CIT v. Balchand Ajit Kumar

263 ITR 610High Court2003#427 most cited

What is CIT v. Balchand Ajit Kumar authority for?

When making an addition for unaccounted receipts, on-money, or non-genuine purchases/sales, the addition should be restricted to the estimated profit element embedded in such transactions, rather than the entire gross amount, particularly when evidence of corresponding expenditure is incomplete. This estimation often involves applying a net profit rate.

212

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2008 to 2026.

Also referred to as

CIT v. Balchand Ajit Kumar · Section 147 · Section 148 · Section 145(3) · addition restricted to profit · estimated profit · unaccounted receipts · on-money · bogus purchases · non-genuine sales · net profit rate · income estimation

Also reported as

135 Taxmann 180

Sections most often in play

Section 147Section 132Section 143(3)Section 142(1)Section 148Section 153ASection 145(3)Section 132(4)

Issues it is cited on

section 256(1)section 256on money receipton-moneyrejection of books of accountloose paperssection 145(3)survey under section 133asection 145section 132(4a)section 292cblock period

Judgments citing CIT v. Balchand Ajit Kumar

Ginger Properties Private Limited, Ahmedabad vs. The Asstt. Commissioner of Incometax, Central Circle-1(2), Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 433/AHD/2023[2019-20]Status: DisposedITAT Ahmedabad05 Mar 2025AY 2019-20

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

…dded therein can be added in the hands of the assessee. The Ld. AR relied upon the following decisions:- Sankalp Recreation P. Ltd. Vs. ACIT – IT(SS)A No.65/Ahd/2022 CIT vs. President Industries (2002) – 258 ITR 654 (Guj) CIT vs. Balchand Ajit Kumar (2003) – 263 ITR 610 (MP) CIT vs. Gurubachhan Singh (2008) – 302 ITR 63 (Guj) Man Mohan Sadani vs. CIT (2008) – 304 ITR 52 (MP) CIT vs. Samir Synthetics Mill (2010) – 326 ITR 410 (Guj) DCIT vs. Panna Corporation – Tax Appeal 323 of 2000 (Guj) Chetan C. Patel vs. ACIT – IT(SS)A No.522/Ahd/2011 and others CIT vs. Jay Builders (2013) - 33 taxman.com 62 (Guj) Greenfield…

Vasant Nivrutti Zimur, Thane vs. Income Tax Officer, WD-17(2)(4), Mumbai

In the result the appeal filed by the assessee is partly allowed and appeal of the revenue is dismissed

ITA 1693/MUM/2024[2017-18]Status: DisposedITAT Mumbai24 Feb 2025AY 2017-18

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankarvs. Ito, Ward – 17(2)(4) Vasant Nivrutti Zimur, Room No. 112, 1St A 401, Osho Siddharth Floor, Kautilya Osho Dhara Residency, Bhavan, Bkc, Godrej Hill Road, Bandra Khandakpada, Kalyan West 421301. Pan/Gir No. Aagpz4209C (Applicant) (Respondent) Ito, Ward – 28(3)(1) Vs. Vasant Nivrutti Zimur, 316, 3Rd Floor, No.6, A 401, Osho Siddharth Vashi Rlw Stn Complex, Osho Dhara Residency, Vashi, Mumbai - 400703 Godrej Hill Road, Khandakpada, Kalyan West - 421301. Pan/Gir No. Aagpz4209C (Applicant) (Respondent)

Section 131Section 133(6)Section 144Section 147Section 148Section 250Section 69A

…IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH MUMBAI BEFORE HON’BLE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER & SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER Vs. ITO, Ward – 17(2)(4) Vasant Nivrutti Zimur, Room No. 112, 1st A 401, Osho Siddharth Floor, Kautilya Osho Dhara Residency, Bhavan, BKC, Godrej Hill Road, Bandra Khandakpada, Kalyan West 421301. PAN/GIR No. AAGPZ4209C (Applicant) (Respondent) ITO, Ward – 28(3)(1) Vs. Vasant Nivrutti Zimur, 316, 3rd Floor, No.6, A 401, Osho Siddharth Vashi Rlw Stn Complex, Osho Dhara Residency, Vashi, Mumbai - 400703 Godrej Hill Road, Khandakpada, Kalyan West - 421301. PAN/GIR No.…

