CIT v. Aero Traders Pvt. Ltd.

322 ITR 316High Court2010#455 most cited

What is CIT v. Aero Traders Pvt. Ltd. authority for?

No penalty can be levied under Section 271(1)(c) for concealment of income or furnishing inaccurate particulars when additions or disallowances to income are based purely on estimation, without concrete evidence. The revenue must demonstrate actual concealment, not just an estimated addition.

202

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Aero Traders Pvt. Ltd. · 322 ITR 316 · Section 271(1)(c) penalty · estimated addition · no penalty on estimated addition · concealment of income · furnishing inaccurate particulars · quantum addition estimation · Delhi High Court · levy of penalty

Sections most often in play

Section 271(1)(c)Section 143(3)Section 142(1)Section 250Section 274Section 147Section 148Section 153A

Issues it is cited on

penalty u/s 271(1)(c)furnishing inaccurate particulars of incomefurnishing inaccurate particularsconcealment of incomesection 271asection 274penalty under section 271(1)(c)section 271(1)levy of penaltysection 271(1)(c)section 271section 27

Judgments citing CIT v. Aero Traders Pvt. Ltd.

ITO 32 (1)(5), Mumbai vs. Empee Engineering Corporation, Mumbai

In the result, appeals of the revenue are dismissed

ITA 6798/MUM/2019[2010-11]Status: DisposedITAT Mumbai22 Mar 2021AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri M. Balaganesh, Hon'Ble

For Appellant: NoneFor Respondent: Shri Vijay Kumar Menon
Section 147Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 8. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. 9. In both these appeals on hand the Assessing Officer has only estimated the Gross Profit on the alleged non-genuine purchases wi…

ITO 32 (1)(5), Mumbai vs. Empee Engineering Corporation, Mumbai

In the result, appeals of the revenue are dismissed

ITA 6797/MUM/2019[2009-10]Status: DisposedITAT Mumbai22 Mar 2021AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri M. Balaganesh, Hon'Ble

For Appellant: NoneFor Respondent: Shri Vijay Kumar Menon
Section 147Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 8. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. 9. In both these appeals on hand the Assessing Officer has only estimated the Gross Profit on the alleged non-genuine purchases wi…

Income Tax Officer, 12(1)(2), Mumbai vs. M/S. Autonum Controls Private Limited, Mumbai

In the result, appeal of the revenue is dismissed

ITA 5660/MUM/2019[2010-11]Status: DisposedITAT Mumbai09 Mar 2021AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: NoneFor Respondent: Shri Michael Jerald
Section 143(3)Section 147Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 8. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. 9. In the case on hand the Assessing Officer has only estimated the Gross Profit on the alleged non-genuine purchases without ther…

ITO Ward 1, Palghar vs. Shri. Atul Kumar D Shah, Palghar

In the result, appeal of the revenue is dismissed

ITA 5553/MUM/2019[2009-10]Status: DisposedITAT Mumbai09 Mar 2021AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: NoneFor Respondent: Shri Michael Jerald
Section 143(3)Section 147Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 9. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. In the case on hand the Assessing Officer treated purchases of 10. ₹.3,13,404/- as non-genuine. Ld.CIT(A) considering the evidence…

Income Tax Officer-25(1)(1), Mumbai vs. M/S. Samrat Exports, Mumbai

In the result, appeal of the revenue is dismissed

ITA 5033/MUM/2019[2007-08]Status: DisposedITAT Mumbai05 Mar 2021AY 2007-08

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: NoneFor Respondent: Shri Vijay Kumar Menon
Section 143(3)Section 147Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 9. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate 9 ITA.NO. 5033/MUM/2019 (A.Y: 2009-10) M/s. Samrat Exports s of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. In the case on hand the Assessing Officer treated purchases of 10. ₹…

Income Tax Officer, Ward-3(3), Thane vs. M/S. Shr Industries, Thane

In the result, appeals of the revenue are dismissed

ITA 5013/MUM/2019[2011-12]Status: DisposedITAT Mumbai05 Mar 2021AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: NoneFor Respondent: Shri Vijay Kumar Menon
Section 143(3)Section 147Section 271(1)(c)

…essed on estimate basis and additions are made therein on that basis.” 9 ITA.NOs. 5012 & 5013/MUM/2019 (A.Ys: 2010-11 & 2011-12) M/s. SHR Industries 9. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. 10. In both these appeals on hand the Assessing Officer has only estimated the Gross Profit on the alleged non-genuine purchases w…

