CIT & Anr. v. S.K. Srigiri And Bros.

298 ITR 13High Court2008#3756 most cited

What is CIT & Anr. v. S.K. Srigiri And Bros. authority for?

Income declared during a survey under section 133A is to be treated as business income, and section 115BBE will not apply to such income.

32

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT v S.K. Srigiri And Bros · section 133A · survey proceedings · business income · income from other sources · section 115BBE · unexplained investment · section 69A · KAR HC

Sections most often in play

Section 115BBESection 133ASection 143(1)Section 28Section 40b(v)Section 69Section 69B

Issues it is cited on

survey under section 133asection 69bsection 271aacadvance taxsection 115bbreasoned ordersection 115bsection 133asection 133section 115bbeunexplained investmentsection 28

Judgments citing CIT & Anr. v. S.K. Srigiri And Bros.

DCIT, CENTRAL CIRCLE-1(3), BENGALURU, BENGALURU vs. MANGALDEEP CHAINS, BENGALURU

ITA 2562/BANG/2024[2020-21]Status: DisposedITAT Bangalore31 Oct 2025AY 2020-21

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubey

For Appellant: Shri T. Srinivasa, CAFor Respondent: Shri Muthu Shankar, CIT-DR
Section 115BSection 133ASection 139(1)Section 143(2)Section 28Section 69ASection 69B

…judgments of the Hon'ble Jurisdictional High Court and Hon'ble Bench of the ITAT, the Ld.CIT(A) after considering the written submissions and judgment of Hon'ble Jurisdictional High Court in the case of CIT & Anr. vs. S.K. Srigiri And Bros. reported in [2008] 298 ITR 13 (KAR) and in the case of DCIT vs. Sri Krishna Diamonds And Jewellery in ITA No. 453/Bang/2023 dated 01/08/2023 and some other judgements, allowed appeal of the assessee observing that the income declared during the course of survey will be treated as business income. The assessee relied on the following cases too. 1) M/s. Travancore Textiles (P) L…

DCIT, CENTRAL CIRCLE-1(3), BENGALURU, BENGALURU vs. MANGALDEEP CHAINS, BENGALURU

ITA 2561/BANG/2024[2017-18]Status: DisposedITAT Bangalore31 Oct 2025AY 2017-18

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubey

For Appellant: Shri T. Srinivasa, CAFor Respondent: Shri Muthu Shankar, CIT-DR
Section 115BSection 133ASection 139(1)Section 143(2)Section 28Section 69ASection 69B

…judgments of the Hon'ble Jurisdictional High Court and Hon'ble Bench of the ITAT, the Ld.CIT(A) after considering the written submissions and judgment of Hon'ble Jurisdictional High Court in the case of CIT & Anr. vs. S.K. Srigiri And Bros. reported in [2008] 298 ITR 13 (KAR) and in the case of DCIT vs. Sri Krishna Diamonds And Jewellery in ITA No. 453/Bang/2023 dated 01/08/2023 and some other judgements, allowed appeal of the assessee observing that the income declared during the course of survey will be treated as business income. The assessee relied on the following cases too. 1) M/s. Travancore Textiles (P) L…

JAYVADAN RUGHNATHWALA,SURAT vs. ITO, WARD-1(2)(1), SURAT

ITA 923/SRT/2024[2018-19]Status: DisposedITAT Surat29 Aug 2025AY 2018-19

Bench: Ms. Suchitra Kamble & Shri Bijayananda Pruseth Assessment Year 2018-19

For Appellant: Shri Rasesh Shah, A.RFor Respondent: Shri Ajay Uke, Sr.D.R
Section 115BSection 147Section 148Section 148ASection 69C

…THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT Through Hybrid Mode Before Ms. Suchitra Kamble, Judicial Member And Shri Bijayananda Pruseth , Accountant Member Assessment Year 2018-19 Jayvadan ITO, Rughnathwala, Ward-1(2)(1) 6/7 Khatodara Ind Vs Surat Service Society, (Respondent) B/h. Sub Jail Katodara, Surat-395002 PAN: AAQPR4348L (Appellant) Assessee by: Shri Rasesh Shah, A.R. Revenue by: Shri Ajay Uke, Sr.D.R. Date of hearing : 17-07-2025 Date of pronouncement : 29-08-2025 आदेश/ORDER Per Suchitra Kamble, Judicial Member: This is an appeal filed against the order dated 09-08- 2024 passed by…

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 2(4), BENGALURU, BANGALORE vs. M/S MRK GOLD LLP, BANGALORE

ITA 1026/BANG/2025[2020-21]Status: DisposedITAT Bangalore24 Jul 2025AY 2020-21

Bench: Shri. Laxmi Prasad Sahu & Shri. Soundararajan Kassessment Year : 2020-21

For Appellant: Shri. Narendra Kumar J Jain, AdvocateFor Respondent: Shri. R. Rajamanohar, JCIT(DR)(ITAT), Bangalore
Section 115BSection 133ASection 143(1)Section 69B

…Judicial precedents wherein it has been held that income declared under survey proceedings are to be assessed as Business income only and not as Income from other sources and consequently the provision of Section 115BBE will not apply. • CIT v/s. S.K. Srigiri 298 ITR 13(kar). • ACIT Cen Cir 13, Mumbai vs Rahil Agencies, Mumbai on 23 November, 2016 • Shri Ram Swaroop Singha7& others Vs. ACIT Circle (ITA No. 145/Jodh/2018) • Pr.CIT Vs. BaJrang Traders, C/o. Kalani and Co., ITA No. 258/2017 • Lakshminath Baijnath Vs. CIT(1959) 35 ITR 46 (SC) • DCIT vs. Ramnarayan Bir7a ITA No. 482/JP/2015 • Chandigarh ITAT- Famina K…

INCOME TAX OFFICER W 1, HASSAN vs. RAMACHANDRA SETTY AND SONS, HASSAN

In the result, appeal of the assessee in ITA

ITA 1166/BANG/2023[2017-18]Status: DisposedITAT Bangalore10 Jun 2024AY 2017-18

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…ITA Nos.1156 & 1163 to 1166/Bang/2023 M/s. S. Ramachandra Setty & Sons, Hassan IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI KESHAV DUBEY, JUDICIAL MEMBER ITA Nos.1163 to 1165/Bang/2023 Assessment Years: 2013-14 to 2015-16 M/s. Ramachandra Setty & Sons ITO SRS Building Ward-1 BM Road Vs. Hassan Hassan 573 201 PAN NO : AAEFS4881R APPELLANT RESPONDENT ITA Nos.1166/Bang/2023 Assessment Year: 2017-18 M/s. Ramachandra Setty & Sons ITO SRS Building Ward-1 BM Road Vs. Hassan Hassan 573 201 PAN NO : AAEFS4881R APPELLANT RESPONDENT ITA Nos.…

INCOME TAX OFFICER, W-1, VIJAYANAGAR vs. RAMACHANDRA SETTY AND SONS, HASSAN

In the result, appeal of the assessee in ITA

ITA 1165/BANG/2023[2015-16]Status: DisposedITAT Bangalore10 Jun 2024AY 2015-16

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…ITA Nos.1156 & 1163 to 1166/Bang/2023 M/s. S. Ramachandra Setty & Sons, Hassan IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI KESHAV DUBEY, JUDICIAL MEMBER ITA Nos.1163 to 1165/Bang/2023 Assessment Years: 2013-14 to 2015-16 M/s. Ramachandra Setty & Sons ITO SRS Building Ward-1 BM Road Vs. Hassan Hassan 573 201 PAN NO : AAEFS4881R APPELLANT RESPONDENT ITA Nos.1166/Bang/2023 Assessment Year: 2017-18 M/s. Ramachandra Setty & Sons ITO SRS Building Ward-1 BM Road Vs. Hassan Hassan 573 201 PAN NO : AAEFS4881R APPELLANT RESPONDENT ITA Nos.…

