CIT v. Bhawan Va Path Nirman (Bohra) & Co (No. 1)

SHRIKANT SINGHANIA,JAIPUR, RAJASTHAN vs. ACIT, CENTRAL CIRCLE-4, JPR, JAIPUR, RAJASTHAN

In the result, appeals filed by the assessee for AY 2017-18 and AY 2019-20

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

…timated taking into consideration the GP which has been shown in the identical industry. The past history of the assessee is best guiding factor of trade results. Hon’ble Rajasthan High Court in the case of CIT Vs Bhawan Va Path Nirman (Bohra) & Co (No. 1) 258 ITR 431 has held that the past history of the assessee is best guiding factor. Hon’ble ITAT Jaipur Bench in the case of M/s Asian Construction Co. Vs ITO 34 Taxworld 89 has held that the past history of assesses case is the best reflector of the true trade results. The fact remains that the Ld. CIT (A) estimated the profit on short stock by applying pro…

CAREER POINT LIMITED,KOTA, RAJASTHAN vs. PRINCIPAL COMMISSIONER OF INCOME TAX, UDAIPUR, RAJASTHAN

In the result, the appeal of the assessee is allowed

Bench: HON’BLE SHRI SANDEEP GOSAIN, JM & HON’BLE SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…lt the exempted income was accepted. The past history of the assessee as settled in the AY 2013-14, AY 2014-15 and AY 2017-18 is very relevant to the issue in hand. Hon’ble Rajasthan High Court in the case of CIT Vs Bhawan Va Path Nirman (Bohra) & Co (No. 1) 258 ITR 431 has held that the past history of the assessee is best guiding factor. 2.4 In point no (iii) of para3at page 2 of order passed u/s 263 the ld PCIT assumed wrong facts by mentioning that the assessee has admitted that its case is covered by the provisions of section14A of the Act and also the explanatory circular of CBDT No.5/2014. In point no (i…

DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR vs. M/S WORSHIP INFRAPROJECTS PVT LTD(PREVIOUSLY KNOWN AS OM METALS SPML INFRAPROJECTS PVT LTD), JAIPUR

In the result of the appeal of the assessee is allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…of 5% before expenses and profit margin ranging in between 1.5% to 1.05% (after labour cess, royalty, vat composition and entry tax) was accepted by the department. Hon'ble Rajasthan High Court in the case of CIT Vs Bhawan Va Path Nirman (Bohra) & Co (No. 1) 258 ITR 431 has held that the past history of the assessee is best guiding factor. In this case net profit rate was fixed on the basis of past history. Hon'ble ITAT Jaipur Bench in the case of M/s Asian Construction Co. Vs ITO 34 Tax World 89 has M/s. Worship Infraprojects Pvt. Ltd., Jaipur. also held that the past history of assessee's case is the best ref…

WORSHIP INFRAPROJECTS PRIVATE LIMITED,JAIPUR vs. DCIT, CEIRCLE-2, JAIPUR

In the result of the appeal of the assessee is allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…of 5% before expenses and profit margin ranging in between 1.5% to 1.05% (after labour cess, royalty, vat composition and entry tax) was accepted by the department. Hon'ble Rajasthan High Court in the case of CIT Vs Bhawan Va Path Nirman (Bohra) & Co (No. 1) 258 ITR 431 has held that the past history of the assessee is best guiding factor. In this case net profit rate was fixed on the basis of past history. Hon'ble ITAT Jaipur Bench in the case of M/s Asian Construction Co. Vs ITO 34 Tax World 89 has M/s. Worship Infraprojects Pvt. Ltd., Jaipur. also held that the past history of assessee's case is the best ref…