Income Tax Officer, Ward-3(3), Thane vs. M/S. Shr Industries, Thane

In the result, appeals of the revenue are dismissed

ITA 5012/MUM/2019[2010-11]Status: DisposedITAT Mumbai05 Mar 2021AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: NoneFor Respondent: Shri Vijay Kumar Menon
Section 143(3)Section 147Section 271(1)(c)

…essed on estimate basis and additions are made therein on that basis.” 9 ITA.NOs. 5012 & 5013/MUM/2019 (A.Ys: 2010-11 & 2011-12) M/s. SHR Industries 9. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. 10. In both these appeals on hand the Assessing Officer has only estimated the Gross Profit on the alleged non-genuine purchases w…

ITO 12 (1)(2), Mumbai vs. Selvaraj Anthony Muthu Chettiar, Mumbai

In the result, appeal of the revenue is dismissed

ITA 4642/MUM/2019[2009-10]Status: DisposedITAT Mumbai05 Mar 2021AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: NoneFor Respondent: Shri Vijay Kumar Menon
Section 143(3)Section 147Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 9. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. 10. In the case on hand the Ld.CIT(A) observed that the penalty was imposed based on estimation basis and following the decision o…

ITO, Ward-20(3)(2), Mumbai vs. Mr. Sadiq Mohammed Hussain Dadan, Mumbai

In the result, appeals of the revenue are dismissed

ITA 4560/MUM/2019[2010-11]Status: DisposedITAT Mumbai05 Mar 2021AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Vimal PunmiyaFor Respondent: Shri Vijay Kumar Menon
Section 143(3)Section 147Section 271(1)(c)

…estimate basis and additions are made therein on that basis.” 9 ITA.NOs. 4559 & 4560/MUM/2019 (A.Ys: 2009-10 & 2010-11) Sadiq Mohammed Hussain Dadan 8. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. 9. In both these appeals on hand the Assessing Officer has only estimated the Gross Profit on the alleged non-genuine purchases wi…

ITO, Ward-20(3)(2), Mumbai vs. Mr. Sadiq Mohammed Hussain Dadan, Mumbai

In the result, appeals of the revenue are dismissed

ITA 4559/MUM/2019[2009-10]Status: DisposedITAT Mumbai05 Mar 2021AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Vimal PunmiyaFor Respondent: Shri Vijay Kumar Menon
Section 143(3)Section 147Section 271(1)(c)

…estimate basis and additions are made therein on that basis.” 9 ITA.NOs. 4559 & 4560/MUM/2019 (A.Ys: 2009-10 & 2010-11) Sadiq Mohammed Hussain Dadan 8. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. 9. In both these appeals on hand the Assessing Officer has only estimated the Gross Profit on the alleged non-genuine purchases wi…

Godavari Khore Sahakari Dudh Utpadak Sangh Ltd, Ahmednagar vs. Assistant Commissioner of Income-Tax, Ahmednagar Circle, Ahmednagar

In the result, the appeal filed by the assessee stands allowed

ITA 2335/PUN/2017[2013-14]Status: DisposedITAT Pune03 Mar 2021AY 2013-14

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita No.2335/Pun/2017 िनधा"रण वष" / Assessment Year : 2013-14 Godavari Khore Sahakari Dudh Utpadak Sangh Ltd., A/P Sahajanandnagar, Tal. Kopargaon, Dist. Ahmednagar. .......अपीलाथ" / Appellant Pan : Aaaag0652R बनाम / V/S. Acit, Ahmednagar Circle, ……""यथ" / Respondent Ahmednagar. Assessee By : Shri Prasanna Joshi Revenue By : Shri Vitthal Bhosale सुनवाई क" तारीख / Date Of Hearing : 02.03.2021 घोषणा क" तारीख / Date Of Pronouncement : 03.03.2021 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)- 2, Pune (‘Cit(A)’ For Short) Dated 12.07.2017 Confirming The Levy Of Penalty U/S 271(1)(C) Of The Income Tax, Act, 1961 (‘The Act’ For Short) For The Assessment Year 2013-14. 2. Briefly, The Facts Of The Case Are That The Appellant Is Cooperative Society Engaged In The Business Of Milk Processing. The Appellant Society Filed The Return Of Income For The Assessment Year 2013-14 Through Electronically Mode On 22.09.2013 Disclosing Rs.Nil Income After Setting Off Of The Brought

For Appellant: Shri Prasanna JoshiFor Respondent: Shri Vitthal Bhosale
Section 143(3)Section 271(1)(c)