INCOME TAX OFFICER WARD-1 HASSAN, HASSAN vs. RAMACHANDRA SETTY AND SONGS, HASSAN

In the result, appeal of the assessee in ITA

ITA 1164/BANG/2023[2014-15]Status: DisposedITAT Bangalore10 Jun 2024AY 2014-15

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…ITA Nos.1156 & 1163 to 1166/Bang/2023 M/s. S. Ramachandra Setty & Sons, Hassan IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI KESHAV DUBEY, JUDICIAL MEMBER ITA Nos.1163 to 1165/Bang/2023 Assessment Years: 2013-14 to 2015-16 M/s. Ramachandra Setty & Sons ITO SRS Building Ward-1 BM Road Vs. Hassan Hassan 573 201 PAN NO : AAEFS4881R APPELLANT RESPONDENT ITA Nos.1166/Bang/2023 Assessment Year: 2017-18 M/s. Ramachandra Setty & Sons ITO SRS Building Ward-1 BM Road Vs. Hassan Hassan 573 201 PAN NO : AAEFS4881R APPELLANT RESPONDENT ITA Nos.…

INCOME TAX OFFICER, W-1, HASSAN vs. RAMACHANDRA SETTY & SONS, HASSAN

In the result, appeal of the assessee in ITA

ITA 1163/BANG/2023[2013-14]Status: DisposedITAT Bangalore10 Jun 2024AY 2013-14

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…ITA Nos.1156 & 1163 to 1166/Bang/2023 M/s. S. Ramachandra Setty & Sons, Hassan IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI KESHAV DUBEY, JUDICIAL MEMBER ITA Nos.1163 to 1165/Bang/2023 Assessment Years: 2013-14 to 2015-16 M/s. Ramachandra Setty & Sons ITO SRS Building Ward-1 BM Road Vs. Hassan Hassan 573 201 PAN NO : AAEFS4881R APPELLANT RESPONDENT ITA Nos.1166/Bang/2023 Assessment Year: 2017-18 M/s. Ramachandra Setty & Sons ITO SRS Building Ward-1 BM Road Vs. Hassan Hassan 573 201 PAN NO : AAEFS4881R APPELLANT RESPONDENT ITA Nos.…

M/S. S. RAMASHANDRA SETTY & SONS,HASSAN vs. INCOME TAX OFFICER, WARD-1 , HASSAN

In the result, appeal of the assessee in ITA

ITA 1156/BANG/2023[2017-18]Status: DisposedITAT Bangalore10 Jun 2024AY 2017-18

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Shri C. Ramesh, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 115BSection 132(4)Section 250Section 69B

…ITA Nos.1156 & 1163 to 1166/Bang/2023 M/s. S. Ramachandra Setty & Sons, Hassan IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI KESHAV DUBEY, JUDICIAL MEMBER ITA Nos.1163 to 1165/Bang/2023 Assessment Years: 2013-14 to 2015-16 M/s. Ramachandra Setty & Sons ITO SRS Building Ward-1 BM Road Vs. Hassan Hassan 573 201 PAN NO : AAEFS4881R APPELLANT RESPONDENT ITA Nos.1166/Bang/2023 Assessment Year: 2017-18 M/s. Ramachandra Setty & Sons ITO SRS Building Ward-1 BM Road Vs. Hassan Hassan 573 201 PAN NO : AAEFS4881R APPELLANT RESPONDENT ITA Nos.…

SANJEEV KUMAR GOYAL,FATEHABAD vs. DCIT, CC-2, LUDHIANA

In the result, the appeal of the assesse is allowed

ITA 80/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh22 May 2024AY 2019-20

Bench: This Hon’Ble Tribunal Under Section 253 Of The Income Tax Act, 1961 As Amended From Time To Time. 2. The Assessee Is Aggrieved By The Order Of The Ld. Cit(A) Dt. 20/01/2023 In Appeal No. 10853/2018-19/It/Cit(A)-5/Ldh/2021-22 For The A.Y. 2019-20 Under Section 250(6) Of The Income Tax Act, 1961 Which Was Dismissed. Therefore The Present Second Appeal Under Section 253 Of The Income Tax Act, 1961 Before Us Against The Aforesaid Order Dt. 20/01/2023 Which Is Hereinafter Referred To As The Impugned Order.

