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

Income-Tax Officer, Ward - 2(4), Aurangabad vs. M/S. Saraswati Extrusions Pvt.Ltd, Aurangabad

ITA 1546/PUN/2017[2011-12]Status: DisposedITAT Pune29 Aug 2022AY 2011-12

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपीलसं. / Ita No.1546/Pun/2017 िनधा"रणवष" / Assessment Year : 2011-12 The Income Tax Officer, M/S.Saraswati Extrusions Ward-2(4), Aurangabad. Vs Pvt. Ltd., . H-20, Midc, Waluj, Aurangabad – 431136. Pan: Aajcs 6024 J Appellant/ Assessee Respondent /Revenue आयकर अपीलसं. / Ita No.1716/Pun/2017 िनधा"रणवष" / Assessment Year : 2011-12 M/S.Saraswati Extrusions Pvt. The Income Tax Officer, Ltd., Vs Ward-2(4), Aurangabad. H-20, Midc, Waluj, . Aurangabad – 431136. Pan: Aajcs 6024 J Appellant/ Assessee Respondent /Revenue Assessee By Shri Pramod Shingte – Ar Revenue By Shri M.G.Jasnani – Dr Date Of Hearing 11/07/2022 Date Of Pronouncement 29/08/2022 आदेश/ Order Per S.S.Godara, Jm: These Revenue’S & Assessee’S Cross Appeals Ita No.1546 & 1716/Pun/2017 For A.Y. 2011-12 Arising Against The Ld.Cit(A)- 2, Aurangabad’S Order Dated 12.04.2017 Passed In Appeal No.Abd/Cit(A)-2/E-File/57/2016-17, In Proceedings Under Section 143(3) Of The Income Tax Act, 1961 [In Short “The Act”].

Section 143(3)

…ed or addition should be restricted to the profits embodied in sale proceeds 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). Considering the above decisions, it is clear that 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 had received the entire goods from the consignors which was utilized for production and further sales. Hen…

DCIT -32(1), Mumbai vs. Jain Naresh Nemichand HUF, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 1367/MUM/2022[2010-11]Status: DisposedITAT Mumbai22 Aug 2022AY 2010-11

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms Kavitha Rajagopal, Hon'Bledcit – 32(1) V. Jain Naresh Nemichand Huf Room No. 702, 7Th Floor 202, Ganjawala Elagance Kautilya Bhavan Gnjawala Lane, Borivali (W) Bandra Kurla Complex Mumbai - 400092 Bandra(E), Mumbai - 400051 Pan: Aadhj5277K (Appellant) (Respondent) Assessee By : Shri Bhupendra Shah Department By Vranda U/S. Matkari

For Appellant: Shri Bhupendra Shah
Section 133(6)Section 143(1)Section 143(2)

…r addition should be restricted to the profits embedded in the sale proceeds 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). Considering the above decisions, it is clear that only the profits embedded in sale proceeds can be taxed instead of addition on account of entire purchases. In the instant case, it is also not in dispute that the purchase amount had paid to the alleged supplier through account payee cheques. The appellant is not the end user of material so pur…

Geethanjali, Mannargudi vs. Assistant Commissioner, Trichirappalli

In the result, both the appeals filed by the assessee are partly allowed

ITA 120/CHNY/2022[2015-16]Status: DisposedITAT Chennai03 Aug 2022AY 2015-16

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri V.B. Jeyachandran, AdvocateFor Respondent: Shri P. Sajit Kumar, JCIT
Section 142(1)Section 143(2)Section 143(3)Section 148Section 44A

…s that once the contract receipts are unaccounted, the entire contract receipts should have been added. Now, Ld. Counsel for the assessee before us filed a copy of the order of Hon’ble Madhya Pradesh High Court in the case of CIT vs Balchand Ajit Kumar [2003] 263 ITR 610, “wherein it has held that the total sale could not be regarded as the profit of the assessee. The net profit rate had to be adopted and once it was adopted it could not be said that there was perversity of approach. Whether the rate was low or high would depend upon the facts of each case.” 6. We noted that even otherwise, the assessee in the r…

Geethanjali, Mannargudi vs. Assistant Commissioner, Trichirappalli

In the result, both the appeals filed by the assessee are partly allowed

ITA 119/CHNY/2022[2014-15]Status: DisposedITAT Chennai03 Aug 2022AY 2014-15

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri V.B. Jeyachandran, AdvocateFor Respondent: Shri P. Sajit Kumar, JCIT
Section 142(1)Section 143(2)Section 143(3)Section 148Section 44A