Ganraj Homes LLP, Pune vs. Income Tax, Central Circle 2(3), Pune

In the result, all the three appeals filed by the assessee are allowed

ITA 879/PUN/2024[2018-19]Status: DisposedITAT Pune07 Feb 2025AY 2018-19

Bench: Shri R. K. Panda & Ms. Astha Chandra

For Appellant: Shri Neelesh KhandelwalFor Respondent: S/Shri Amol Khairnar CIT-DR &
Section 132Section 133ASection 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.878, 879 & 874/PUN/2024 Assessment years : 2017-18, 2018-19 & 2019-20 Ganraj Homes LLP ACIT, Central Circle 2(3), San Mahu Complex, Office N5, Pune Vs. Bund Garden Road, Opp. Poona Club, Pune – 411001 PAN: AAPFG7304Q (Appellant) (Respondent) Assessee by : Shri Neelesh Khandelwal Department by : S/Shri Amol Khairnar CIT-DR & Ramnath P Murkunde Date of hearing : 12-11-2024 Date of pronouncement : 07-02-2025 O R D E R PER BENCH : The above three appeals filed by the as…

Ganraj Homes LLP, Pune vs. Income Tax, Central Circle 2(3), Pune

In the result, all the three appeals filed by the assessee are allowed

ITA 878/PUN/2024[2017-18]Status: DisposedITAT Pune07 Feb 2025AY 2017-18

Bench: Shri R. K. Panda & Ms. Astha Chandra

For Appellant: Shri Neelesh KhandelwalFor Respondent: S/Shri Amol Khairnar CIT-DR &
Section 132Section 133ASection 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.878, 879 & 874/PUN/2024 Assessment years : 2017-18, 2018-19 & 2019-20 Ganraj Homes LLP ACIT, Central Circle 2(3), San Mahu Complex, Office N5, Pune Vs. Bund Garden Road, Opp. Poona Club, Pune – 411001 PAN: AAPFG7304Q (Appellant) (Respondent) Assessee by : Shri Neelesh Khandelwal Department by : S/Shri Amol Khairnar CIT-DR & Ramnath P Murkunde Date of hearing : 12-11-2024 Date of pronouncement : 07-02-2025 O R D E R PER BENCH : The above three appeals filed by the as…

Shree Balaji Realty, Pune vs. Income Tax, Central Circle 2(3), Pune

In the result, appeals for

ITA 877/PUN/2024[2019-2020]Status: DisposedITAT Pune07 Feb 2025AY 2019-2020

Bench: Shri R. K. Panda & Ms. Astha Chandra

Section 132Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.875 to 877/PUN/2024 Assessment Years : 2017-18 to & 2019-20 Shree Balaji Realty Vs. ACIT, Central Circle 2(3), Pune San Mahu Complex, Office N5, Bund Garden Road, Opp. Poona Club, Pune - 411001 PAN: ABWFS3661A (Appellant) (Respondent) Assessee by Department by Shri Neelesh Khandelwal S/Shri Amol Kharnar CIT-DR & Ramnath P. Murkunde Date of hearing 12-11-2024 Date of pronouncement 07-02-2025 ORDER PER BENCH : The above three appeals filed by the assessee are directed aga…

Shree Balaji Realty, Pune vs. Income Tax, Central Circle 2(3), Pune

In the result, appeals for

ITA 876/PUN/2024[2018-19]Status: DisposedITAT Pune07 Feb 2025AY 2018-19

Bench: Shri R. K. Panda & Ms. Astha Chandra

Section 132Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH "A", PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.875 to 877/PUN/2024 Assessment Years : 2017-18 to & 2019-20 Shree Balaji Realty Vs. ACIT, Central Circle 2(3), Pune San Mahu Complex, Office N5, Bund Garden Road, Opp. Poona Club, Pune - 411001 PAN: ABWFS3661A (Appellant) (Respondent) Assessee by Department by Shri Neelesh Khandelwal S/Shri Amol Kharnar CIT-DR & Ramnath P. Murkunde Date of hearing 12-11-2024 Date of pronouncement 07-02-2025 ORDER PER BENCH : The above three appeals filed by the assessee are directed aga…

Shree Balaji Realty, Pune vs. Income Tax, Central Circle 2(3), Pune

In the result, appeals for assessment years 2017-18 and 2018-19 are allowed and the appeal for assessment year 2019-20 is partly allowed

