Additionally, in MA Rauf v. CIT

SANJAY KUMAR KARNANI,JAIPUR vs. ACIT, CENTRAL CIRCLE-3, JAIPUR, JAIPUR

In the result, all appeals of the assessee are disposed off in terms of

Bench: AO on 12-04-2021 18. Reply filed before AO on 15-07-2021 19. Additional Written Submissions filed before CIT(A) for AY 2014-15 on 11-11-2024 20. Written Submissions filed before CIT(A) for AY 2014-15 21. Written Submissions filed before CIT(A) for AY 2015-16 on 10-10-2024 22. Written Submissions filed before CIT(A) for AY 2016-17 on 10-10-2024 23. Written Submissions filed before CIT(A) for AY 2017-18 on 15-10-2024 24. Written Submissions filed before CIT(A) for AY 2018-19 on 15-10-2024 25.

…of a business is often the best indicator for fair estimation. In CIT v. Popular Electric Co. Pvt. Ltd. (1993) 203 ITR 630 (Cal), the court affirmed that past performance should significantly influence income estimation. Additionally, in MA Rauf v. CIT (1958) 33 ITR 843 (Pat) and Kansara Bearing Pvt. Ltd. v. ACIT (270 ITR 235, Raj), the courts reiterated the importance of considering historical data in assessments. Shri Ambika Garments vs. ACIT 9.4 In the current scenario, the assessee declared sales amounting to Rs 6,98 Crores, which marks a substantial increase compared to Rs-6.47 Crores in the FY 2014-15 and…

SANJAY KUMAR KARNANI,JAIPUR vs. ACIT, CENTRAL CIRCLE-3, JAIPUR, JAIPUR

In the result, all appeals of the assessee are disposed off in terms of

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…of a business is often the best indicator for fair estimation. In CIT v. Popular Electric Co. Pvt. Ltd. (1993) 203 ITR 630 (Cal), the court affirmed that past performance should significantly influence income estimation. Additionally, in MA Rauf v. CIT (1958) 33 ITR 843 (Pat) and Kansara Bearing Pvt. Ltd. v. ACIT (270 ITR 235, Raj), the courts reiterated the importance of considering historical data in assessments. Shri Ambika Garments vs. ACIT 9.4 In the current scenario, the assessee declared sales amounting to Rs 6,98 Crores, which marks a substantial increase compared to Rs-6.47 Crores in the FY 2014-15 and…

SHRI AMBICA GARMENTS, JODHPUR,JODHPUR vs. ACIT, CENTRAL CIRCLE-3, JAIPUR, JAIPUR

In the result, all appeals of the assessee are disposed off in terms of

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…of a business is often the best indicator for fair estimation. In CIT v. Popular Electric Co. Pvt. Ltd. (1993) 203 ITR 630 (Cal), the court affirmed that past performance should significantly influence income estimation. Additionally, in MA Rauf v. CIT (1958) 33 ITR 843 (Pat) and Kansara Bearing Pvt. Ltd. v. ACIT (270 ITR 235, Raj), the courts reiterated the importance of considering historical data in assessments. Shri Ambika Garments vs. ACIT 9.4 In the current scenario, the assessee declared sales amounting to Rs 6,98 Crores, which marks a substantial increase compared to Rs-6.47 Crores in the FY 2014-15 and…

SHRI AMBICA GARMENTS, JODHPUR,JODHPUR vs. ACIT, CENTAL CIRCLE-3, JAIPUR, JODHPUR

In the result, all appeals of the assessee are disposed off in terms of

…of a business is often the best indicator for fair estimation. In CIT v. Popular Electric Co. Pvt. Ltd. (1993) 203 ITR 630 (Cal), the court affirmed that past performance should significantly influence income estimation. Additionally, in MA Rauf v. CIT (1958) 33 ITR 843 (Pat) and Kansara Bearing Pvt. Ltd. v. ACIT (270 ITR 235, Raj), the courts reiterated the importance of considering historical data in assessments. Shri Ambika Garments vs. ACIT 9.4 In the current scenario, the assessee declared sales amounting to Rs 6,98 Crores, which marks a substantial increase compared to Rs-6.47 Crores in the FY 2014-15 and…

SHRI AMBICA GARMENTS, JODHPUR,JODHPUR vs. ACIT, CENTAL CIRCLE-3, JAIPUR, JAIPUR

In the result, all appeals of the assessee are disposed off in terms of

…of a business is often the best indicator for fair estimation. In CIT v. Popular Electric Co. Pvt. Ltd. (1993) 203 ITR 630 (Cal), the court affirmed that past performance should significantly influence income estimation. Additionally, in MA Rauf v. CIT (1958) 33 ITR 843 (Pat) and Kansara Bearing Pvt. Ltd. v. ACIT (270 ITR 235, Raj), the courts reiterated the importance of considering historical data in assessments. Shri Ambika Garments vs. ACIT 9.4 In the current scenario, the assessee declared sales amounting to Rs 6,98 Crores, which marks a substantial increase compared to Rs-6.47 Crores in the FY 2014-15 and…

