CIT v. Arrow Exim Pvt. Ltd.

230 CTR 293High Court2010#20071 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2024.

Judgments citing CIT v. Arrow Exim Pvt. Ltd.

THE ITO, WARD-3(1)(1),, AHMEDABAD vs. M/S POGGEN AMP NAGARSHETH POWERTRONICS PVT. LTD.,, AHMEDABAD

The appeal of the Revenue is dismissed

ITA 237/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad13 Jun 2024AY 2013-14

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar, Accountnat Member Assessment Year : 2013-14 The Income Tax Officer M/S.Poggen Amp Nagarsheth Ward-3(1)(1) Vs Powertronics Pvt.Ltd. Ahmedabad C-1/B, 4402, Gidc Estage Phase-Iv, Vatva Ahmedabad – 382 445, Gujarat Pan: Aaacp 9130 B अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Tushar Hemani, Sr. Adv. & Shri Parimalsinh B. Parmar, Ar Revenue By : Shri Sudhendu Das, Cit-Dr सुनवाई क" तार"ख/Date Of Hearing : 10/06/2024 घोषणा क" तार"ख /Date Of Pronouncement: 13/06/2024 आदेश/O R D E R

For Appellant: Shri Tushar Hemani, Sr. Adv. &For Respondent: Shri Sudhendu Das, CIT-DR

Section 143(1)Section 143(3)Section 14A

…f closing stock as per the books of accounts. Notable decisions include: i. CIT vs. Riddhi Steel & Tube Pvt. Ltd. - 40 taxmann.com 177 (Guj). ITO vs. M/s.Poggen Amp Nagarsheth Powertronics Pvt.Ltd. Asst. Year : 2013-14 6 ii. CIT vs. Arrow Exim Pvt. Ltd. - 230 CTR 293 (Guj). iii. CIT vs. Patel Proteins Pvt. Ltd. - 393 ITR 274 (Guj). iv. CIT vs. Nangalia Impex - 54 taxmann.com 225 (Guj). v. CIT vs. Vrundavan Floor Mills - 72 taxmann.com 250 (Guj). The judgement relied upon by the Ld.DR deals with different facts. In the case of Suraj Bhan (Supra), the assessee could not explain the difference in the stock valu…

BALAJI STEEL TRADERS,ONGOLE vs. THE INCOME TAX OFFICER, WARD-5(4), , VISAKHAPATNAM

In the result, appeal of the assessee is allowed and the stay application is dismissed

ITA 112/VIZ/2019[2014-15]Status: DisposedITAT Visakhapatnam25 Sept 2019AY 2014-15

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhs.A.No.57/Viz/2019 (Arising Out Of I.T.A. No.112/Viz/2019) (ननधधारण वर्ा/Assessment Year : 2014-15) आयकर अपील सं./I.T.A.No.112/Viz/2019 (ननधधारण वर्ा/A.Y. : 2014-15) Balaji Steel Traders Vs. Income Tax Officer D.No.8-411-1/1 Ward-5(4) Near Anjaneyaswamy Temple Visakhapatnam South Bye Pass Road Ongole, Prakasam [Pan : Aajfb3629D] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri C.Subrahmanyam, Ar प्रत्यधथी की ओर से / Respondent By : Shri V.Appala Raju, Dr सुनवधई की तधरीख / Date Of Hearing : 14.08.2019 25.09.2019 घोर्णध की तधरीख/Date Of Pronouncement : आदेश /O R D E R

For Appellant: Shri C.Subrahmanyam, ARFor Respondent: Shri V.Appala Raju, DR

Section 69B

…आयकर अपीलीय अधिकरण, धिशाखापटणम पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM श्री िी. दुगाा राि,न्याधयक सदस्य एिं श्री धड.एस. सुन्दर धसंह, लेखा सदस्य के समक्ष BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER& SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER S.A.No.57/Viz/2019 (Arising out of I.T.A. No.112/Viz/2019) (ननधधारण वर्ा/Assessment Year : 2014-15) आयकर अपील सं./I.T.A.No.112/Viz/2019 (ननधधारण वर्ा/A.Y. : 2014-15) Balaji Steel Traders Vs. Income Tax Officer D.No.8-411-1/1 Ward-5(4) Near Anjaneyaswamy Temple Visakhapatnam South Bye Pass Road Ongole, Prakasam [PAN : AAJFB3629D] (…

THE DCIT, CIRCLE-4,, AHMEDABAD vs. GOPALA POLYPLAST LTD.,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

ITA 1193/AHD/2014[2009-10]Status: DisposedITAT Ahmedabad27 May 2019AY 2009-10

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.1193/Ahd/2014 "नधा"रण वष"/Asstt. Year: 2009-2010 D.C.I.T, Gopala Polyplast Ltd., Circle-4, Vs. ½, Akansha Apartments, Ahmedabad. Sola Road, Ghatlodiya, Ahmedbad. Pan: Aabcg1282C

For Appellant: Shri A.L. Thakkar, A.R

Section 41

…f the view that the value of the closing stock cannot be disturbed without pointing out any defect in purchases and sales. 6.2 We also find it important to refer to the judgment of Hon’ble Gujarat High Court in case of CIT Vs. Arrow Exim Pvt Ltd. reported in 230 CTR 293 wherein it was held as under: “Where addition was made on account of excess stock as there was discrepancy between stock as per books of account and that shown in the statement given in bank allegedly to obtain higher credit facilities but the Tribunal deleted the addition: Held that, the Tribunal had accepted the explanation given by the assesse…

ITO, WARD-1(4),, AHMEDABAD vs. M/S. DEEPKIRAN FOODS PVT .LTD.,, AHMEDABAD

Appeal is dismissed

ITA 2645/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad27 Sept 2017AY 2010-11

For Appellant: Shri A. C. Shah, A.RFor Respondent: Shri Prasoon Kabra, Sr. D.R

Section 143(3)Section 32

…assessment findings making the impugned addition mainly after placing reliance upon his order dated 22.07.2013 in preceding assessment year on the very issue. He further quotes hon’bel jurisdictional high court’s decision in CIT vs. Arrow Exim P. Ltd. (2010) 230 CTR 293 (Guj) that such an stock statement submitted to the bank without being supported by physical verification of books stock does not form a valid ground to invoke the addition in question. This leaves the Revenue aggrieved. 4. Heard both parties. Case file perused. It is no more in dispute that the CIT(A) had followed his preceding assessment years…