For Appellant: Shri Sudhir Sehgal, Advocate and Shri Rishaba Marwaha, C.AFor Respondent: Shri Dharamvir, JCIT, Sr. DR
Section 143(2)Section 250(6)Section 253Section 68

…Learned counsel for the assessee submitted that the amount surrendered by the assessee was business income and assessable as such. He relied upon a decision of the Karnataka High Court in Commissioner of Income-Tax and another v. S.K. Srigiri and Bros. [2008] 298 ITR 13 (Karn). 5. The point for determination in this appeal is, whether Rs.5,00,000/- which was surrendered by the assessee during the course of survey under Section 133A of the Act would form part of business income or was assessable under Section 69A of the Act. The Assessing Officer, the CIT(A) and the Tribunal after considering the factual aspect no…

RAJIV KUMAR GOYAL,DHURI vs. DCIT, CC-2, LUDHIANA

In the result, the appeal of the assessee is allowed

ITA 79/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh22 May 2024AY 2019-20

Bench: This Hon’Ble Tribunal Under Section 253 Of The Income Tax Act, 1961 As Amended From Time To Time. 2. The Assessee Is Aggrieved By Order Of The Ld. Cit(A) Dated 03/02/2023 In Appeal No. 10850/2018-19/It/Cit(A)-5/Ldh/2021-22 For A.Y. 2019-20 Under Section 250(6) Of The Income Tax Act, 1961 Which Was Dismissed. Therefore The Present Second Appeal Under Section 253 Of The Income Tax Act, 1961 Before Us Against The Aforesaid Order Dt. 03/02/2023 Which Is Hereiafter Referred To As The Impugned Order. Factual Matrix 3. The Assessee Had For The Relevant Year I.E; A.Y. 2019-20 Was Also Engaged In The Same Business I.E; Manufacturing Of Pvc Pipes & Had Filed

For Appellant: Shri Sudhir Sehgal, Advocate and Shri Rishaba Marwaha, C.AFor Respondent: Shri Dharamvir, JCIT, Sr. D.R
Section 133ASection 139(1)Section 250(6)Section 253

…Learned counsel for the assessee submitted that the amount surrendered by the assessee was business income and assessable as such. He relied upon a decision of the Karnataka High Court in Commissioner of Income-Tax and another v. S.K. Srigiri and Bros. [2008] 298 ITR 13 (Karn). 5. The point for determination in this appeal is, whether Rs.5,00,000/- which was surrendered by the assessee during the course of survey under Section 133A of the Act would form part of business income or was assessable under Section 69A of the Act. The Assessing Officer, the CIT(A) and the Tribunal after considering the factual aspect no…

