawa, Cent. Cir-29, Vs. 22, Sahib Guru Angad Aayakar Bhavan, Niwas, Mumbai-400 020 Vitthal Nagar Co. Op. Soc. N.S. Road No. 22, Jvpd Scheme, Juhu, Vile Parle (E), Mumbai-400 049 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aejpb 8856F

For Appellant: Shri Rajiv KhandelwalFor Respondent: Shri G.M. Dass
Section 132Section 143(3)Section 153ASection 37(1)

…he assessee @ 15% of Pub sales towards cost of liquor is very much reasonable. The Ld. Counsel for the assessee further submits that the entire sale of liquor cannot be taxed and he places reliance on the decisions in the case of Abhishek Corporation Vs DCIT {63 TTJ 651(Ahd)}, Kishore Mohanlal 5 Vijaydeep Hotels Telwala Vs ACIT (64 TTJ 543) and in the case of Agarwal Motors Vs ACIT 68 ITD 407 (Jab). 7. We have heard the rival contentions, perused the orders of the authorities below and the materials placed before us. The Assessing Officer while completing the assessment considered the entire gross sales of Rs.…