ITA 875/PUN/2024[2017-18]Status: DisposedITAT Pune07 Feb 2025AY 2017-18

Bench: Shri R. K. Panda & Ms. Astha Chandra

For Appellant: Shri Neelesh KhandelwalFor Respondent: S/Shri Amol Kharnar CIT-DR &
Section 132Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.875 to 877/PUN/2024 Assessment Years : 2017-18 to & 2019-20 Shree Balaji Realty ACIT, San Mahu Complex, Office N5, Central Circle 2(3), Pune Vs. Bund Garden Road, Opp. Poona Club, Pune – 411001 PAN: ABWFS3661A (Appellant) (Respondent) Assessee by : Shri Neelesh Khandelwal Department by : S/Shri Amol Kharnar CIT-DR & Ramnath P. Murkunde Date of hearing : 12-11-2024 Date of pronouncement : 07-02-2025 O R D E R PER BENCH : The above three appeals filed by the assessee…

Ganraj Homes LLP, Pune vs. Income Tax, Central Circle 2(3), Pune

In the result, all the three appeals filed by the assessee are allowed

ITA 874/PUN/2024[2019-20]Status: DisposedITAT Pune07 Feb 2025AY 2019-20

Bench: Shri R. K. Panda & Ms. Astha Chandra

For Appellant: Shri Neelesh KhandelwalFor Respondent: S/Shri Amol Khairnar CIT-DR &
Section 132Section 133ASection 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.878, 879 & 874/PUN/2024 Assessment years : 2017-18, 2018-19 & 2019-20 Ganraj Homes LLP ACIT, Central Circle 2(3), San Mahu Complex, Office N5, Pune Vs. Bund Garden Road, Opp. Poona Club, Pune – 411001 PAN: AAPFG7304Q (Appellant) (Respondent) Assessee by : Shri Neelesh Khandelwal Department by : S/Shri Amol Khairnar CIT-DR & Ramnath P Murkunde Date of hearing : 12-11-2024 Date of pronouncement : 07-02-2025 O R D E R PER BENCH : The above three appeals filed by the as…

Meenamani Ganga Builder LLP, Pune vs. Assistant Commissioner of Income Tax, Central Circle 2(3), Pune

In the result, all the three appeals filed by the assessee are partly allowed

ITA 872/PUN/2024[2018-19]Status: DisposedITAT Pune07 Feb 2025AY 2018-19

Bench: Shri R. K. Panda & Ms. Astha Chandra

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri Amol Kharnar CIT-DR
Section 132Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.871 to 873/PUN/2024 Assessment Years : 2017-18 to & 2019-20 Meenamani Ganga Builder LLP ACIT, San Mahu Complex, Office N5, Central Circle 2(3), Pune Vs. Bund Garden Road, Opp. Poona Club, Pune – 411001 PAN: AAUFM6455H (Appellant) (Respondent) Assessee by : Shri Neelesh Khandelwal Department by : Shri Amol Kharnar CIT-DR Date of hearing : 12-11-2024 Date of pronouncement : 07-02-2025 O R D E R PER R. K. PANDA, VP : The above three appeals filed by the assessee are d…

Sankalp in, Ahmedabad vs. The Asstt. Commissioner of Income Tax, Central Circle-1(2), Ahmedabad

In the result Revenue’s Ground Nos

ITA 577/AHD/2022[2019-20]Status: DisposedITAT Ahmedabad31 Jan 2025AY 2019-20

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri NARENDRA PRASAD SINHA (Accountant Member)

Section 132Section 69C

…e hands of the assessee. Reliance is placed on following decisions for the said legal proposition: * Sankalp Recreation P. Ltd. vs. ACIT – IT(SS)A 65/Ahd/2022; * CIT vs. President Industries – (2002) 258 ITR 654 (Guj.); * CIT vs. Balchand Ajit Kumar – (2003) 263 ITR 610 (MP); * CIT v. Gurubachhan Singh – (2008) 302 ITR 63 (Guj); * Man Mohan Sadani vs. CIT – (2008) 304 ITR 52 (MP); * CIT v. Samir Synthetics Mill – (2010) 326 ITR 410 (Guj); * DCIT v. Panna Corporation – Tax Appeal 323 of 2000 (Guj); * Chetan C. Patel v. ACIT – IT(SS)A 522/Ahd/2011 and others; * CIT v. Jay Builders – (2013) 33 taxmann.com 62 (Guj);…

The Asstt. Commissioner of Income Tax, Central Circle-1(2), Ahmedabad vs. Sankalp in, Ahmedabad