SATYA NARAYAN ,BHARATPUR vs. ITO WARD 1, BHARATPUR

In the result, the appeal of the assessee is allowed

Bench: SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member), SHRI NARINDER KUMAR, JM आयकर अपील सं. / ITA No. 1434/JP/2024 निर्धारण वर्ष / Assessment Year : 2021-22 Satya Narayan बनाम Income Tax Officer, Prop. M/s Shiv Charan Lal Satya Vs. Ward -1, Narayan, Navin Mandi Yard, Nadbai, Bharatpur Bharatpur स्थायीलेखा सं. / जीआईआर सं./PAN/GIR No.: AAPPN9055M अपीलार्थी / Appellant प्रत्यर्थी / Respondent निर्धारिती की ओर से / Assessee by: Sh. Ashish Khandelwal, CA राजस्व की ओर से/Revenue by: Sh. Anup Singh

…st history of the appellant & putting comparable cases on record. It has been held in various judgments that assessee’s past History is best guide for making estimation. Kindly refer CIT v/s Popular Electric Co.(P) Ltd. 203 ITR 630(Ker.) and M.A. Rauf v/s CIT 33 ITR 843(Pat.). The past history of the appellant is tabulated as under, which will depict that the GP Rate of 1.36 % declared by the appellant was reasonable & robust and backed by the maintenance of proper books of accounts: - Asst. yr Sales Gross Profit G.P.Rate Remarks (%) 2019-20 12,90,96,193.08 21,67,182.28 1.68% 2020-21 19,70,99,577.96 30,15,469.23…

KAILASH CHAND,JAIPUR vs. ITO WARD, BEHROR, BEHROR

In the result, the appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Judicial Member)

…matter, it must be honest guess-work [CIT Vs. Laxmi Narain Badridas , (1937) 5 ITR 170, 180 (PC), reversing (1934) 2 ITR 246 (Nag); CIT Vs. S. Sen, (1949) 17 ITR 355 (Orissa); Singh Engineering Works Vs. CIT , (1953) 24 ITR 93 (All); M.A. Rauf Vs. CIT, (1958) 33 ITR 843 (Pat); Mohanlal Mahribal Vs. CIT, (1982) 133 ITR 683 (MP) ; Ganga Prasad Sharma Vs. CIT, (1981) 132 ITR 87 (MP) & (1981) 127 ITR 27 (MO); Balchand Udairam Vs. State of Sikkim, (1989) 180 ITR 530, 553 (Sikkim); K.T. Thomas Vs. Ag ITO, (1990) 184 ITR 561, 565 (Ker.)]. In making a best judgment assessment the Assessing Officer does not possess absolu…

PUNEET SINGHVI,KOTA vs. ITO, WARD-2(1), KOTA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…matter, it must be honest guess-work [CIT Vs. Laxmi Narain Badridas , (1937) 5 ITR 170, 180 (PC), reversing (1934) 2 ITR 246 (Nag); CIT Vs. S. Sen, (1949) 17 ITR 355 (Orissa); Singh Engineering Works Vs. CIT , (1953) 24 ITR 93 (All); M.A. Rauf Vs. CIT, (1958) 33 ITR 843 (Pat); Mohanlal Mahribal Vs. CIT, (1982) 133 ITR 683 (MP) ; Ganga Prasad Sharma Vs. CIT, (1981) 132 ITR 87 (MP) & (1981) 127 ITR 27 (MO); Balchand Udairam Vs. State of Sikkim, (1989) 180 ITR 530, 553 (Sikkim); K.T. Thomas Vs. Ag ITO, (1990) 184 ITR 561, 565 (Ker.)]. In making a best judgment assessment the Assessing Officer does not possess absolu…

MUSTAFA KATTHAWALA,KOTA vs. DCIT ACIT, CIRCLE-2, KOTA, KOTA

In the result, the appeal of the assessee is allowed for\nstatistical purposes

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM\nआयकर अपील सं./ITA. No. 1156/JPR/2024\nनिर्धारण वर्ष / Assessment Years : 2015-16\nMustafa Katthawala\nProp. Shakti Steels, Near Reliance\nPetrol Pump Jhalawar Road, IPIA\nKota.-324005.\nबनाम | The DCIT/ACIT,\nVs.\nCircle-2,\nKota.\nस्थायी लेखा सं./ जीआईआर सं./PAN/GIR No.: AGPPK5043C\nअपीलार्थी / Appellant\nप्रत्यर्थी / Respondent\nनिर्धारिती की ओर से / Assessee by :Shri Devang Gargieya, Adv.\nराजस्व की ओर से / Reven

