CIT v. Bholanath Poly Fab. Pvt. Ltd.

Snehalata Ahnand Rane, Mumbai vs. Income Tax Officer-Ward 3(3), Kalyan

The appeals of the assessee are partly allowed

Bench: Shri Joginder Singh

…rmed. Hon'ble Apex Court in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 3.1 The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock…

Shri Dineshkumar C. Doshi, Mumbai vs. Income Tax Officer 19(1)(4), Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

…ex Court in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. Dinesh S. Jain 7.2. The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock…

Ralf Jems P.Ltd, Mumbai vs. ITO WD 5(3)(1), Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

…rmed. Hon'ble Apex Court in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 3.2 The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock…

Shri Jayantilal K. Jain, Mumbai vs. Income Tax Officer-19(2)(1), Mumbai

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2009-10 Shri Jayantilal K Jain, Income Tax Officer-19(2)(1), 35, Krishna Kunj, Kika Matru Mandir, बनाम/ Street, Gulalwadi, Tardeo Road, Vs. Mumbai-400004 Mumbai-400007 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aajpj8095K

…rmed. Hon'ble Apex Court in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 2.2 The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock…

Shri Ramesh C.Shah, Mumbai vs. Income Tax Officer 19(3)(1), Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

…rmed. Hon'ble Apex Court in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 2.2 The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Ramesh C. Shah Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity…

Shri Ramesh C.Shah, Mumbai vs. Income Tax Officer 19(3)(1), Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

…rmed. Hon'ble Apex Court in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 2.2 The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Ramesh C. Shah Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity…

Nikhil R. Dharia, Mumbai vs. ACIT-19(2), Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh, Assessment Year: 2009-10 Nikhil R Dharia, Acit-19(2), B-7, Utkarsh Tilak Nagar, Matru Mandir, बनाम/ V. P. Road, Tardeo Road, Vs. Mumbai-400004 Mumbai-400007 "नधा"रती / Assessee राज"व / Revenue P.A. No.Addpd8065A

…med. Hon'ble Apex Court in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 4.3. The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock…

Dhiraj Babulal Jain, Mumbai vs. Income Tax Officer 19(1)(4), Mumbai

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2010-11

…t in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 6 Dhiraj Babulal jain 2.2 The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock…

Mukesh P. Jain, Mumbai vs. Income Tax Officer 19(2)(3), Mumbai

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2009-10

…Court in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 6 Mukesh P. Jain 2.2 The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock…

Mr.Piraram Chouhan, Mumbai vs. Income Tax Officer 19(2)5, Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

…rmed. Hon'ble Apex Court in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 2.2 The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock,…

Mr.Piraram Chouhan, Mumbai vs. Income Tax Officer 19(2)5, Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

…rmed. Hon'ble Apex Court in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 2.2 The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock,…

M/S.Diamex Sourcing Private Limited, Mumbai vs. Income Tax Officer 5(1)(3), Mumbai

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2013-14

…rmed. Hon'ble Apex Court in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 2.2 The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock…

P S Auto Private Limited, Mumbai vs. ACIT Circle-3, Thane

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh, Assessment Year: 2009-10

…rmed. Hon'ble Apex Court in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 3.2 The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock…

ITO 20(2)(3), Mumbai vs. Karan R. Shah, Mumbai

Bench: Hon’Ble Shri R. C. Sharma, Am & Hon’Ble Sh. Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 3652 & 4290/Mum/2015 (निर्धारणवर्ा / Assessment Year: 2010-11 & 2009-10)

…IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE HON’BLE SHRI R. C. SHARMA, AM & HON’BLE SH. SANDEEP GOSAIN, JM आयकरअपीलसं./ I.T.A. No. 3652 & 4290/Mum/2015 (निर्धारणवर्ा / Assessment Year: 2010-11 & 2009-10) Karan R. Shah, ITO 20 (2)(3), R. No. 210, 2nd floor, Prop. M/s Ravechi Agro Product & M/s Impact Piramal Chambers, बिधम/ Entertainment, Flat No. Lalabuag, Parel, Vs. 301, Plot No. 575A, Orient, Mumbai-400012 Jam-e-Mamshed, Rd, Matunga, Mumbai-400019 स्थायीलेखासं./जीआइआरसं./ PAN No. BCNPS7477R (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & आयकरअपीलसं./ I.T.A. No. 1238/Mum/2018 (निर्धारणवर्ा / A…

Pravin B. Kanungo, Mumbai vs. ITO 19(2)(5), Mumbai

In the result, appeal of the assessee is dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Shri Pravin B. Kanungo Vs. Ito – 19(2)(5), Metal Chem India Matru Mandir C/O. Shop No.1, Ground Mumbai Floor, 10, Shivkutir 8Th Khetwadi Back Road Mumbai - 4 Pan/Gir No.Aaypk4480G (Appellant) .. (Respondent)

…Therefore, after rejecting the books of account u/s.145(3), he estimated the additional GP @12.5% of the alleged bogus purchases. While doing so, he placed his reliance on the judgement of CIT vs. Simit P. Sheth 356 ITR 451 and M/s. Bholenath Poly Fab P.Ltd. 355 ITR 290. 3 Shri Pravin B Kanungo 5. By the impugned order CIT(A) confirmed the addition to the extent of 5% after observing as under:- “3.3.6. It is seen that the total purchases of the appellant during the year are to the tune of Rs.4,97,90,088/- and the sales are to the tune of Rs.5,11,65,890/-. The purchases which were treated as bogus are to the tune…