…e appellant society is found to be inaccurate or false. In the absence of this finding, the levy of penalty cannot be sustained. Reliance in this regard can be placed on the following decisions of the Hon’ble High Courts :- (i) CIT vs. Aero Traders Pvt. Ltd., 322 ITR 316 (Del); (ii) CIT vs. Parkash Industries Ltd., 322 ITR 622 (P&H); (iii) CIT vs. Vijay Kumar Jain, 325 ITR 378 (Chhattisgarh); and, (iv) CIT vs. S S P Ltd, 328 ITR 643 (P&H). 8. In the light of the above legal position, we are of the considered view that the impugned order of penalty cannot be sustained in the eyes of law. Accordingly, the orders of…

ACIT- Circle- 6(2)(1), Mumbai vs. Creative Electrical Innovative Pvt. Ltd., Mumbai

In the result, appeal of the revenue is dismissed

ITA 5389/MUM/2018[2011-12]Status: DisposedITAT Mumbai11 Feb 2021AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Bleacit – Circle - 6(2)(1) V. M/S. Creative Electrical Innovative Pvt. Ltd., Unit No. 12, 18B, Hammer Smith Indl. Estate Room No. 504, 5Th Floor Pathare Marg, Off. Sitala Devi Temple Road Aayakar Bhavan Mahim (W), Mumbai - 400016 M.K. Road Mumbai – 400 020 Pan: Aadcc4035H (Appellant) (Respondent) Assessee By : None Department By : Ms. Shreekala Pardeshi

For Appellant: NoneFor Respondent: Ms. Shreekala Pardeshi
Section 143(3)Section 147Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 8. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated 9 M/s. Creative Electrical Innovative Pvt. Ltd., rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. 9. In the case on hand the Assessing Officer has only estimated the Gross Profit…

DCIT CC-8(4), Mumbai vs. M/S Ruby Mills Ltd., Mumbai

In the result, appeal of the revenue is dismissed

ITA 3958/MUM/2019[2008-09]Status: DisposedITAT Mumbai01 Feb 2021AY 2008-09

Bench: Shri Rajesh Kumar, Am & Shri Pavan Kumar Gadale, Jm Dcit Central Circle 8(4) Vs. M/S. Ruby Mills Ltd., Room No.658, 6Th Floor 11Th Floor Aayakar Bhavan Ruby House, J.K. Sawant M.K. Road, Mumbai-400020 Marg, Dadar (W) Mumbai – 400 028 Pan/Gir No.Aaact0220G (Appellant) .. (Respondent)

Section 143(3)Section 271(1)Section 271(1)(c)

…. K.R. Chinni Krishna Chetty; 246 ITR 121 > CIT Vs. Subhash Trading Co. 221 ITR 110 (Guj.) > CIT vs. Rahamat Khan Birbal Khan Badruddin& Party (1999) 240 ITR 778 (Raj) > CIT vs. B.D. Ramchandra (1984) 150 ITR 242 (Bom) > CIT Vs. Aero Traders Pvt, Ltd. (2010) 322 ITR 316 (Del) 9.8 As regards disallowance of donation is concerned, I am inclined to agree with the appellant that the omission was inadvertent. In case it was deliberate, the Appellant would not have included a claim of 50% of amount of donation as deduction u/s 80G of the Act. There has to be definite finding about the concealment of income before pena…

ACIT - Circle- 6(2)(1), Mumbai vs. Colo Color Pvt. Ltd., Mumbai

In the result, appeal of the revenue is dismissed

ITA 5390/MUM/2018[2011-12]Status: DisposedITAT Mumbai31 Jul 2020AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri M. Balaganesh, Hon'Bleacit – Circle – 6(2)(1) V. M/S. Colo Color Pvt. Ltd., Room No. 504, 5Th Floor 1St Floor Aayakar Bhavan, M.K. Road Dadar Departmental Stores Mumbai – 400 020 M.C. Jawle Marg, Dadar(W) Mumbai – 400 028 Pan: Aabcc3349L (Appellant) (Respondent) Assessee By : Dinkle Hariya Department By : Shri Kumar Padmapani Bora

For Appellant: Dinkle HariyaFor Respondent: Shri Kumar Padmapani Bora
Section 143(3)Section 147Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 7. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. 8. In the case on hand the Assessing Officer has only estimated the Gross Profit on the alleged non-genuine purchases without ther…

Vijay B Shah (HUF), Mumbai vs. ITO-17(3)(5), Mumbai

In the result, appeal of the assessee is allowed

ITA 913/MUM/2019[2009-10]Status: DisposedITAT Mumbai13 Mar 2020AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blevijay B Shah (Huf) V. Income Tax Officer – 17(3)(5) Room No.137 12A Giriraj Building Aayakar Bhavan, M.K. Road St Road, Carnac Bunder Mumbai – 400 020 Mumbai – 400 092 Pan: Aabhv7438J (Appellant) (Respondent) Assessee By : None Department By : Smt Samatha Mullamuddi

