B.K. Khanna & Co. Pvt. Ltd. v. CIT

247 ITR 705High Court2001#17362 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2023.

Judgments citing B.K. Khanna & Co. Pvt. Ltd. v. CIT

ITO, Ward-20(2), New Delhi vs. Prem Power Construction Pvt. Ltd., New Delhi

In the result, the Appeal of the assessee

ITA 4965/DEL/2018[2013-14]Status: DisposedITAT Delhi19 Jul 2023AY 2013-14

Bench: Shri Shamim Yahya & Shri Yogesh Kumar U.S.I.T.A. No. 4965/Del/2018 (A.Y. 2013-14) Ito Prem Power Construction Pvt. Ltd. Vs. Ward-20(2) Khasra No. 261/1, Room No. 218, 2Nd Floor, C. Village Ghitorni, R. Building, New Delhi New Delhi Pan: Aabcp8750G ( Appellant ) ( Respondent )

For Appellant: Department by: Ms. Beenu, Sr. DRFor Respondent: Ms. Beenu, Sr. DR

Section 145(3)Section 44

…the assessing officer pointed out any defects in the books of accounts and the same have not been rejected u/s 145(3) of the L.T. Act. The Ld. AR of appellant has relied on the decision of Hon'ble Delhi High Court in B.K. Khanna & Co. Pvt. Ltd. vs. CIT (2001) 247 ITR 705,709 Delhi. In the light of principles laid down by Hon'ble Delhi High Court in B.K. Khanna & Co. Pvt. Ltd. vs. CIT (2001) 247 ITR 705,709 Delhi, I hold that the addition of Rs. 6,05,99,475/- by applying estimated GP rate of 10% without rejecting the trading results u/s 145(3) is not warranted. The assessing officer is directed to delete the same.…

ACIT, New Delhi vs. National Agricultural Cooperative Marketing Federation of India, New Delhi

ITA 4107/DEL/2015[2009-10]Status: DisposedITAT Delhi03 Mar 2022AY 2009-10

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 4107/Del/2015 : Asstt. Year : 2009-10 Acit, Vs National Agricultural Cooperative Circle-54(1), Marketing Federation Of India, New Delhi Nafed House, Ashram Chowk, New Delhi (Appellant) (Respondent) Pan No. Aaaan4629F Assessee By : Sh. Hiren Mehta, Ca Revenue By : Sh. Satpal Gulati, Cit Dr Date Of Hearing: 20.01.2022 Date Of Pronouncement: 03.03.2022

For Appellant: Sh. Hiren Mehta, CAFor Respondent: Sh. Satpal Gulati, CIT DR

Section 40

…arrangement by the assessee with the intent to avoid tax through a collusive device, and the real purpose was something else then what appeared on the face. 25. The AO relied upon the case of B.K. Khanna & Co. (P.) Ltd. vs. Commissioner of Income-tax [2001] 247 ITR 705 (DELHI). In that case, the Tribunal held that the transaction is not only malafide but a collusive also. 26. It was argued before us that under this model the purchases and sales are booked in the books of the assessee as normal purchase and sales of the commodity and the difference between the purchase and sales after reducing the amount of ser…

DCIT, Circle- 21(1), New Delhi vs. Realistic Realitors Pvt. Ltd., New Delhi

In the result, appeal of the Revenue dismissed

ITA 684/DEL/2018[2008-09]Status: DisposedITAT Delhi05 Mar 2021AY 2008-09

Bench: Shri Bhavnesh Saini & Shri N.K. Billaiya

For Appellant: Shri Mayan K. Patwari, CAFor Respondent: Shri Gurmel Singh, Sr. D.R

Section 143(1)Section 145(3)Section 148Section 37

…the assessing officer pointed out any defects in the books of accounts and the same have not been rejected u/s 145(3) of the I.T. Act. The Ld. AR of appellant has relied on the decision of Hon’ble Delhi High Court in B.K. Khanna & Co. Pvt. Ltd. vs. CIT (2001) 247 ITR 705,709 Delhi. In the light of principles laid down by Hon’ble Delhi High Court 9 ITA.No.1220/Del./2018 M/s. Raghukul Trading Pvt. Ltd., Noida. in B.K. Khanna 86 Co. Pvt. Ltd. vs. CIT (2001) 247 ITR 705,709 Delhi, I hold that the addition of Rs.1,58,91,312/- is not warranted. The same is therefore, deleted.” 4. The Ld. D.R. relied upon the Order of…

Vaaya Renewable Energy (Purna) Private Limited, Mumbai vs. Deputy Commissioner of Income Tax, Central Circle 3(1)`, Mumbai

The appeal of the assessee is allowed

ITA 535/MUM/2018[2012-13]Status: DisposedITAT Mumbai03 May 2018AY 2012-13

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Years: 2012-13 Vaaya Renewable Energy Dcit, (Purna) Private Limited, Central Circle-3(1), बनाम/ A-9, Enercon Tower, Veera 19Th Floor, Air India Bldg. Vs. Desai Raod, Veera Nariman Point, Industrial Estate, Mumbai-400021 Andheri (West), Mumbai-400053 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.Aadcv7290F "नधा"रती क" ओर से / Assessee By Shri Hemakataria राज"व क" ओर से / Revenue By Ms. N. Hemlatha-Dr

…ntical ratio was laid down in Bombay Steam Navigation Company vs CIT (1965) 56 ITR 52, 61 (Supreme Court), CIT vs Delhi Safe Deposit company Ltd.(133 ITR 756)(Supreme Court), CIT vs Rajaram Bandekar (208 ITR 503)(Bom.) and B.K. Khanna & Company Pvt. Ltd. (247 ITR 705)(Del.). There are certain decision, where the Hon'ble Court even went to the extent, where the expenditure, in the course of trade, which is un- remunerative is none the less a proper deduction if wholly and exclusively made for the purposes of trade. Our view find support from the decision in Maysore Spinning and Mfg. Company Ltd. vs CIT (1…

Kamlesh S. Mehta, Mumbai vs. ITO 21(2)(2), Mumbai

The appeal of the assessee is partly allowed for statistical purpose

ITA 1475/MUM/2014[2010-11]Status: DisposedITAT Mumbai26 Feb 2016AY 2010-11

Bench: The Ld. Assessing Officer & The Accounts Of The Assessee Are Audited One, Therefore, The Addition Is Purely On The Basis Guess Work. Our Attention Was Invited To Exhibit A (Pages 1 & 2) & Exhibit D Containing Ledger Of Transportation, Octroi & Staff Welfare Expenses.

…section 2 (13) of the Act, which includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture. The analysis of business expenditure has been dealt with in B.K. Khanna & Company Pvt. Ltd. vs CIT (2001) 247 ITR 705, 709 (Del.). In other words to be an allowable expenditure, the money paid out or away must be (a) paid out wholly and exclusively for the purposes of business (b) must not be (i) capital expenditure, (ii) personal expenditure or (iii) an allowance of the character describe in section 32 to 36 (for A.Ys. 1976 -77 to 1985-86 and section 80VV). How…