ACIT- 16(1), Mumbai vs. Nabeel Ebrahim Abbas, Mumbai

In the result, the appeal of the Revenue partly allowed

Bench: Sri Mahavir Singh, Jm & Sri Ramit Kochar, Am

…आयकर अपीलीय अधिकरण “B” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI श्री महावीर स िंह, न्याययक दस्य एविं श्री रसमत कोचर लेखा दस्य के मक्ष । BEFORE SRI MAHAVIR SINGH, JM AND SRI RAMIT KOCHAR, AM Aayakr ApIla saM./ ITA No. 2902/Mum/2017 (inaQa-arNa baYa- / Assessment Year 2009-10) The Asst. Commissioner of Shri Nabeel Ebrahim Abbas 3 rd Income Tax-16(1) Epigram Advertising, Room No. 439, Aayakar Floor, Roompmangal Bldg, Vs. Bhavan, M.K. Marg, Mumbai- 16th Road, Santacruz (W), 20 Mumbai-400 054 (ApIlaaqaI- / Appellant) .. (p`%yaqaaI- / Respondent) स्थायी लेखा िं./PAN No. AAQPA8524M अ…

ACIT 19(2), Mumbai vs. K.P. Sanghavi & Sons, Mumbai

In the result, both appeal of the Revenue and Cross Objection of the assessee are dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Blea.C.I.T Circle – 19(2) V. M/S. K.P. Sanghvi & Sons Llp Room No. 207, {Formerly Known As M/S. K.P. Sanghvi & Sons} Gw-7011/7012, Mathru Mandir, Bharat Diamond Bourse, Mumbai – 400 007 Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Pan: Aaafk 8390 F (Appellant) (Respondent) Co No.237/Mum/2018 (A.Y: 2011-12) [Arising Out Of Ita No.2455/Mum/2017] M/S. K.P. Sanghvi & Sons Llp V. A.C.I.T Circle – 19(2) {Formerly Known As M/S. K.P. Sanghvi & Sons} Room No. 207, 2Nd Floor Gw-7011/7012, Mathru Mandir, Tardeo Bharat Diamond Bourse, Road, Mumbai – 400 007 Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Pan: Aaafk 8390 F (Appellant) (Respondent) Assessee By : Shri Aditya R. Ajgaonkar Department By : Shri Manoj Kumar Singh

…re amount of bogus purchases which the appellant made from such unknown entities. In this regard, it is apt to refer certain decisions dealing the similar issue of bogus purchases. The decision of Gujarat High Court in the case of Bholanath Poly Fab Pvt. Ltd. 355 ITR 290 (Guj) where the Hon'ble Court was battling with the finding of Hon'ble ITAT that purchases were made from bogus parties since notice issued by the A.O. to these parties were allegedly received “returned/unserved' and the assessee was unable to produce any confirmation from these parties. The Tribunal had held that though purchases were made from…

Pushpak Auxichem P. Ltd, Thane vs. ITO WD 1(3), Kalyan

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2011-12 M/S Pushpak Auxichem Pvt. Income Tax Officer Ltd. Ward-1(3), बनाम/ 241/Business-2, Kasturi Mohan Plaza, 1St Floor, Vs. Plaza, 2Nd Floor, Manpada Wayle Nagar, Road, Dombivali (East), Khadak Pada, Thane-421201 Kalyan-421301 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aabcp0099E

…rmed. Hon'ble Apex Court in Kachwala Gems vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 5.2. The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock…

ITO 6(3)(2), Mumbai vs. Jaydeep Profiles P.Ltd, Mumbai

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Income Tax Officer 6(3)(2), Jaydeep Profiles P. Ltd., R No.503, 5Th Floor, Aayakar 142/7 Lakdi Bunder Road, बनाम/ Bhavan, M.K.Road, Darukhana, Reay Road, Vs. Mumbai 400 020 Mumbai 400 086 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aaacj8998B Assessment Year: 2009-10 Jaydeep Profiles P. Ltd., Income Tax Officer 6(3)(2), 142/7 Lakdi Bunder Road, R No.503, 5Th Floor, Aayakar बनाम/ Darukhana, Reay Road, Bhavan, M.K.Road, Vs. Mumbai 400 086 Mumbai 400 020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacj8998B 2 & 2698/Mum/2016

…vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 46 & 2698/Mum/2016 Jaydeep Profiles P.Ltd 7.2. The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock…

Jaydeep Profiles Pvt. Ltd., Mumbai vs. ITO WD 6 (3)(2), Mumbai

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Income Tax Officer 6(3)(2), Jaydeep Profiles P. Ltd., R No.503, 5Th Floor, Aayakar 142/7 Lakdi Bunder Road, बनाम/ Bhavan, M.K.Road, Darukhana, Reay Road, Vs. Mumbai 400 020 Mumbai 400 086 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aaacj8998B Assessment Year: 2009-10 Jaydeep Profiles P. Ltd., Income Tax Officer 6(3)(2), 142/7 Lakdi Bunder Road, R No.503, 5Th Floor, Aayakar बनाम/ Darukhana, Reay Road, Bhavan, M.K.Road, Vs. Mumbai 400 086 Mumbai 400 020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacj8998B 2 & 2698/Mum/2016

…vs JCIT (2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. 46 & 2698/Mum/2016 Jaydeep Profiles P.Ltd 7.2. The Hon'ble Gujarat High Court in CIT vs Bholanath Poly Fab. Pvt. Ltd. (2013) 355 ITR 290 (Guj.) held/observed as under:- “5. Having come to such a conclusion, however, the Tribunal was of the opinion that the purchases may have been made from bogus parties, nevertheless, the purchases themselves were not bogus. The Tribunal adverted to the facts and data on record and came to the conclusion that the entire quantity of opening stock…