How many judgments cite CIT v. Bholanath Poly Fab. Pvt. Ltd.?

712 judgments on BharatTax cite CIT v. Bholanath Poly Fab. Pvt. Ltd. (355 ITR 290), spanning 2016 to 2026.

Which sections of the Income Tax Act does CIT v. Bholanath Poly Fab. Pvt. Ltd. come up under?

It is most often cited in judgments turning on Section 143(3), Section 148, Section 147, Section 37(1), Section 153A, Section 132.

CIT v. Bholanath Poly Fab. Pvt. Ltd.

355 ITR 290High Court2013#73 most cited

What is CIT v. Bholanath Poly Fab. Pvt. Ltd. authority for?

If an assessee makes purchases from bogus parties, but the underlying goods are genuinely acquired and sold, only the profit margin embedded in such purchases, and not the entire value of the bogus purchases, should be added to the assessee's income.

712

judgments rely on this decision, according to BharatTax’s citation analysis of 372,003 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. Bholanath Poly Fab · 355 ITR 290 · bogus purchases · accommodation entry · unexplained expenditure · profit margin · gross profit rate · section 37(1) · section 68 · section 153A · genuineness of purchases · entire purchases addition

Sections most often in play

Section 143(3)Section 148 Section 147 Section 37(1)Section 153A Section 132 Section 133(6)Section 68

Issues it is cited on

section 292c section 44ab section 69c section 131 commissioner (appeals)section 132(4)accommodation entry section 145 section 37(1)section 133(6)escapement of income unexplained expenditure

Judgments citing CIT v. Bholanath Poly Fab. Pvt. Ltd.

ITO 27 (3)(5), Mumbai vs. Vijay H. Gandhi, Mumbai

The appeal stands dismissed

ITA 6178/MUM/2018[2009-10]Status: DisposedITAT Mumbai20 Nov 2019AY 2009-10

Bench: Hon’Ble Shri C.N. Prasad, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri Akhtar H. Ansari-Ld.DRFor Respondent: None

Section 133(6)Section 143(1)Section 143(2)Section 143(3)Section 148Section 69C

…1 Vijay H. Gandhi Assessment Year-2009-10 आयकर अपीलीय अिधकरण “एक-सद" मामला” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI माननीय "ी सी. एन. "साद, "ाियक सद" एवं माननीय "ी मनोज कुमार अ"वाल, लेखा सद" के सम"। BEFORE HON’BLE SHRI C.N. PRASAD, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील सं./ I.T.A. No.6178/Mum/2018 (िनधा"रण वष" / Assessment Year: 2009-10) I.T.O Ward 27(3)(5) Vijay H. Gandhi Room No. 428, 4th Floor, Tower No. 6, बनाम/ Mani Niwas, Mahul Village Vashi Rly Station Complex, Vashi Opp. Hanuman Temple Vs. Navi Mumbai-400 703 Chembur, Mumbai-400 074. "थायीलेखासं./जीआइआरस…

ITO 27(1)(2), Mumbai vs. Atul V. Lotia, Mumbai

The appeal stands dismissed

ITA 5731/MUM/2018[2010-11]Status: DisposedITAT Mumbai20 Nov 2019AY 2010-11

Bench: Hon’Ble Shri C.N. Prasad, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri S. Michael Jerald-Ld. DRFor Respondent: None

Section 133(6)Section 142(1)Section 143(3)Section 148

…1 Atul V. Lotia Assessment Year-2010-11 आयकर अपीलीय अिधकरण “एक-सद" मामला” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI माननीय "ी सी. एन. "साद, "ाियक सद" एवं माननीय "ी मनोज कुमार अ"वाल, लेखा सद" के सम"। BEFORE HON’BLE SHRI C.N. PRASAD, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील सं./ I.T.A. No.5731/Mum/2018 (िनधा"रण वष" / Assessment Year:2010-11) I.T.O. Ward 27(1)(2) Atul V. Lotia Tower No. 06, 4th Floor Prop: Atul Steels बनाम/ R.No. 407, Vashi Rly Station Complex, 5/13, Nandlal Popat Chawl Vs. Vashi, Navi Mumbai-400 703. Gandhi Nagar, LBS Marg, Ghatkopar (W), Mumbai-400 086.…