…s that once the contract receipts are unaccounted, the entire contract receipts should have been added. Now, Ld. Counsel for the assessee before us filed a copy of the order of Hon’ble Madhya Pradesh High Court in the case of CIT vs Balchand Ajit Kumar [2003] 263 ITR 610, “wherein it has held that the total sale could not be regarded as the profit of the assessee. The net profit rate had to be adopted and once it was adopted it could not be said that there was perversity of approach. Whether the rate was low or high would depend upon the facts of each case.” 6. We noted that even otherwise, the assessee in the r…

DCIT Circle- 15(3)(1), Mumbai vs. M/S Sanjivaini Parenteral Ltd., M

In the result, all the three appeals of the learned assessing officer are partly allowed

ITA 4154/MUM/2019[2011-12]Status: DisposedITAT Mumbai27 Jul 2022AY 2011-12

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

For Appellant: Shri Mehul Shah, ARFor Respondent: Shri Hemant Kumar Chimanlal
Section 143(3)Section 147Section 69C

…trading in nature. Sales and purchases as reflected as part of the trading results in audited accounts. Therefore, considering only purchases disregarding corresponding structured sales to deduce correct income is not acceptable. In CIT v. Balchand Ajit Kumar 263 ITR 610 (MP) has held that the total sales cannot be regarded as the profit of the assessee. In Manmohan Sadani v. CIT 304 ITR 52 (MP) the Hon'ble High Court held that total sales cannot be regarded as profit of the assessee, on the contrary it is a net profit rate which has to be adopted in such cases. In N.K. Industries Ltd. v. Dy. CIT (Guj), Tax Appea…

DCIT, Circle-15(3)(1), Mumbai vs. M/S- Sanjivani Parenteral Ltd., Mumbai

In the result, all the three appeals of the learned assessing officer are partly allowed

ITA 4153/MUM/2019[2009-10]Status: DisposedITAT Mumbai27 Jul 2022AY 2009-10

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

For Appellant: Shri Mehul Shah, ARFor Respondent: Shri Hemant Kumar Chimanlal
Section 143(3)Section 147Section 69C

…trading in nature. Sales and purchases as reflected as part of the trading results in audited accounts. Therefore, considering only purchases disregarding corresponding structured sales to deduce correct income is not acceptable. In CIT v. Balchand Ajit Kumar 263 ITR 610 (MP) has held that the total sales cannot be regarded as the profit of the assessee. In Manmohan Sadani v. CIT 304 ITR 52 (MP) the Hon'ble High Court held that total sales cannot be regarded as profit of the assessee, on the contrary it is a net profit rate which has to be adopted in such cases. In N.K. Industries Ltd. v. Dy. CIT (Guj), Tax Appea…

DCIT, C-15(3)(1), Mumbai vs. Sanjivani Parenteral Ltd., Mumbai

In the result, all the three appeals of the learned assessing officer are partly allowed

ITA 4152/MUM/2019[2010-11]Status: DisposedITAT Mumbai27 Jul 2022AY 2010-11

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

For Appellant: Shri Mehul Shah, ARFor Respondent: Shri Hemant Kumar Chimanlal
Section 143(3)Section 147Section 69C

…trading in nature. Sales and purchases as reflected as part of the trading results in audited accounts. Therefore, considering only purchases disregarding corresponding structured sales to deduce correct income is not acceptable. In CIT v. Balchand Ajit Kumar 263 ITR 610 (MP) has held that the total sales cannot be regarded as the profit of the assessee. In Manmohan Sadani v. CIT 304 ITR 52 (MP) the Hon'ble High Court held that total sales cannot be regarded as profit of the assessee, on the contrary it is a net profit rate which has to be adopted in such cases. In N.K. Industries Ltd. v. Dy. CIT (Guj), Tax Appea…

The ITO, Ward-1(1)(1), Ahmedabad vs. Shri Sushil D. Agarwal, Ahmedabad

In the result, the appeal preferred by the Revenue is dismissed

ITA 1556/AHD/2016[2008-09]Status: DisposedITAT Ahmedabad10 Jun 2022AY 2008-09

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri Parin Shah, CAFor Respondent: Shri V. K. Singh, Sr. DR
Section 108Section 142(1)Section 143(2)Section 143(3)Section 147Section 148