In the result Revenue's Ground Nos

ITA 568/AHD/2022[2019-20]Status: DisposedITAT Ahmedabad31 Jan 2025AY 2019-20

Bench: Shri T.R. SENTHIL KUMAR, Judicial Member\nAnd\nShri NARENDRA PRASAD SINHA (Accountant Member)

Section 132Section 69C

…he hands of the assessee. Reliance is placed on following decisions for the said legal proposition: * Sankalp Recreation P. Ltd. vs. ACIT – IT(SS)A 65/Ahd/2022; * CIT vs. President Industries – (2002) 258 ITR 654 (Guj.); * CIT vs. Balchand Ajit Kumar – (2003) 263 ITR 610 (MP); * CIT v. Gurubachhan Singh – (2008) 302 ITR 63 (Guj); * Man Mohan Sadani vs. CIT – (2008) 304 ITR 52 (MP); * CIT v. Samir Synthetics Mill – (2010) 326 ITR 410 (Guj); * DCIT v. Panna Corporation – Tax Appeal 323 of 2000 (Guj); * Chetan C. Patel v. ACIT – IT(SS)A 522/Ahd/2011 and others; * CIT v. Jay Builders – (2013) 33 taxmann.com 62 (Guj);…

DCIT Cent, Circle 1(3), Nagpur vs. Radhika Vegetable Oils Pvt Limited, Vizianagaram

In the result, appeal filed by the Revenue is dismissed

ITA 17/NAG/2024[2019-20]Status: DisposedITAT Nagpur27 Jan 2025AY 2019-20

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Mukesh AgrawalFor Respondent: Shri Sandipkumar Salunke
Section 115BSection 132Section 143(3)Section 147Section 148Section 40A(3)Section 69A

…of such a ground relating to this effect which has been raised by the revenue is beyond our comprehension. In these circumstances we do not find any infirmity in the order of learned CIT Appeal. Accordingly, we uphold the same. c). CIT V/s. Balchand Ajitkumar 263 ITR 610 (MP) 5 Radhika Vegetable Oils Pvt. Ltd. ITA no.17/Nag./2024 Income from Undisclosed sources Addition Credit sales not reflected in books of account - Total un-recorded sales cannot be regarded as profit of the assessee Net Profit rate has to be adopted. d). CIT V/s. President Industries 258 ITR 654 (Guj) It cannot be a matter of an argument that…

Arjanbhai Nanubhai Patel, Ahmedabad vs. Income Tax Officer - Ward -2 TDS, Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 483/AHD/2024[2022-23]Status: DisposedITAT Ahmedabad07 Jan 2025AY 2022-23

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

…dded therein can be added in the hands of the assessee. The Ld. AR relied upon the following decisions:- Sankalp Recreation P. Ltd. Vs. ACIT – IT(SS)A No.65/Ahd/2022 CIT vs. President Industries (2002) – 258 ITR 654 (Guj) CIT vs. Balchand Ajit Kumar (2003) – 263 ITR 610 (MP) CIT vs. Gurubachhan Singh (2008) – 302 ITR 63 (Guj) Man Mohan Sadani vs. CIT (2008) – 304 ITR 52 (MP) CIT vs. Samir Synthetics Mill (2010) – 326 ITR 410 (Guj) DCIT vs. Panna Corporation – Tax Appeal 323 of 2000 (Guj) Chetan C. Patel vs. ACIT – IT(SS)A No.522/Ahd/2011 and others CIT vs. Jay Builders (2013) - 33 taxman.com 62 (Guj) Greenfield…

Income Tax Officer, Gurgaon vs. Discoveri Media Group, Gurgaon

In the result, appeal of the Revenue is dismissed whereas the appeal of the assessee is partly allowed

ITA 678/DEL/2024[2014-15]Status: DisposedITAT Delhi12 Nov 2024AY 2014-15

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar Us[Assessment Year : 2014-15] Ito, Vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2014-15] Discoveri Media Group Vs Ito, C/O-S.L.Poddar & Co., Ward-1(4), Gokul Apartment, E-3A, Kantichandra Gurugram. Road, Bani Park, Jaipur, Rajasthan-302016. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2015-16] Ito, Vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2015-16] Discoveri Media Group, Vs Ito, 97B, Udyog Vihar, Phase-V, Ward-1(4), Gurgaon-122002. Gurugram. Pan-Aaifd8766G Appellant Respondent