Assistant Commissioner of Income Tax 11(1)(2), Mumbai vs. Sanghvi Star Retail Private Limited, Mumbai

Accordingly, grounds raised in CO and case laws relied on by assessee are dismissed

ITA 5334/MUM/2017[2009-10]Status: DisposedITAT Mumbai31 Oct 2019AY 2009-10

Bench: Shri S. Rifaur Rahman, Am & Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 5334/Mum/2017 & Cross Objection No.– 01/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2009-10) M/S Sanghvi Star Retail Acit – 11(1)(2), Pvt. Ltd. Room No. 1, Ground बिधम/ Plot No. 75, C-14, Cross Floor, Aayakar Bhavan, Road, Marol Midc, Vs. M. K. Road, Anderi (East), Mumbai-400 020 Mumbai- 400 093 स्थायीलेखासं./जीआइआरसं./Pan No. Aalcs5646N (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant Shri V. Vinod Kumar, Dr : By प्रत्यथीकीओरसे/Respondentby : Shri Suchek Anchaliya, Ar सुनवाईकीतारीख/ : 09.10.2019 Date Of Hearing घोषणाकीतारीख / : 31.10.2019 Date Of Pronouncement आदेश / O R D E R Per S. Rifaur Rahman: The Present Appeal Has Been Filed By The Revenue Against The Order Of Ld. Commissioner Of Income Tax (Appeals) - 18 In Short Referred As ‘Ld. Cit(A)’, Mumbai, Dated 10.04.17 For Assessment Year (In Short Ay) 2009-10. 2

For Respondent: Shri Suchek Anchaliya, AR

Section 132Section 133Section 143

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, AM & SHRI RAM LAL NEGI, JM आयकरअपीलसं./ I.T.A. No. 5334/Mum/2017 & Cross objection No.– 01/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2009-10) M/s Sanghvi Star Retail ACIT – 11(1)(2), Pvt. Ltd. Room No. 1, Ground बिधम/ Plot No. 75, C-14, Cross floor, Aayakar Bhavan, Road, Marol MIDC, Vs. M. K. Road, Anderi (East), Mumbai-400 020 Mumbai- 400 093 स्थायीलेखासं./जीआइआरसं./PAN No. AALCS5646N (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant Shri V. Vinod Kumar, DR : by प्रत्यथीकीओरसे/Respondentby : Shri Suchek Anch…

Income Tax Officer 32(1)(5), Mumbai vs. Smt. Indu Hasmukh Panchal, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 5864/MUM/2018[2009-10]Status: DisposedITAT Mumbai29 Oct 2019AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Bleincome Tax Officer – 32(1)(5) V. Smt Indu Hasmukh Panchal Room No. 203, 2Nd Floor A/9/401, Siddharth Nagar C-11, Pratyakshakar Bhavan Katau Mills Compound Bandra Kurla Complex, Bandra (E) Highway, Borivali (E) Mumbai – 400 051 Mumbai – 400 066 Pan: Agspp7461Q (Appellant) (Respondent) Assessee By : Ms. Nikita Sanghavi Department By : Shri Ram Tiwari

For Appellant: Ms. Nikita SanghaviFor Respondent: Shri Ram Tiwari

Section 133(6)Section 143(1)Section 147

…f the matter elaborately with reference to the submissions of the assessee and the averments in the Assessment Order and following the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Sheth [356 ITR 451], Bholanath Polyfab Pvt. Ltd., [355 ITR 290] and various other decisions restricted the disallowance to 16.96% of the non-genuine purchases, while holding so, the Ld.CIT(A) observed as under: - “6.1.27. In Bholanath Polyfab Pvt. Ltd. 355 ITR 290 (Guj), the facts of the case were that the assessee was engaged in the business of trading in finished fabrics. For the A.Y. 2005-06, the Assessin…