THAKORDAS PAREKH & SONS,,NA vs. ARIVS.INCOME TAX OFFICER, WARD-5, NAVSARI

In the result, ground No. 2 & 3

ITA 167/SRT/2022[2017-18]Status: DisposedITAT Surat30 Mar 2023AY 2017-18

Bench: Shri Pawan Singhआ.अ.सं./Ita No.167/Srt/2022 (Ay 2017-18) (Hearing In Physical Court) Thakordas Parekh & Sons Income Tax Officer, Ward-5, Bazar Street, Chikhli, Navsari, 204, 2Nd Floor, Vs Navsari-396530 Income Tax Office, Pan No: Aabft 4593 J Charpool, Awabaug, Navsari-396445 अपीलाथ"/Appellant ""यथ" /Respondent "नधा"रती क" ओर से /Assessee By Shri Rasesh Shah, C.A राज"व क" ओर से /Revenue By Shri Vinod Kumar, Sr-Dr सुनवाई की तारीख/Date Of Hearing 05.01.2023 उ"घोषणा क" तार"ख/Date Of 30.03.2023 Pronouncement Order Under Section 254(1) Of Income Tax Act Per Pawan Singh: 1. This Appeal By Assessee Is Directed Against The Order Of National Faceless Appeal Centre, Delhi [For Short To As “Nfac/Ld.Cit(A)”] Dated 23.03.2022 For Assessment Year 2017-18, Which In Turn Arises From The Addition Made By The Income Tax Officer, Ward-5, Navsari / Assessing Officer In Assessment Order Passed Under Section 144 R.W.S143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Dated 30.12.2019. The Assessee Has Raised The Following Grounds Of Appeal:- “1. On The Facts & In The Circumstances Of The Case As Well As Law On The Subject, The Learned Cit(A) Has Erred In Confirming The Action Thakordas Parekh & Sons Of Assessing Officer In Rejecting The Books Of Accounts U/S 145(3) Of The Act.

Section 115BSection 144Section 145(3)Section 254(1)Section 68

…आयकर अपील"य अ"धकरण, सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT “SMC” BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER आ.अ.सं./ITA No.167/SRT/2022 (AY 2017-18) (Hearing in Physical Court) Thakordas Parekh & Sons Income Tax Officer, Ward-5, Bazar Street, Chikhli, Navsari, 204, 2nd Floor, Vs Navsari-396530 Income Tax Office, PAN No: AABFT 4593 J Charpool, Awabaug, Navsari-396445 अपीलाथ"/Appellant ""यथ" /Respondent "नधा"रती क" ओर से /Assessee by Shri Rasesh Shah, C.A राज"व क" ओर से /Revenue by Shri Vinod Kumar, Sr-DR सुनवाई की तारीख/Date of hearing 05.01.2023 उ"घोषणा क" तार"ख/Date of 30.03.…

ASSTT. COMMISSIONER OF INCOME TAX,, SURAT vs. M/S. D.KHUSHALBHAI JEWELLERS,, SURAT

In the result, grounds raised by the revenue is dismissed

ITA 493/SRT/2019[2012-13]Status: DisposedITAT Surat30 Mar 2023AY 2012-13

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 133ASection 143(3)Section 254(1)Section 271(1)(c)Section 69B

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No. 493/Srt/2019 [AY: 2012-13 Penalty u/s 271(1)(c)] ITA No. 265/Srt/2019 [AY: 2013-14 Quantum appeal] (Virtual hearing) A.C.I.T., M/s D. Khushalbhai Jewellers, Circle-1(3), Opp. Ambica Niketan Bus Stop, Vs. Surat. Parle Point, Surat-395007. PAN No. AABFD 7547 G Appellant/Revenue Assessee/Respondent Department represented by Shri Ashok B Koli, CIT-DR Assessee represented by Shri Mehul K Patel, Advocate Date of hearing 21/02/2023 Date of pronouncement 30/03/2023 Order u…

ASSTT. COMMISSIONER OF INCOME TAX,CIR 1(3), SURAT vs. M/S. D.KHUSHALBHAI JEWELLERS,, SURAT

In the result, grounds raised by the revenue is dismissed

ITA 265/SRT/2019[2013-14]Status: DisposedITAT Surat30 Mar 2023AY 2013-14

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 133ASection 143(3)Section 254(1)Section 271(1)(c)Section 69B