…hat in such type of cases, the net profit can only be taxed, as held by the Hon'ble High Court of Gujarat In the case of CIT vs. President Industries (2002) 258 ITR 654 and Hon'ble High Court of Madhya Pradesh in the case of CIT vs. Balchand Ajit Kumar (2003) 263 ITR 610 and prayed that the net profit may kindly be taxed. The contention of the appellant found acceptable in the light of decision of Hon'ble Gujarat High Court and accordingly the net profit is to be estimated. ITO vs. Shri Sushil D. Agarwal Asst.Year –2008-09 The A.R. of the appellant brought evidences on record that the average GP of some items whi…

ACIT, Central Circle, Alwar vs. Shri Babu Lal Data, 2015-16

In the result, appeal of the revenue is dismissed

ITA 1232/JPR/2019[2016-17]Status: DisposedITAT Jaipur05 May 2022AY 2016-17
For Appellant: Sh. P. C. Parwal, CAFor Respondent: S. Naiyer Ali Najmi, CIT
Section 127Section 132Section 139Section 153A

…the assessment order relate to sale and purchase/ trading of mustard seeds and oil. Thus, once all amount as such cannot be added to income. What can be added is only the profit margin in such sales as held in the following cases: CIT Vs. Balchand Ajit Kumar 263 ITR 610 (MP) (HC) The facts of this case were that in a search conducted at the business and residential premises of the assessee, it was found that there were credit sales which were not reflected in the books of account. On scrutiny of the books of account of the assessee, the Assessing Officer added a sum of Rs.8,19,255/- towards the sales profit of t…

ACIT, Central Circle, Alwar vs. Shri Babu Lal Data, 2015-16

In the result, appeal of the revenue is dismissed

ITA 1231/JPR/2019[2015-16]Status: DisposedITAT Jaipur05 May 2022AY 2015-16
For Appellant: Sh. P. C. Parwal, CAFor Respondent: S. Naiyer Ali Najmi, CIT
Section 127Section 132Section 139Section 153A

…the assessment order relate to sale and purchase/ trading of mustard seeds and oil. Thus, once all amount as such cannot be added to income. What can be added is only the profit margin in such sales as held in the following cases: CIT Vs. Balchand Ajit Kumar 263 ITR 610 (MP) (HC) The facts of this case were that in a search conducted at the business and residential premises of the assessee, it was found that there were credit sales which were not reflected in the books of account. On scrutiny of the books of account of the assessee, the Assessing Officer added a sum of Rs.8,19,255/- towards the sales profit of t…

Shri Babu Lal Data, Alwar vs. DCIT, Central Circle, Alwar

In the result, appeal of the revenue is dismissed

ITA 1223/JPR/2019[2016-17]Status: DisposedITAT Jaipur05 May 2022AY 2016-17
For Appellant: Sh. P. C. Parwal, CAFor Respondent: S. Naiyer Ali Najmi, CIT
Section 127Section 132Section 139Section 153A

…the assessment order relate to sale and purchase/ trading of mustard seeds and oil. Thus, once all amount as such cannot be added to income. What can be added is only the profit margin in such sales as held in the following cases: CIT Vs. Balchand Ajit Kumar 263 ITR 610 (MP) (HC) The facts of this case were that in a search conducted at the business and residential premises of the assessee, it was found that there were credit sales which were not reflected in the books of account. On scrutiny of the books of account of the assessee, the Assessing Officer added a sum of Rs.8,19,255/- towards the sales profit of t…

Shri Babu Lal Data, Alwar vs. DCIT, Central Circle, Alwar

In the result, appeal of the revenue is dismissed

ITA 1222/JPR/2019[2015-16]Status: DisposedITAT Jaipur05 May 2022AY 2015-16
For Appellant: Sh. P. C. Parwal, CAFor Respondent: S. Naiyer Ali Najmi, CIT
Section 127Section 132Section 139Section 153A

…the assessment order relate to sale and purchase/ trading of mustard seeds and oil. Thus, once all amount as such cannot be added to income. What can be added is only the profit margin in such sales as held in the following cases: CIT Vs. Balchand Ajit Kumar 263 ITR 610 (MP) (HC) The facts of this case were that in a search conducted at the business and residential premises of the assessee, it was found that there were credit sales which were not reflected in the books of account. On scrutiny of the books of account of the assessee, the Assessing Officer added a sum of Rs.8,19,255/- towards the sales profit of t…