Mr.Anil M. Kadakia, Mumbai vs. ACIT Circle-17(1), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 5854/MUM/2018[2013-14]Status: DisposedITAT Mumbai29 Oct 2019AY 2013-14

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Bleshri Anil M. Kadakia V. A.C.I.T., Circle – 17(1) Room No. 117, 1St Floor 404, Sharada Chambers 33, New Marine Lines Aayakar Bhavan, M.K. Road Mumbai – 400 020 Mumbai – 400 020 Pan: Aadpk7331F (Appellant) (Respondent) Assessee By : Ms. Dinkle Haria Department By : Shri Ram Tiwari

For Appellant: Ms. Dinkle HariaFor Respondent: Shri Ram Tiwari

Section 143(1)

…ise, the disallowance of purchases is clearly in order. The action of the assessing officer of disallowing a percentage of impugned purchases is in line with the view expressed in the decisions such as in the case of CIT vs. Bholanath PolyFab Pvt. Ltd. (2013) 355 ITR 290 and thereafter in the case of CIT vs. Simit P. Sheth (2013) 219 Taxman 85 (Gu]. 4.5. It is noted that there is nothing distinguishable to identify the sales as corresponding to the purchases. However, the submission that the margin on trading in polished diamonds is low is supported by the report of the Task Group for Diamond Sector submitted to…

ITO 12(3)(1), Mumbai vs. Krish Micro System Pvt. Ltd., Mumbai

In the result, appeal of the revenue is dismissed

ITA 6132/MUM/2018[2010-11]Status: DisposedITAT Mumbai23 Oct 2019AY 2010-11

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm) Income-Tax Officer Vs M/S Krish Micro System Pvt Ltd Ward 12(3)(1), Mumbai 204, Spring Leaf Chsl, Lokhandwala, Kandivali (E) Mumbai400 101 Pan : Aacck6090R Appellant Respondednt

Section 133(6)Section 143(1)Section 143(2)Section 147Section 148

…ement embedded in such bogus purchases, by relying upon the decisions of Hon’ble Gujarat High Court in the case ITA 6132/Mum/2018 Krish Micro System Pvt Ltd of CIT vs Simit P Sheth (2013) 356 ITR 451 (Guj) and in the case of Bholanath Poly Fab Pvt Ltd (2013) 355 ITR 290 (Guj). Aggrieved, the revenue has filed this appeal. 6. None appeared on behalf of the assessee. However, we find from record that an adjournment application dated 14-10-2019 from assessee’s counsel is placed on record which was rejected as nobody was present to press the application. We found that the matter could be disposed of on the basis…

Income Tax Officer Ward 1(4), Thane vs. Luke Martin Fernandes, Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 5336/MUM/2018[2010-11]Status: DisposedITAT Mumbai15 Oct 2019AY 2010-11

Bench: G. Manjunatha & Shri Ram Lal Negiito,Ward-1(4) Vs. Luke Martin Fernandes Room No.11 B-2/104, Raunak Park Chs 6Th Floor, Ashar It Park Ltd., Kokani Pada B-Wing, Wagle Industrial Pokharan Road No.2 Estate, Thane(W)-400 604 Thane West-400 606 Pan/Gir No.Aafpf7705G (Appellant) .. (Respondent)

Section 143(3)Section 147

…ial to dislodge such findings. In this process the appellant saved on the sales-tax / VAT and enhanced his profit by manipulating the purchases On similar facts Hon’ble Gujarat High court in the case of CIT vs Sanjay Oil Cake (2009) 316 ITR 274 and Bhole Nath 355 ITR 290 (Guj) who were manufacturer upheld disallowance of 25%. As the facts of the assessee's case are similar therefore it would be appropriate if 25% of the amount of unproved purchases of Rs 5,17,512 /-, amounting to Rs 1,29,376/- is disallowed. This addition will be over and above the profits shown by the appellant in his return of income, 5. None…