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No. 493/Srt/2019 [AY: 2012-13 Penalty u/s 271(1)(c)] ITA No. 265/Srt/2019 [AY: 2013-14 Quantum appeal] (Virtual hearing) A.C.I.T., M/s D. Khushalbhai Jewellers, Circle-1(3), Opp. Ambica Niketan Bus Stop, Vs. Surat. Parle Point, Surat-395007. PAN No. AABFD 7547 G Appellant/Revenue Assessee/Respondent Department represented by Shri Ashok B Koli, CIT-DR Assessee represented by Shri Mehul K Patel, Advocate Date of hearing 21/02/2023 Date of pronouncement 30/03/2023 Order u…

M/S RATHOD DEVELOPERS & BUILDERS,DHARWAD vs. THE INCOME TAX OFFICER, WARD-2(2), BANGALORE

In the result, the appeal filed by the assessee is partly allowed

ITA 721/BANG/2022[2016-17]Status: DisposedITAT Bangalore02 Nov 2022AY 2016-17

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am

For Appellant: Sri.S.V.Ravishankar, AdvocateFor Respondent: Sri.Gudimella V P Pavan Kumar, JCIT -DR
Section 115BSection 133ASection 143(3)Section 40

…l taxable income is after allowing deduction of remuneration paid to the partners u/s 40(b)(v) of the I.T.Act. In this context, the learned AR relied on the judgment of the Hon’ble jurisdictional High Court in the case of CIT v. S.K.Srigiri & Bros reported in 298 ITR 13 (Kar.). 7. The learned DR supported the order of the A.O. and the CIT(A). It was submitted that the additional income offered of Rs.2 crore is not a business income and the same has been rightly taxed as per the provisions of section 115BBE of the I.T.Act. Therefore, it was stated that the A.O’s order, which was confirmed by the CIT(A) in not gra…

ASSISTANT COMMISSIONER OF INCOME TAX, VALSAD CIRCLE, VALSAD vs. M/S. MANGALDEEP, VALSAD

In the result, appeals in ITA No

ITA 699/SRT/2018[2015-16]Status: DisposedITAT Surat26 Jan 2022AY 2015-16

Bench: Shripawan Singh, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.699/Srt/2018 ("नधा"रणवष" / Assessment Years: (2015-16) (Virtual Court Hearing) The Acit, Valsad Circle, Vs. M/S. Mangaldeep, 1St Floor, Shankeshwar Complex, Valsad. Dhobiwad, Valsad, Valsad-396001. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aahfm7130L (Appellant) (Respondent) Cross Objection No.11/Srt/2021 [Arising In Ita No.699/Srt/2018] ("नधा"रणवष" / Assessment Years: (2015-16) (Virtual Court Hearing) M/S. Mangaldeep, Vs. The Acit, Valsad Circle, 1St Floor, Shankeshwar Complex, Valsad. Dhobiwad, Valsad, Valsad-396001. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aahfm7130L (Applicant-Co-Objector) (Respondent)

Section 133ASection 143(2)Section 143(3)Section 14ASection 36(1)(va)Section 69A

…rcised. The Tribunal in this regard relied on the decision of the Apex Court in the case of Malabar Industrial Co. Ltd. v. CIT, 243 ITR 83. The Tribunal also relied on the decision of the Karnataka High Court in the case of CIT v. S.K.Srigiri and Bros. (2008) 298 ITR 13 (Karn). The decision of this Court in the case of Fakir Mohmmed Haji Hasan v. CIT 247 ITR 290 (Guj) was distinguished on facts. On behalf of the Revenue, counsel submitted that the Tribunal committed grave error. The Commissioner exercised powers under section 263 of the Act giving cogent reasons and remanded the proceedings before the Assessing O…

M/S. SHUBH ENTERPRISE,SURAT vs. PR. CIT-1, , SURAT

In the result, the appeal of the assessee is allowed

ITA 317/SRT/2018[2013-14]Status: DisposedITAT Surat09 Nov 2021AY 2013-14

Bench: Shripawan Singh, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.317/Srt/2018 (िनधा"रणवष" / Assessment Year: (2013-14) (Virtual Court Hearing) M/S Shubh Enterprise Principal Commissioner Of Income V Tp Scheme No.14, Plot No.42, Opp. Tax-1, Aayakar Bhawan, Majura S. Recent Residency, Pal Village, Surat Gate, Surat-395002 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Abzfs 6271 K (Appellant ) (Respondent)