DCIT, Central Circle-8(2), Mumbai vs. Associate Lumbers Private Limited, Mumbai

Accordingly, appeal filed by the assessee is allowed and appeal filed by the revenue is dismissed

ITA 81/MUM/2018[2013-14]Status: DisposedITAT Mumbai23 Feb 2022AY 2013-14

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

For Appellant: Neha ParanjpeFor Respondent: S.N. Kabra
Section 132Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT) “A” BENCH, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, HON'BLE JUDICIAL MEMBER ITA NOs. 73 & 74/MUM/2018 (A.Ys: 2012-13 & 2013-14) M/s. Associate Lumbers Pvt. Ltd., v. ACIT – Central Circle – 8(2) 85-A, Associate House Room No. 658 Sant Savta Marg, Mustafa Bazar Aayakar Bhavan, M.K. Road Mumbai – 400010 Mumbai - 400020 PAN: AAACA4273C (Appellant) (Respondent) ITA NOs. 80 & 81/MUM/2018 (A.Ys: 2012-13 & 2013-14) DCIT – Central Circle – 8(2) v. M/s. Associate Lumbers Pvt. Ltd., Room No. 658, 6th Floor 85-A, Associate…

Associate Lumbers Private Limited, Mumbai vs. ACIT, Central Circle-8(2), Mumbai

Accordingly, appeal filed by the assessee is allowed and appeal filed by the revenue is dismissed

ITA 74/MUM/2018[2013-14]Status: DisposedITAT Mumbai23 Feb 2022AY 2013-14

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

For Appellant: Neha ParanjpeFor Respondent: S.N. Kabra
Section 132Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT) “A” BENCH, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, HON'BLE JUDICIAL MEMBER ITA NOs. 73 & 74/MUM/2018 (A.Ys: 2012-13 & 2013-14) M/s. Associate Lumbers Pvt. Ltd., v. ACIT – Central Circle – 8(2) 85-A, Associate House Room No. 658 Sant Savta Marg, Mustafa Bazar Aayakar Bhavan, M.K. Road Mumbai – 400010 Mumbai - 400020 PAN: AAACA4273C (Appellant) (Respondent) ITA NOs. 80 & 81/MUM/2018 (A.Ys: 2012-13 & 2013-14) DCIT – Central Circle – 8(2) v. M/s. Associate Lumbers Pvt. Ltd., Room No. 658, 6th Floor 85-A, Associate…

Associate Lumbers Private Limited, Mumbai vs. ACIT, Central Circle-8(2), Mumbai

Accordingly, appeal filed by the assessee is allowed and appeal filed by the revenue is dismissed

ITA 73/MUM/2018[2012-13]Status: DisposedITAT Mumbai23 Feb 2022AY 2012-13

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

For Appellant: Neha ParanjpeFor Respondent: S.N. Kabra
Section 132Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL (VIRTUAL COURT) “A” BENCH, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, HON'BLE JUDICIAL MEMBER ITA NOs. 73 & 74/MUM/2018 (A.Ys: 2012-13 & 2013-14) M/s. Associate Lumbers Pvt. Ltd., v. ACIT – Central Circle – 8(2) 85-A, Associate House Room No. 658 Sant Savta Marg, Mustafa Bazar Aayakar Bhavan, M.K. Road Mumbai – 400010 Mumbai - 400020 PAN: AAACA4273C (Appellant) (Respondent) ITA NOs. 80 & 81/MUM/2018 (A.Ys: 2012-13 & 2013-14) DCIT – Central Circle – 8(2) v. M/s. Associate Lumbers Pvt. Ltd., Room No. 658, 6th Floor 85-A, Associate…

The DCIT, Circle-8, Ahmedabad vs. Sambhav Infrastructure Pvt. Ltd., Ahmedabad

In the result, appeal of the Revenue is allowed

ITA 1818/AHD/2015[2012-13]Status: DisposedITAT Ahmedabad05 Jan 2022AY 2012-13

Bench: Shri Rajpal Yadav, Vice- & Shri Waseem Ahmedआयकर अपील सं./ Ita No.1818/Ahd/2015 "नधा"रण वष"/Asstt. Year: 2012-13 Dcit, Cir.4(1)(1) Vs. Sambhav Infrastructure P.Ltd. Ahmedabad. B-12, Amar Aprtment Vasna Barrage Road Vasna, Ahmedabad. Pan : Aakcs 5194 C