ITO, Ward- 3 (5), Kalyan vs. Labco Fine Chemicals, Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 5423/MUM/2018[2009-10]Status: DisposedITAT Mumbai14 Oct 2019AY 2009-10

Bench: Shri Mahavir Singh & Shri G. Manjunathaito, Ward-3(5) Vs. Labco Fine Chemicals 2Nd Floor, Rani Mansion Mahvir Prabhu Chowk Murbad Road Bazar Peth, Kalyan Kalyan(W)-421 301 Thane

Section 144Section 147

…l to dislodge such findings. In this process the appellant saved on the safes-tax / VAT and enhanced his profit by manipulating the purchases. On similar facts Hon'ble Gujarat High court in the case of CIT vs. Sanjay Oil Cake (2009) 316 ITR 274 and Bhole Nath 355 ITR 290 (Guj) who were manufacturer upheld disallowance of 25%. As the facts of the assessee’s case are similar therefore it would be appropriate if 25% of the amount of unproved purchases of Rs 306779/-. amounting to Rs. 76,695/- is disallowed. This addition will be over and above the profits shown by the appellant in his return of income. 5. None appe…

ITO WD- 1 (2), Thane vs. Machine & Controls, Mumbai

The appeal stands dismissed

ITA 5415/MUM/2018[2011-12]Status: DisposedITAT Mumbai10 Oct 2019AY 2011-12

Bench: Hon’Ble Shri Saktijit Dey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Ms. Jothilakshmi Nayak-Ld. DRFor Respondent: None

Section 133(6)Section 143(1)Section 143(2)Section 143(3)Section 148

…, the assessee pleaded for reasonable estimation. The Ld. CIT(A), after considering the factual matrix and inter-alia, relying upon the decision of Hon’ble Gujarat High Court rendered in CIT V/s Sanjay Oil Cake 316 ITR 274, CIT V/s Bholanath Poly Fab Pvt Ltd. 355 ITR 290 and CIT V/s Simit P. Sheth 356 ITR 451 restricted the additions to 20% of disputed purchases. Aggrieved, the revenue is in further appeal before us. 4. After careful consideration, we are of the considered opinion there could be no sale without actual purchase of material keeping in view the assessee’s nature of business. Undisputedly the assesse…

Shri Jitendra S. Mamania (Prop.M/S.Roundline Industries), Mumbai vs. I.T.O. - 31(2)(1), Mumbai

In the result, the appeal of the assessee is partly allowed

ITA 1380/MUM/2018[2009-10]Status: DisposedITAT Mumbai04 Oct 2019AY 2009-10

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am Shri Jitendra S. Mamania Vs. The Income Tax Officer (Prop. M/S. Roundline 31(2)(1), Mumbai Industries) 1309-A, Agarwal Industries, S.V. Road Jogeshwari (W) Mumbai – 400 102 Pan/Gir No.Addpm0623P (Appellant) .. (Respondent)

Section 143(3)

…ted by the ld AO, it would not be proper to disallow the entire purchases as without making any purchases, there cannot be any sales. He placed reliance on the decision of Hon’ble Gujarat High Court in the case of CIT vs Bholanath Poly Fab Pvt Ltd reported in 355 ITR 290 (Guj) to support his observation. He observed that purchases were made by the assessee in the grey market and accordingly concluded that only the profit element thereon could be brought to tax. He ultimately gave a finding that disallowance of 25% towards the profit element on the disputed purchases would have to be made in the instant case. Aggr…

Shri Panish P. Mehta, Mumbai vs. ACIT 19(2)(3), Mumbai

In the result, appeal of the assessee is dismissed

ITA 5274/MUM/2018[2009-10]Status: DisposedITAT Mumbai01 Oct 2019AY 2009-10

Bench: Shri Pawan Singh (Jm) & Shri G Manjunatha (Am) Shri Panish P Mehta Vs Acit 19(2)(3), Mumbai 72, Nanubhai Desai Road Bhavnagri Bldg, 2Nd Floor Mumbai 400 004 Pan : Afnpm5412M Appellant Respondednt