For Appellant: Shri Sapnesh R Sheth, C.AFor Respondent: Shri Sreenivas T Bidari, CIT-DR
Section 115BSection 131Section 133Section 143Section 143(3)Section 184Section 263Section 40

…xercised. The Tribunal in this regard relied on the decision of the Apex Court in the case of Malabar Industrial Co. Ltd. v. CIT, 243 ITR 83. The Tribunal also relied on the decision of the Karnataka High Court in the case of CIT v.S.K.Srigiri and Bros.(2008) 298 ITR 13 (Karn). The decision of this Court in the case of Fakir Mohmmed Haji Hasan v. CIT 247 ITR 290 (Guj) was distinguished on facts. On behalf of the Revenue, counsel submitted that the Tribunal committed grave error. The Commissioner exercised powers under section 263 of the Act giving cogent reasons and remanded the proceedings before the Assessing O…

THE PR. COMMISSIONER OF INCOME TAX (CENTRAL) vs. M/S DTE EXPORTS (P) LTD

The Appeals are dismissed

ITTA/14/2021HC Andhra Pradesh01 Aug 2021

Bench: JOYMALYA BAGCHI,K SURESH REDDY

Section 115BSection 132Section 142(1)Section 153DSection 69

…horities binding on him, namely, where excess stock found in the course of search is 4 (2013) 258 CTR (P & H) 454 5 (2008) 298 ITR 13 (karn) JB J & KSR, J ITTA Nos.8, 9 & 14 of 2021 6 neither separately identifiable nor had independent physical existence, it cannot be treated as ‘undisclosed investment’ under Section 69 of the Act. In the present cases, explanations have been offered by the assessees that excess stock was a result of suppression of profits from…

THE PR COMMISSIONER OF THE INCOME TAX (CENTRAL) vs. M/S DECCAN TOBACCO COMPANY

The Appeals are dismissed

ITTA/9/2021HC Andhra Pradesh01 Aug 2021

Bench: JOYMALYA BAGCHI,K SURESH REDDY

Section 115BSection 132Section 142(1)Section 153DSection 69

…horities binding on him, namely, where excess stock found in the course of search is 4 (2013) 258 CTR (P & H) 454 5 (2008) 298 ITR 13 (karn) JB J & KSR, J ITTA Nos.8, 9 & 14 of 2021 6 neither separately identifiable nor had independent physical existence, it cannot be treated as ‘undisclosed investment’ under Section 69 of the Act. In the present cases, explanations have been offered by the assessees that excess stock was a result of suppression of profits from…

SH. MANINDER SINGH CHEEMA,HOSHIARPUR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, HOSHIARPUR

In the result, the assessee appeal is dismissed

ITA 702/ASR/2013[2009-10]Status: DisposedITAT Amritsar07 Jul 2021AY 2009-10

Bench: Sh. Laliet Kumar & Dr. M. L. Meenai.T.A. No. 702/Asr/2013 Assessment Year: 2009-10

Section 133A

…, wherein it was held as under:- “4. Learned counsel for the assessee submitted that the amountsurrendered by the assessee was business income and assessable as such. He relied upon a decision of the Karnataka High Court in CIT v. S.K. Srigiri & Bros. [2008] 298 ITR 13/171 Taxman 264. 5. The point for determination in this appeal is, whether Rs. 5,00,000 which was surrendered by the assessee during the course of survey under s. 133A of the Act would form part of business income or was assessable under s. 69A of the Act. The AO, the CIT(A) and the Tribunal after considering the factual aspect noticed that the amo…

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CIT & Anr. v. S.K. Srigiri And Bros. (298 ITR 13) — Cited in 32 Judgments | BharatTax