For Appellant: NoneFor Respondent: Shri Mohd Usman,CIT-DR
Section 133ASection 143(2)

…d) 543; ii) Abhishek Corpn Vs. DCIT, 63 TTJ (Ahd 651 iii) CIT Vs. Gurubachhan Singh J Juneja, 302 ITR 63 (Guj) iv) RK Corporation, ITA No.4940/1996 , ITAT, Ahmedabad bench v) CIT Vs. President Industreies, 258 ITR 664 (Guj) vi) CIT Vs. Balchand A Kumar (2003) 263 ITR 610 (MP) vii) ITO Vs. Sai Krupa Construction (2007) 13 SOT 459 (Mum) viii) CIT Vs. S. Khader Khan Sons (2013) 352 ITR 480 (SC) ix) Pau Mathews & Sons Vs. CIT, (2003) 263 ITR 157 (Mad) x) Ashok Manilal Thakkar Vs. ACIT, (2005) 97 ITD 361 (Ahd) xi) CIT Vs. Shri Ramdas Motor Transport (1999) 238 ITR 177 (AP) xii) Kailashben Manharlal Chokshi Vs. CIT, 32…

DCIT, Central -2, Indore vs. M/S Great Galleon Ventures Ltd, Indore

In the result, the appeals of the Revenue bearing ITANo

ITA 68/IND/2021[2016-17]Status: DisposedITAT Indore23 Dec 2021AY 2016-17

Bench: Shri Rajpal Yadav Hon'Ble & Shri Manish Borad

Section 145(3)Section 153ASection 68Section 69ASection 69C

…अपील"य अ"धकरण, इ"दौर "यायपीठ, इ"दौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI RAJPAL YADAV HON'BLE VICE PRESIDENT AND SHRI MANISH BORAD, ACCOUNTANT MEMBER IT(SS)A Nos. 114 to 116/Ind/2020 Assessment Years:2016-17 to 2018-19 M/s. Great Galleon Ventures ltd. DCIT, Central-2, Indore Indore बनाम/ (Appellant) (Respondent ) Vs. P.A. No.AABCK1743N ITA No.67 to 70/Ind/2021 Assessment Year:2015-16 to 2018-19 ACIT, Central-2, M/s. Great Galleon Ventures ltd. Indore Indore बनाम/ Vs. (Appellant) (Respondent ) P.A. No. AABCK1743N Revenue by Shri Rajeeb, Jain CIT-DR Respondent by S/ Shri A…

DCIT, Central -2, Indore vs. M/S Great Galleon Ventures Ltd, Indore

In the result, the appeals of the Revenue bearing ITANo

ITA 67/IND/2021[2015-16]Status: DisposedITAT Indore23 Dec 2021AY 2015-16

Bench: Shri Rajpal Yadav Hon'Ble & Shri Manish Borad

Section 145(3)Section 153ASection 68Section 69ASection 69C

…अपील"य अ"धकरण, इ"दौर "यायपीठ, इ"दौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI RAJPAL YADAV HON'BLE VICE PRESIDENT AND SHRI MANISH BORAD, ACCOUNTANT MEMBER IT(SS)A Nos. 114 to 116/Ind/2020 Assessment Years:2016-17 to 2018-19 M/s. Great Galleon Ventures ltd. DCIT, Central-2, Indore Indore बनाम/ (Appellant) (Respondent ) Vs. P.A. No.AABCK1743N ITA No.67 to 70/Ind/2021 Assessment Year:2015-16 to 2018-19 ACIT, Central-2, M/s. Great Galleon Ventures ltd. Indore Indore बनाम/ Vs. (Appellant) (Respondent ) P.A. No. AABCK1743N Revenue by Shri Rajeeb, Jain CIT-DR Respondent by S/ Shri A…