Section 133(6)Section 143(1)Section 147Section 148

…ces furnished by assessee, the AO rejected the books of account of the assessee. The AO, by making reliance on the decision of Gujarat High Court in case of CIT vs Simit P Sheth ITA No.553 of 2012 order dated16-01-2013 and CIT vs Bholanath Poly Fab (P) Ltd 355 ITR 290 (Guj) took the view that only profit element embedded in such purchases is to be taken from the said purchases shown by the hawala / nonexistent parties. The assessee has obtained accommodation entries of Rs.87.51 lakhs. Therefore, the AO, considering the margin of profit on such purchases disallowed 12.5% of the aggregate of 4 ITA 5274/Mum/20…

Pratap N. Rajgor, Mumbai vs. ITO 19(2)(5), Mumbai

In the result the appeal of the assessee is

ITA 5272/MUM/2018[2011-12]Status: DisposedITAT Mumbai01 Oct 2019AY 2011-12

Bench: Shri Pawan Singh & Shri G Manjunatha

Section 133(6)Section 147Section 148

…the accounted stream. The AO also rejected the books of account of the assessee. The AO, by making reliance on the decision of Gujarat High Court in case of CIT vs Simit P Sheth ITA No.553 of 2012 order dated16-01-2013 and CIT vs Bholanath Poly Fab (P) Ltd 355 ITR 290 (Guj) took the view that only profit element embedded in such purchases is to be taken from the said purchases shown by the hawala / nonexistent parties. The assessee has obtained accommodation entries of Rs.131.13 lakhs. Therefore, the AO, considering the margin of profit on such purchases disallowed 12.5% 4 ITA 5272 & 5273/Mum/2018 Pratap…

ITO - 33 (2)(1), Mumbai vs. Jayantkumar Ratilal Mehta, Mumbai

Accordingly these grounds raised by the assessee are partly allowed

ITA 5899/MUM/2018[2011-12]Status: DisposedITAT Mumbai30 Sept 2019AY 2011-12

Bench: Shri S. Rifaur Rahman, Am & Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 5899/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2011-12)

For Respondent: Shri Debang Shah, AR

Section 133(6)Section 148

…Ratilal Mehta, CIT(A) has upheld the findings of AO in estimating the profit @ 25% of the total sales. In our considered view, considering the facts of the present case and while relying upon the following judgments:- 1) ClT vs Bholanath Poly Fab Ltd. (2013) 355 ITR 290 (Guj). (HC), 2. CIT v Simit D, Sheth (2013) 356 ITR 451 (Guj)-(HC) and 3. CIT vs. Sanjay Oil Cake Industries (2009) 316 ITR 274 (Guj) (1C) and taking into consideration the facts of the present case, and also considering the order passed by the Coordinate Bench of SMC in assessee’s own case and to account for the profit element embedded in these…

ITO 24 (3)(5), Mumbai vs. Ravi Ramniklal Kothari, Mumbai

Accordingly these grounds raised by the assessee are partly allowed

ITA 5801/MUM/2018[2011-12]Status: DisposedITAT Mumbai30 Sept 2019AY 2011-12

Bench: Shri S. Rifaur Rahman, Am & Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 5801/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2011-12)

For Appellant: Shri C. S. Sharma, DR byFor Respondent: None

Section 143(1)Section 143(2)Section 148

…e find that Ld. CIT(A) has upheld the findings of AO in estimating the profit @ 25% of the total sales. In our considered view, considering the facts of the present case and while relying upon the following judgments:- 1) ClT vs Bholanath Poly Fab Ltd. (2013) 355 ITR 290 (Guj). (HC), 2. CIT v Simit D, Sheth (2013) 356 ITR 451 (Guj)-(HC) and 3. CIT vs. Sanjay Oil Cake Industries (2009) 316 ITR 274 (Guj) (1C) and taking into consideration the facts of the present case, and also considering the order passed by the Coordinate Bench of SMC in assessee’s own case and to account for the profit element embedded in these…