Section 147Section 148Section 250

…[2015] 54 taxmann.com 343 (Del) held that in absence of material to show net profit rate, presumptive net profit rate of 8% as stipulated in section 44AD could be taken for estimation of income. In the case of Commissioner of Income Tax Vs. Balchand Ajitkumar 263 ITR 610 (2003), the Hon'ble MP High Court held that total sale cannot be regarded as the profit of the assessee. In the case of Commissioner of Income Tax Vs. President Industries (2002) 258 ITR 0654, the Hon'ble Gujarat High Court held that it cannot be a matter of an argument that the amount of sales by itself cannot represent the income of the assesse…

Income Tax Officer, Gurgaon vs. Discoveri Media Group, Gurgaon

In the result, appeal of the Revenue is dismissed whereas the appeal of the assessee is partly allowed

ITA 2438/DEL/2024[2015-16]Status: DisposedITAT Delhi12 Nov 2024AY 2015-16

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar Us[Assessment Year : 2014-15] Ito, Vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2014-15] Discoveri Media Group Vs Ito, C/O-S.L.Poddar & Co., Ward-1(4), Gokul Apartment, E-3A, Kantichandra Gurugram. Road, Bani Park, Jaipur, Rajasthan-302016. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2015-16] Ito, Vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2015-16] Discoveri Media Group, Vs Ito, 97B, Udyog Vihar, Phase-V, Ward-1(4), Gurgaon-122002. Gurugram. Pan-Aaifd8766G Appellant Respondent

Section 147Section 148Section 250

…[2015] 54 taxmann.com 343 (Del) held that in absence of material to show net profit rate, presumptive net profit rate of 8% as stipulated in section 44AD could be taken for estimation of income. In the case of Commissioner of Income Tax Vs. Balchand Ajitkumar 263 ITR 610 (2003), the Hon'ble MP High Court held that total sale cannot be regarded as the profit of the assessee. In the case of Commissioner of Income Tax Vs. President Industries (2002) 258 ITR 0654, the Hon'ble Gujarat High Court held that it cannot be a matter of an argument that the amount of sales by itself cannot represent the income of the assesse…

Discoveri Media Group, Gurgaon Haryana vs. Income Tax Officer, Ward -1(4), Gurugram, Haryana

In the result, appeal of the Revenue is dismissed whereas the appeal of the assessee is partly allowed

ITA 2218/DEL/2024[2015-16]Status: DisposedITAT Delhi12 Nov 2024AY 2015-16

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar Us[Assessment Year : 2014-15] Ito, Vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2014-15] Discoveri Media Group Vs Ito, C/O-S.L.Poddar & Co., Ward-1(4), Gokul Apartment, E-3A, Kantichandra Gurugram. Road, Bani Park, Jaipur, Rajasthan-302016. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2015-16] Ito, Vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2015-16] Discoveri Media Group, Vs Ito, 97B, Udyog Vihar, Phase-V, Ward-1(4), Gurgaon-122002. Gurugram. Pan-Aaifd8766G Appellant Respondent

Section 147Section 148Section 250

…[2015] 54 taxmann.com 343 (Del) held that in absence of material to show net profit rate, presumptive net profit rate of 8% as stipulated in section 44AD could be taken for estimation of income. In the case of Commissioner of Income Tax Vs. Balchand Ajitkumar 263 ITR 610 (2003), the Hon'ble MP High Court held that total sale cannot be regarded as the profit of the assessee. In the case of Commissioner of Income Tax Vs. President Industries (2002) 258 ITR 0654, the Hon'ble Gujarat High Court held that it cannot be a matter of an argument that the amount of sales by itself cannot represent the income of the assesse…

Discoveri Media Group, Haryana vs. Income Tax Officer, Ward 1(4) Gurugram, Gurugram

In the result, appeal of the Revenue is dismissed whereas the appeal of the assessee is partly allowed

ITA 3236/DEL/2023[2014-15]Status: DisposedITAT Delhi12 Nov 2024AY 2014-15

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar Us[Assessment Year : 2014-15] Ito, Vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2014-15] Discoveri Media Group Vs Ito, C/O-S.L.Poddar & Co., Ward-1(4), Gokul Apartment, E-3A, Kantichandra Gurugram. Road, Bani Park, Jaipur, Rajasthan-302016. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2015-16] Ito, Vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2015-16] Discoveri Media Group, Vs Ito, 97B, Udyog Vihar, Phase-V, Ward-1(4), Gurgaon-122002. Gurugram. Pan-Aaifd8766G Appellant Respondent