…matter, it must be honest guess-work [CIT Vs. Laxmi Narain Badridas\n(1937) 5 ITR 170, 180 (PC), reversing (1934) 2 ITR 246 (Nag); CIT\nVs. S. Sen, (1949) 17 ITR 355 (Orissa); Singh Engineering Works Vs.\nCIT, (1953) 24 ITR 93 (All); M.A. Rauf Vs. CIT, (1958) 33 ITR 843\n(Pat); Mohanlal Mahribal Vs. CIT, (1982) 133 ITR 683 (MP) ; Ganga\nPrasad Sharma Vs. CIT, (1981) 132 ITR 87 (MP) & (1981) 127 ITR\n27 (MO); Balchand Udairam Vs. State of Sikkim, (1989) 180 ITR 530,\n553 (Sikkim); K.T. Thomas Vs. Ag ITO, (1990) 184 ITR 561, 565\n(Ker.)].\nIn making a best judgment assessment the Assessing Officer does\nnot possess…

VIMLADEVI AGROTECH LIMITED ,KOTA vs. ACIT, WD -1(2), KOTA, KOTA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: The Date Of Hearing.

…matter, it must be honest guess-work [CIT Vs. Laxmi Narain Badridas , (1937) 5 ITR 170, 180 (PC), reversing (1934) 2 ITR 246 (Nag); CIT Vs. S. Sen, (1949) 17 ITR 355 (Orissa); Singh Engineering Works Vs. CIT , (1953) 24 ITR 93 (All); M.A. Rauf Vs. CIT, (1958) 33 ITR 843 (Pat); Mohanlal Mahribal Vs. CIT, (1982) 133 ITR 683 (MP) ; Ganga Prasad Sharma Vs. CIT, (1981) 132 ITR 87 (MP) & (1981) 127 ITR 27 (MO); Balchand Udairam Vs. State of Sikkim, (1989) 180 ITR 530, 553 (Sikkim); K.T. Thomas Vs. Ag ITO, (1990) 184 ITR 561, 565 (Ker.)]. In making a best judgment assessment the Assessing Officer does not possess absol…

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

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

…Tribunal was justified in applying the same GP rate for the assessment year in question as against 15 per cent applied by the AO and 2.30 per cent declared by the assessee” CIT v/s Popular Electric Co. Pvt. Ltd (1993) 203 ITR 630 (Cal), MA Rauf v/s CIT (1958) 33 ITR 843 (Pat). Also refer M/s Rishab Construction (P) Ltd. 38 TW 8 (JP) wherein it has been held that trading result should not be disturbed in a case wherein these are better than last year results even if provision of S. 145(3) are applicable. 3.Better Results: 3.1 We may submit that past history has been held to be the best guide in the cases of fair e…

HARBANS LAL SETHI,JAIPUR vs. ADDL. CIT, KOTA

In the result, the appeals of the assessee are partly allowed and that of the Revenue are dismissed

…y refer Kindly refer CIT v/s Gupta K.N. Construction Co. (2015) 116 DTR 377 (Raj), Vaibhav Gems 112 DTR 84 (Raj), CIT v/s Popular Electric Co. Pvt. Ltd (1993) 203 ITR 630 14 Shri Harbans Lal Sethi vs. Addl. CIT, Range-2, Kota . (Cal), MA Rauf v/s CIT (1958) 33 ITR 843 (Pat), CIT v/s Inami Marble 316 ITR 125 (Raj) (DPB 31-32). 9.2 However, it will appear that in the present case, neither the ld. AO nor the ld. CIT(A) has made a fair estimation in conformity of the above settled judicial guideline. On the contrary, he rather completely ignored the past history. It is not denied that the assessee was engaged in th…

MOHD. CONST. CO.,KOTA vs. ADDL. CIT, KOTA

…), CIT v/s K.J. Business Centre (2009) 24 DTR 99 (Del.). We may submit that past history has been held to be the best guide in the cases of fair estimation. Kindly refer CIT v/s Popular Electric Co. Pvt. Ltd. (1993) 203 ITR 630 (Cal.), MA Rauf v/s CIT (1958) 33 ITR 843 (Pat.). In CIT v/s Gupta K.N. Construction Co. (2015) 116 DTR 377 (Raj.) holding that where the results of the current year are better as compared to the past year then invariably no addition to be made. Also kindly refer Vaibhav Gems 112 DTR 84 (Raj.), to the same effect. The appellant, this year declared NP rate of 10.05% as against 9.94% in th…