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 371,887 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 148Section 147Section 37(1)Section 153ASection 132Section 133(6)Section 68

Issues it is cited on

section 292csection 44absection 69csection 131commissioner (appeals)section 132(4)accommodation entrysection 145section 37(1)section 133(6)escapement of incomeunexplained expenditure

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

Pramod S. Mehta, Mumbai vs. ITO 19(2)(5), Mumbai

In the result, the appeal of the assessee is dismissed

ITA 4226/MUM/2017[2010-11]Status: DisposedITAT Mumbai17 Jul 2018AY 2010-11

Bench: Sri Mahavir Singh

For Appellant: NoneFor Respondent: Shri Arju Garodia, Sr. DR
Section 133(6)Section 143(3)Section 147

…e goods must have been purchased from the grey market at a lesser price to inflate the prices of goods. The AO further relying on the Gujarat High Court decisions of CIT vs. Simit P. Sheth (2013) 356 ITR 451 (Guj) and CIT vs. Bholenath Poly Fab P. Ltd. (2013) 355 ITR 290 (Guajarat) 3 proceeded to make an addition of profit @12.5% of the total purchases of Rs.1,66,70,967/- which comes to ₹ 20,83,870/-. Aggrieved, assessee preferred the appeal before CIT(A). 4. The CIT(A) also confirmed the action of the AO by observing in Para 3.3. to 3.3.2 as under: - “3.3 The submissions of the Ld. Counsel for the appellant…

Shri Jayesh Bhogilal Mehta, Mumbai vs. Income Tax Officer-27(1)(5), Mumbai

The appeal of the assessee is dismissed

ITA 1684/MUM/2018[2010-11]Status: DisposedITAT Mumbai12 Jul 2018AY 2010-11

Bench: Shri Joginder Singh & Shri N.K. Pradhan

Section 133(6)

…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…

Musaddilals Jewellers (India) Private Limited., Hyderabad vs. Asst. Commissioner of Income Tax, Circle-16(2)., Hyderabad

In the result, appeal of the assessee is allowed

ITA 1499/HYD/2017[2012-13]Status: DisposedITAT Hyderabad11 Jul 2018AY 2012-13

Bench: Smt P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2012-13 Musaddilals Jewellers (India) Vs. Asst. Commissioner Of Pvt. Ltd., Hyderabad. Income-Tax, Circle – 16(2), Hyderabad. Pan – Aafcm 4841 H

For Appellant: Shri K.C. DevdasFor Respondent: Smt. B.K. Vishnu Priya
Section 131Section 132Section 143(1)

…agadamba Trading Co. Vs. ITO, 16 SOT 66 (Jodh.) 4. Multitex Filtration Engineers (P) Ltd. Vs. DCIT, 13 SOT 208 (Del.) 5. CIT Vs. Nikunj Eximp Enterprises (P) Ltd., 372 ITR 619 6. Mohanlal R. Daga Vs. ITO, 147 Taxman 28 7. CIT Vs. Bholanath Poly Fab Pvt. Ltd., 355 ITR 290 (Guj) 8. Prakash Chand Natha Vs. CIT, 301 ITR 134 (MP) 9. CIT Vs. MK Brothers, 163 ITR 249 (Guj.) 10. CIT Vs. Sunrise Tooling System P. Ltd., 361 ITR 206 (Guj.) 11. CIT Vs. Pradeep Kumar Gupta and Vijay Gupta, 303 ITR 95 (Del.) 12. Ramlila Pravin Shah, ITA No. 5246/Mum/2013. Dt. 05/03/2015. 6. Ld. DR relied on the order of CIT(A) and submitted th…

Sheetal Pradip Shah, Mumbai vs. ITO 17(3)(3), Mumbai

In the result appeal of the assessee is partly allowed

ITA 904/MUM/2017[2009-10]Status: DisposedITAT Mumbai11 Jul 2018AY 2009-10

Bench: Shri Rajendra, Hon'Ble & Shri C.N. Prasad, Hon'Bleshri Sheetal Pradip Shah V. Income Tax Officer – 17(3)(3) Raj Sons, 3, Latif House, 250, Room No. 123, First Floor, Aayakar Bhavan, M.K. Road, Sant Tukaram Road, Mumbai-400 020 Carnac Bunder, Mumbai – 400 009

For Appellant: Shri Ryan SaldanhaFor Respondent: Shri Arju Garodia
Section 144

…not in dispute that sales have been accepted as genuine from out of these purchases. When the sales have been accepted as genuine the entire purchases cannot be treated as non- genuine. The Hon'ble Gujarat High Court in the case of Bholanath Polyfab Pvt. Ltd [355 ITR 290] held that when the assessee made purchases and sold the finished goods as a natural corollary not the entire amount covered under such purchases would be subject to tax but only the profit element embedded therein. Similar view has been taken by the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [38 taxman.com 385]. Simply becaus…