M/S R.G. COLONIZERS PVT. LTD. ,JAIPUR vs. DCIT, CIRCLE-3, JAIPUR

In the result, this appeal of the assessee stands allowed

Bench: Shri Sandeep Gosain, Jm & Shri Rathod Kamlesh Jayantbhai, Am Vk;Dj Vihy La-@Ita No. 136/Jp/2021 Fu/Kzkj.K O"Kz@Assessment Year :2014-15 M/S R.G. Colonizers Pvt. Ltd., Cuke D.C.I.T., 4, Tirupati Trade Centre, S.C. Vs. Circle-3, Road, Jaipur. Jaipur. Lfkk;H Ys[Kk La-@Thvkbzvkj La-@Pan/Gir No.: Aaacr 8269 D Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By : Shri P.C. Parwal (Ca) Jktlo Dh Vksj Ls@ Revenue By : Smt. Monisha Choudhary (Jcit) Lquokbz Dh Rkjh[K@ Date Of Hearing : 14/02/2022 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 04/04/2022 Vkns'K@ Order Per: Sandeep Gosain, J.M. This Is An Appeal Filed By The Assessee Against The Order Of Ld. National Faceless Appeal Centre (Nfac), Delhi Dated 06/08/2021 For The A.Y. 2014-15, Wherein Following Grounds Have Been Taken. “1. The Ld. Cit(A), Nfac Has Erred On Facts & In Law In Upholding The Rejection Of Books Of Account By Applying The Provisions Of Sec. 145(3). 2. The Ld. Cit(A), Nfac Has Erred On Facts & In Law In Upholding The Action Of Ao In Applying N.P. Rate Of 8% On Total Receipts Of Rs. 18,63,73,549/-, Thereby Computing The Business Income At Rs. 78,42,549/- (18,63,73,549*8%-70,67,877 Depreciation) As Against Net Loss Of Rs. 68,43,810/- Computed By The Assessee)

…is allowed, there would not remain any income chargeable to tax. For this proposition reliance is placed on the following cases:- (i) CIT Vs. Jain Construction Company 245 ITR 527 (Raj.) (ii) CIT Vs. Bhawan Path Nirman (Bohra) and Co. 258 ITR 440 (Raj.) and 258 ITR 431 (Raj.) (iii) Shri Ganpatlal Sharma Vs. ITO ITA No.1675/JP/1993 dt. 26.5.2000 (Jaipur) (Trib.)Assessee was contractor and his income was assessed by estimating net profit rate subject to depreciation. AO declined to allow interest paid to creditors. CIT(A) upheld the addition. Tribunal reversed the decision of CIT(A) by holding that in the case o…

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, JAIPUR vs. M/S GANPATI EXCLUSIVE DESIGNER SAREES PVT. LTD., JAIPUR

In the result, appeal of the assessee is allowed

…f last few years. Considering the past history of the assessee the weighted average GP comes 8.34% against which the GP of the assessee was 8.52% which is better. Hon’ble Rajasthan High Court in the case of CIT Vs Bhawan Va Path Nirman (Bohra) & Co (No. 1) 258 ITR 431 has held that the past history of the assessee is best guiding factor. Therefore no trading addition deserves to be made. Keeping in view the totality of the facts and circumstances of the case, we do not find any merit in the impugned order passed by the ld. CIT(A) in upholding the addition by estimating ITA 696 & 1081/JP/2018_ 19 the GP @…

M/S GANPATI EXCLUSIVE DESIGNER SAREES PVT. LTD.,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, JAIPUR

In the result, appeal of the assessee is allowed

…f last few years. Considering the past history of the assessee the weighted average GP comes 8.34% against which the GP of the assessee was 8.52% which is better. Hon’ble Rajasthan High Court in the case of CIT Vs Bhawan Va Path Nirman (Bohra) & Co (No. 1) 258 ITR 431 has held that the past history of the assessee is best guiding factor. Therefore no trading addition deserves to be made. Keeping in view the totality of the facts and circumstances of the case, we do not find any merit in the impugned order passed by the ld. CIT(A) in upholding the addition by estimating ITA 696 & 1081/JP/2018_ 19 the GP @…

SHASHI KANT KHETAN,JHUNJHUNU vs. ASSISTANT COMMISSIONER OF INCOME TAX , JHUNJHUNU

In the result, the appeal of the assessee is allowed

Bench: The Itat By Taking Following

…ion the contract expenses are below to the contact expenses incurred in past years despite to the facts that gross receipts increased in comparison to previous year. Hon’ble Rajasthan High Court in the case of CIT Vs Bhawan Va Path Nirman (Bohra) & Co (No. 1) 258 ITR 431 has held that the past history of the assessee is best guiding factor. Hon’ble ITAT Jaipur Bench in the case of M/s Asian Construction Co. Vs ITO 34 Taxworld 89 has held that the past history of assesses case is the best reflector of the true trade results. Thus where the books of account have been rejected and there is no material change in the…

DCIT, JAIPUR vs. JADAU JEWELLERS & MFG (P) LTD., JAIPUR

In the result, the appeals filed by the assessee are partly allowed and that of the Revenue are dismissed

…1,18,43,142+2,46,00,000)} can be sustained if the weighted average GP rate on the basis of past history approached is followed. Reliance is placed on the decision of Hon’ble Rajasthan High Court in the case of CIT Vs Bhawan Va Path Nirman (Bohra) & Co (No. 1) 258 ITR 431 wherein it has been held that the past history of the assessee is best guiding factor. Further, if assets and expenditure theory is applied than no trading addition deserves to be sustained as the department has not found any undisclosed assets/expenses as the result of the search. The humble assessee prays your honor kindly to dismiss the ground…