ACIT v. Mewar Polytex

M/S RAJ AUTO WHEELS P .LTD.,AJMER vs. JCIT, RANGE-1, AJMER

In the result, the appeal of the assessee is party allowed

…parable case—Assessee having 10 ITA NO. 397/JP/2015 RAJ AUTO WHEELS (P) LTD. VS JCIT, RANGE-1, AJMER declared higher GP rate than the preceding year, its trading results require acceptance and trading addition requires deletion” Also refer Madan Lal VS. ITO 99 TTJ 538 (JD), CIT vs. Ashok Behi Bharat Sethi & Party (2013)35 taxmann.com 214 (Raj.)(DPB 43-46) 4.3 Justifiable reason behind non-considering comparable case: The comparison so made with the G.P. declared two years later by a third party, is not a good basis for making addition. The justification behind the trading results of the current year are always…

M/S. CHAMBAL FERTILIZERS AND CHEMICALS LIMITED,KOTA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, KOTA

In the result, appeal of the revenue is dismissed

…ng decisions:- • MalaniRamjivan Jagannath (2009) 316 ITR 120 (Raj HC) — para 9 to 11 • Pawan Enterprises v. ACIT (ITA No. 76/JP/2018)(Jaipur trib) — para 7 • PCIT v. IBILT Technologies Ltd. (2018) 98 taxmann.com 255 (Del HC) — para 9 • ACIT v. Mewar Polytex (51 TTJ 698)(Jaipur trib.) — para 13, 16 & 21 • Madan Lal v. ITO (99 TTJ 538)(jodhpur trib.) — para 9 • Century Tiles Ltd. V. JCIT (152 ITD 327)(Ahm. trib.) — para 23 Hence, basis the above decisions, the appellant submitted that the AO has not pointed out any specific defect or discrepancy in the account books maintained by the assessee. The assessee has bee…

CHAMBAL FERTILISERS AND CHEMICALS LIMITED,KOTA vs. ACIT, KOTA

In the result, appeal of the revenue is dismissed

…ng decisions:- • MalaniRamjivan Jagannath (2009) 316 ITR 120 (Raj HC) — para 9 to 11 • Pawan Enterprises v. ACIT (ITA No. 76/JP/2018)(Jaipur trib) — para 7 • PCIT v. IBILT Technologies Ltd. (2018) 98 taxmann.com 255 (Del HC) — para 9 • ACIT v. Mewar Polytex (51 TTJ 698)(Jaipur trib.) — para 13, 16 & 21 • Madan Lal v. ITO (99 TTJ 538)(jodhpur trib.) — para 9 • Century Tiles Ltd. V. JCIT (152 ITD 327)(Ahm. trib.) — para 23 Hence, basis the above decisions, the appellant submitted that the AO has not pointed out any specific defect or discrepancy in the account books maintained by the assessee. The assessee has bee…

CHAMBAL FERTILISERS AND CHEMICALS LIMITED,KOTA vs. DCIT, KOTA

In the result, appeal of the revenue is dismissed

…ng decisions:- • MalaniRamjivan Jagannath (2009) 316 ITR 120 (Raj HC) — para 9 to 11 • Pawan Enterprises v. ACIT (ITA No. 76/JP/2018)(Jaipur trib) — para 7 • PCIT v. IBILT Technologies Ltd. (2018) 98 taxmann.com 255 (Del HC) — para 9 • ACIT v. Mewar Polytex (51 TTJ 698)(Jaipur trib.) — para 13, 16 & 21 • Madan Lal v. ITO (99 TTJ 538)(jodhpur trib.) — para 9 • Century Tiles Ltd. V. JCIT (152 ITD 327)(Ahm. trib.) — para 23 Hence, basis the above decisions, the appellant submitted that the AO has not pointed out any specific defect or discrepancy in the account books maintained by the assessee. The assessee has bee…

INCOME TAX OFFICER, WARD- BHIWADI vs. SHRI SATISH KUMAR, ALWAR

In the result, appeal of the revenue is partly allowed for statistical

Bench: The Ld. Cit(A). The Ld. Cit(A)

…ere is decline in the G.P. rate due to substantial increase in the turnover, the trading addition is not justified. He relied on the following case laws: 1. PCIT Vs. Purshottam B. Pitroda (2017) 248 Taxman 118 (Guj.) (HC). 2. Madan Lal V. Income tax Officer 99 TTJ 538 (Jd.) 3. ITO V. Arun Kumar Gupta 103 TTJ 134 (Jd.) In view of above, the trading addition confirmed by CIT(A) be directed to be deleted. 18. On the other hand, the ld DR has relied on the orders of the authorities below. 19. We have heard both the sides on this issue and also perused the material available on the record. From the records, we f…

ACIT, JAIPUR vs. NIRMAL GLASSTECH INDUSTRIES, JAIPUR

In the result, the revenue’s appeal is dismissed and the assessee’s

…rious cases it has been held that simply because there is decline in the G.P. rate due to substantial increase in the turnover, the trading addition is not justified. For this purpose reliance is placed on the following cases:- Madan Lal V. Income tax Officer 99 TTJ 538 (Jd.) It was held that the estimation of the income has to be made only on the basis of some logic and the past history is the best guide except in cases where the assessee is liable to explain that the figures of the past year can’t be applied in the relevant year. The assessee has explained the fall in the G.P. rate by referring to steep increas…

AMIT BHANDARI,JAIPUR vs. ITO, JAIPUR

In the result, both the appeals of the assessee are partly allowed

…addition when discrepancies were duly reconciled before lower authorities. (vi) The assessee request that only one irregularity of not keeping stock register cannot justify the rejection of entire books of accounts in view of ACIT v/s Mewar Polytee (P) Ltd. 51 TTJ 698 (JP) XIII Tax world 64 and (2) CIT V/s Geo Tech Construction Corporation (1996) 221 ITR (Ker.). [Pandit Bros. v. CIT, (1954) 26 ITR 159, 166-7 (Punj). Also, CST v. Khera Shoe Co., (1975) 36 STC 220 (All); Lallooram Ram Swarup v. CST, (1978) Tax LR (NOC) 152 (All); Asst. CTO v. Kapur Trunk Factory, (1990) 79 STC, 334 (Raj); State of Orissa v. Gaura…