Rabindra Kumar Mohanty, Bhubaneswar vs. ITO, Ward-2(2), Bhubaneswar

In the result, Appeal of the assessee in ITANo

ITA 300/CTK/2016[2009-10]Status: DisposedITAT Cuttack21 Dec 2021AY 2009-10

Bench: Shri C.M. Garg, Jm & Shri Manish Borad, Am आयकर अपीऱ सं./Ita No.300/Ctk/2016 (नििाारण वषा / Assessment Year :2009-2010) Rabindra Kumar Mohanty, Vs Ito, Ward-2(2), C/O Dr. Basudev Mishra, Bhubaneswar Plot No.3C/1, 1St Floor, Near Raj Bhawan Square, Unit-8, Bhubaneswar- 751012 Pan No. : Abxpm 8506 B (अऩीलाथी /Appellant) (प्रत्यथी / Respondent) .. ननधाारिती की ओर से /Assessee : Shri Natabar Panda, Advocate By िाजस्व की ओर से /Revenue By : Shri S.C.Mohanty, Sr.Dr सुनवाई की तािीख / Date Of Hearing : 26/10/2021 घोषणा की तािीख/Date : 21/12/2021 Of Pronouncement आदेश / O R D E R Per Bench: The Captioned Appeal Filed At The Instance Of Assessee Is Directed Against The Order Passed By The Ld. Commissioner Of Income Tax(Appeals)-2, Bhubaneswar (In Short ‘The Cit(A)’), Dated 22.02.2016 For The Assessment Year 2009-2010. 2. This Appeal Itano.300/Ctk/2016 Was Dismissed By This Tribunal Vide Order Dated 30.08.2017 On Account Of Non- Appearance On The Part Of The Assessee. Thereafter The Assessee Took The Matter Before The Hon’Ble High Court & The Hon’Ble High Court In W.P.(C) No.2487 Of 2019, Vide

For Appellant: Shri Natabar Panda, Advocate byFor Respondent: Shri S.C.Mohanty, Sr.DR
Section 148Section 234B

…ld. AO while framing the assessment u/s 143(3) of the Act wherein Ld. AO rejected the book results and estimated the income @ 2.5% of the total turnover of Rs.4,18,04,300/-. Hon'ble Madhya Pradesh High Court in the case of CIT vs. Balchand Ajit Kumar (2004 ) 263 ITR 610(MP) has held that the total sale cannot be regarded as the profit of the assessee. The net profit rate has to be adopted and if net profit rate is adopted it cannot be said that there is perversity of approach. In the instant case also the turnover of Rs.66,43,421/- which was not accounted for in the regular books of account for lack of informati…

Parthavi Construction Private Limited, Raipur vs. Assistat Commissioner of Incometax, Central Circle-1, Raipur

In the result, all the captioned appeals of the assessee are allowed

ITA 99/RPR/2019[2017-18]Status: DisposedITAT Raipur26 Oct 2021AY 2017-18

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. Nos. 93 To 99/Rpr/2019 ("नधा"रण वष" / Assessment Years : 2011-12 To 2017-18) M/S. Parthivi Constructions Asst. Commissioner Of बनाम/ Pvt. Ltd. Income Tax Vs. Parthivi Pacific, 3Rd Floor, Central Circle-1, Raipur Commercial Complex, Near (C.G.) Axis Bank, G.E. Road, Raipur (C.G.) "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaccp4406G .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Shri R. B. Doshi, C.A. अपीलाथ" ओर से /Appellant By : Shri R. K. Singh, Cit.Dr ""यथ" क" ओर से/Respondent By : 09/08/2021 सुनवाई क" तार"ख / Date Of Hearing 26/10/2021 घोषणा क" तार"ख /Date Of Pronouncement

For Appellant: Shri R. K. Singh, CIT.DRFor Respondent: 09/08/2021
Section 132Section 143(3)Section 153A

…sales/receipts for the purposes of making additions in several other decisions viz; CIT vs. S.C. Kothari (1971) 82 ITR 794 (SC); CIT vs. G.S. Juneja (2008) 302 ITR 63 (Guj); CIT vs. Babulal K. Daga (2016) 387 ITR 114 (Guj); CIT vs. Balchand Ajit Kumar (2003) 263 ITR 610 (MP); Anil Kumar Bajaj vs. DCIT in ITA No.4392/Del/2014; Hariram Brambhani Vs. ACIT in ITA No.5067/Mum/2010; Man Mohan Sadani Vs. CIT (2008) 304 ITR 52 etc…. In these decisions, it has been held that only profit can be taxed and not the entire receipts. 6.3 Having considered the facts of the case and the consistent position of law echoed by the…