Section 147Section 148Section 250

…[2015] 54 taxmann.com 343 (Del) held that in absence of material to show net profit rate, presumptive net profit rate of 8% as stipulated in section 44AD could be taken for estimation of income. In the case of Commissioner of Income Tax Vs. Balchand Ajitkumar 263 ITR 610 (2003), the Hon'ble MP High Court held that total sale cannot be regarded as the profit of the assessee. In the case of Commissioner of Income Tax Vs. President Industries (2002) 258 ITR 0654, the Hon'ble Gujarat High Court held that it cannot be a matter of an argument that the amount of sales by itself cannot represent the income of the assesse…

DCIT, CC-1(3), Nagpur vs. Radhika Vegetables Oils Pvt. Ltd., Vizianagram

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

ITA 236/NAG/2023[2021-22]Status: DisposedITAT Nagpur25 Oct 2024AY 2021-22

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Sandipkumar Salunke
Section 132Section 139(1)Section 142(1)Section 143(2)Section 143(3)Section 69A

…respect of unrecorded sales entire sale cannot be added to income but only the profit element in it may be added to income. Further reliance is placed on following judgments- 5 Radhika Vegetable Oils Pvt. Ltd. ITA no.236/Nag./2023 CIT V/s. Balchand Ajitkumar 263 ITR 610 (MP) Income from Undisclosed sources – Addition – Credit sales not reflected in books of account – Total un-recorded sales cannot be regarded as profit of the assessee – Net Profit rate has to be adopted CIT V/s. President Industries 258 ITR 654 (Guj) It cannot be a matter of an argument that the amount of sales by itself cannot represent the inc…

ITO-19(3)(1), Mumbai vs. Thana Ram Mangi Lal Choudhary, Mumbai

In the result, the appeal is partly allowed

ITA 2698/MUM/2024[2009-10]Status: DisposedITAT Mumbai29 Aug 2024AY 2009-10

Bench: Shri Amarjit Singh, Hon’Ble & Shri Anikesh Banerjee, Hon’Bleassessment Year: 2009-10 Ito-19(3)(1), Mumbai Thana Ram Mangi Lal Choudhary Vs 33/36, Prabhu Shree Ram Mandir, 4Th Kumbharwada, Maharashtra-400004. Pan: Afepc 1898 P (Appellant) (Respondent)

For Appellant: NoneFor Respondent: Shri P.D. Chougule Addl. CIT/ Sr. DR
Section 142(1)Section 145(3)Section 147Section 148

…fits embodied on sale proceeds 7 Thana Ram Mangi Lal Choudhary A.Y. 2009-10 was answered by Hon’ble Gujarat High Court in the case of CIT Vs. President Industries (258 ITR 654) and Hon’ble Madhya Pradesh High Court in the case of CIT Vs. Balchand Ajit Kumar (263 ITR 610). 6.8 Considering the above decisions, and a catena of recent decisions passed by the Tribunals relying on the aforesaid decisions, only the profits embodied on sale proceeds should be taxed instead of addition on account of entire purchases. Looking to the circumstantial evidence in the present case, it is evident that impugned purchases from t…

M/S. Atri Developers, Ahmedabad vs. The Dy. Commissioner of Income Tax, Circle-3(3), Ahmedabad

Appeal is dismissed

ITA 2859/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad23 Jul 2024AY 2013-14

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarassessment Year : 2013-14 The Dcit, Cir.3(3) M/S.Atri Developers Ahmedabad. Vs 19, Ambalal House Mayur Park Society Satellite Road Ahmedabad. Pan : Aatfa 1086 D Assessment Year : 2013-14 M/S.Atri Developers The Dcit, Cir.3(3) 19, Ambalal House Vs Ahmedabad. Mayur Park Society Satellite Road Ahmedabad. Pan : Aatfa 1086 D

For Appellant: Shri Mohit Balani, ARFor Respondent: Shri Prateek Sharma, Sr.DR
Section 133ASection 250

…leged receipt of On-Money what can be taxed is only the net profit and not the entire amount of alleged receipts. For this proposition, the Appellant has further relied upon following decisions: Industries - 258 ITR 654 (Guj) (ii) CIT v. Balchand Ajit Kumar - 263 ITR 610 (MP) (iii) Man Mohan Sadani v. CIT-304 ITR 52 (MP) (iv) Kishor Mohanlal Telwala V. ACIT. 64 TTJ 543 (Ahd.) I have gone through the above decision in reference to case before me. The Appellant has further relied upon following decisions of Ahmedabad Tribunal, wherein it has been held that where it is found that the appellant is charging "On-Money"…