For Appellant: NoneFor Respondent: Smt Samatha Mullamuddi
Section 143(3)Section 147Section 271Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 9. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. 10. In the case on hand the Assessing Officer has only estimated the Gross Profit on the alleged non-genuine purchases without t…

ITO, Ward-1(2), Mumbai vs. Mehul Indukumar Parekh, Mumbai

In the result, appeals of the revenue are dismissed

ITA 1314/MUM/2019[201-12]Status: DisposedITAT Mumbai13 Mar 2020

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Deepak RajeFor Respondent: Shri Bheraram
Section 143(3)Section 147Section 271Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 8. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. (A.Ys: 2009-10, 2010-11 & 2011-12) Shri Mehul Indukumar Parekh 9. In the case on hand the Assessing Officer has only estimated the…

ITO, Ward-1(2), Mumbai vs. Mehul Indukumar Parekh, Mumbai

In the result, appeals of the revenue are dismissed

ITA 1313/MUM/2019[2010-11]Status: DisposedITAT Mumbai13 Mar 2020AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Deepak RajeFor Respondent: Shri Bheraram
Section 143(3)Section 147Section 271Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 8. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. (A.Ys: 2009-10, 2010-11 & 2011-12) Shri Mehul Indukumar Parekh 9. In the case on hand the Assessing Officer has only estimated the…

ITO, Ward-1(2), Mumbai vs. Mehul Indukumar Parekh, Mumbai

In the result, appeals of the revenue are dismissed

ITA 1312/MUM/2019[2009-10]Status: DisposedITAT Mumbai13 Mar 2020AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Deepak RajeFor Respondent: Shri Bheraram
Section 143(3)Section 147Section 271Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 8. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. (A.Ys: 2009-10, 2010-11 & 2011-12) Shri Mehul Indukumar Parekh 9. In the case on hand the Assessing Officer has only estimated the…

R No. 25 B Wing 6Th Floor Ahsar It Park Wagle Indil. Estate Road No 16Z Thane West, Thane vs. Shri. Jignesh Amrutlal Shah, Thane

In the result, appeal of the revenue is dismissed

ITA 1267/MUM/2019[2010-11]Status: DisposedITAT Mumbai13 Mar 2020AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleincome Tax Officer -2(1) V. Shri Jignesh Amrutlal Shah Room No. 25, B-Wing, 6Th Floor A/203, Walchand Complex 90 Feet Road, Bhayander(W) Ashar I.T Park, 6Th Floor Thane – 401 101 Road No. 16Z Wagle Industrial Estate Pan:Accps2511E Thane – 400 604 (Appellant) (Respondent) Assessee By : Shri Jignesh Amrutlal Department By : Shri Bheraram

For Appellant: Shri Jignesh AmrutlalFor Respondent: Shri Bheraram
Section 133(6)Section 143(3)Section 147Section 271Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 8. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. 8 Shri Jignesh Amrutlal Shah 9. In the case on hand the Assessing Officer has only estimated the Gross Profit on the alleged non…

ITO Ward 3 (2), Thane vs. Shri. Premkumar Shehgal, Thane

In the result, appeal of the revenue is dismissed

ITA 1262/MUM/2019[2009-10]Status: DisposedITAT Mumbai13 Mar 2020AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleincome Tax Officer -3(2) V. Shri Premkumar Shehgal Gala No. 09, Gupta Deshpande Estate Room No. 4, B-Wing, 6Th Floor Pokhran Road No.1, Upavan Ashar I.T Park, 6Th Floor Thane – 400 604 Road No. 16Z Wagle Industrial Estate Pan:Accps1803K Thane – 400 604 (Appellant) (Respondent) Assessee By : Ms. Sandhya Rathi Department By : Shri Bheraram

For Appellant: Ms. Sandhya RathiFor Respondent: Shri Bheraram
Section 143(3)Section 147Section 271(1)(c)

…) of the Act are not attracted to cases where the income of an assessee is assessed on estimate basis and additions are made therein on that basis.” 8. Similar view has been taken by the Hon'ble Delhi High Court in the case of CIT v. Aero Traders Pvt. Ltd., [322 ITR 316] wherein the Hon'ble High Court affirmed the order of the Tribunal in holding that estimated rate of profit applied on the turnover of the assessee does not amount to concealment or furnishing inaccurate particulars. 9 Shri Premkumar Shehgal 9. In the case on hand the Assessing Officer has only estimated the Gross Profit on the alleged non-genui…