ACIT - 31 (1), Mumbai vs. Anupam Stationary Plaza, Mumbai

Accordingly these grounds raised by the assessee are partly allowed

ITA 5794/MUM/2018[2009-10]Status: DisposedITAT Mumbai30 Sept 2019AY 2009-10

Bench: Shri S. Rifaur Rahman, Am & Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 5794/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2009-10)

For Respondent: Shri Jas Sanghavi, AR

Section 143Section 143(1)Section 148Section 36(1)(vii)

Laxman D Daware, Mumbai vs. ITO 19 (2)(1), Mumbai

In the result, appeals of the assessee are partly allowed as indicated above

ITA 3464/MUM/2018[2011-12]Status: DisposedITAT Mumbai30 Sept 2019AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

For Appellant: Shri Prakash PanditFor Respondent: Shri Chaitanya Anjaria

Section 133(6)Section 143(3)Section 145Section 147

…back. For these reasons the Assessing Officer treated the purchases as non-genuine. However, the Assessing Officer keeping in view the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [356 ITR 451] and Bholanath Polyfab Pvt. Ltd [355 ITR 290] estimated the profit element from such purchases at 12.5%. 4. Assessee challenged the re-assessment order before the Ld.CIT(A) and on two grounds firstly the reopening of assessment and secondly estimation of profit element at 12.5% treating the purchases as bogus. Ld.CIT(A) as far as the re-opening of assessment is concerned sustained the acti…

Laxman D. Daware, Mumbai vs. ITO 19(2)(1), Mumbai

In the result, appeals of the assessee are partly allowed as indicated above

ITA 3463/MUM/2018[2010-11]Status: DisposedITAT Mumbai30 Sept 2019AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

For Appellant: Shri Prakash PanditFor Respondent: Shri Chaitanya Anjaria

Section 133(6)Section 143(3)Section 145Section 147

Laxman D. Daware, Mumbai vs. ITO 19(2)(1), Mumbai

In the result, appeals of the assessee are partly allowed as indicated above

ITA 3462/MUM/2018[2009-10]Status: DisposedITAT Mumbai30 Sept 2019AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

For Appellant: Shri Prakash PanditFor Respondent: Shri Chaitanya Anjaria

Section 133(6)Section 143(3)Section 145Section 147

Sakun Gems, Mumbai vs. ITO 19(3)(2), Mumbai

In the result, both the appeals of the assessee for the A

ITA 3432/MUM/2018[2011-12]Status: DisposedITAT Mumbai25 Sept 2019AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

For Appellant: Shri Uttam Chand BothraFor Respondent: Shri Ajay Kumar Ojha

Section 143(2)Section 143(3)Section 145(3)Section 148Section 292B

…e profit element @5% from the alleged purchases and same was brought to tax. However, the Ld.CIT(A) referring to the decisions of the Hon'ble Gujarat High Court in the cases of Vijay M Mistry Construction Pvt. Ltd., [355 ITR 498], Bholanath Poly Fab (P.) Ltd [355 ITR 290] and (A.Ys: 2008-09 & 2011-12) M/s. Sukun Gems Vijay Proteins Ltd. [58 Taxmann.com 44] and the CBDT Instruction No. 2/08 dated 22.02.2008, held that it would be appropriate if the reasonable profit margin arising to the assessee on account of alleged hawala purchases is adopted at @8%. However, he directed the Assessing Officer to reduce the prof…

Sakun Gems, Mumbai vs. ITO 19(3)(2), Mumbai

In the result, both the appeals of the assessee for the A

ITA 3431/MUM/2018[2008-09]Status: DisposedITAT Mumbai25 Sept 2019AY 2008-09

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Ble

For Appellant: Shri Uttam Chand BothraFor Respondent: Shri Ajay Kumar Ojha

Section 143(2)Section 143(3)Section 145(3)Section 148Section 292B