Shreekishan Joshi, Mumbai vs. JCIT 24(2), Mumbai

In the result, the appeal is partly allowed

ITA 1259/MUM/2017[2011-12]Status: DisposedITAT Mumbai11 Jul 2018AY 2011-12

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2011-12 Shri Shreekishan Joshi Dcit 30(2) C-13/5Th 922/923, 9Th Floor Floor Bandra Kurla Vs. Corporate Avenue Complex Mumbai- Sonawala Road, Goregaon 400051. (E) Mumbai-400063. Pan No. Aabpj7710M Appellant Respondent Assessee By : None Revenue By : Ms. Aarju Garodia, Dr Date Of Hearing : 03/07/2018 Date Of Pronouncement : 11/07/2018

For Appellant: NoneFor Respondent: Ms. Aarju Garodia, DR
Section 133(6)Section 143(3)Section 40Section 69C

…element embedded in such purchases can be added to income of the assessee. The Hon’ble High Court referred to a similar view taken in the case of CIT vs. Vijay M. Mistry Construction Ltd. [2013] 355 ITR 498 (Guj) and CIT vs. Bholanath Poly Fab (P) Ltd. [2013] 355 ITR 290 (Guj). Shri Shreekrishan Joshi 4 So considering the fact that the assessee is engaged in the business of Civil Construction, we direct the AO to restrict the disallowance to 12.5% of the disputed purchase of Rs.20,26,444/-. Thus the 1st ground of appeal is partly allowed. 7. The 2nd ground of appeal On the facts and circumstances of the case and…

Allied Digital Services Ltd, Mumbai vs. DCIT Cen Cir 3, Mumbai

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

ITA 3569/MUM/2016[2010-11]Status: DisposedITAT Mumbai29 Jun 2018AY 2010-11

Bench: Shri G.S. Pannu & Shri Pawan Singhm/S Allied Digital Services Ltd. Dcit, Cc- 3, 13A, 13Th Floor, Earnest House, Mumbai. Ncpa, Nariman Point, Vs. Mumbai-400020. Pan: Aaaca5509K Appellant Respondent M/S Allied Digital Services Ltd. Dcit, Cc- 3, 13A, 13Th Floor, Earnest House, Mumbai. Ncpa, Nariman Point, Vs. Mumbai-400020. Pan: Aaaca5509K Appellant Respondent Appellant By : Shri Rakesh Joshi (Ar) Respondent By : Shri R.P. Meena (Cit-Dr) Date Of Hearing : 03.05.2018 Date Of Pronouncement : 29.06.2018 Order Under Section 254(1) Of Income –Tax Act Per Pawan Singh;

For Appellant: Shri Rakesh Joshi (AR)For Respondent: Shri R.P. Meena (CIT-DR)
Section 132Section 143(3)Section 14ASection 153ASection 253Section 254(1)

…ion on such purchases may be sustained and not the entire purchases, by treating purchases as bogus. In support of his submissions the ld AR for the assessee relied on the decision of Hon’ble Gujarat High Court in case of CIT vs. Bholanath Poly Feb (P.) Ltd. 355 ITR 290 (Guj.), decision of Tribunal in DCIT vs. N.T. Recycle Pvt. Ltd. in ITA No. 3982/Mum/2016 dated 13.12.2017 and in Aarti Jewelers Pvt. Ltd. vs. DCIT ITA No. 3752/M/2017 dated 16.11.2017. 4. On the other hand, the ld. DR for the Revenue submits that a search and seizure action was conducted on the assessee on 04.02.2011. During the 4 ITA No.3569…

Vaibhav Deepak Shah, Mumbai vs. Ast CIT Cen Cir 13, Mumbai

The appeals of the revenue are dismissed

ITA 4328/MUM/2016[2009-10]Status: DisposedITAT Mumbai27 Jun 2018AY 2009-10

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & 1Assessment Year: 2011-12 Vaibhav Deepak Shah Assistant Commissioner Of 5/7, V.P. Road, Income Tax, Central Circle-13 Vs. Dadarkar House, 1St New Cgo Building, Prathistha Floor, Flat No. 9-10, Bhavan. M.K. Road Mumbai-400004. Mumbai-400020 Pan No. Bbgps2674L Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2011-12

For Appellant: Mr. Sanjay R. Parikh, ARFor Respondent: Mr. Rajesh Yadav, DR
Section 131Section 133(6)Section 143(3)Section 40ASection 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI C.N. PRASAD (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & 1Assessment Year: 2011-12 Vaibhav Deepak Shah Assistant Commissioner of 5/7, V.P. Road, Income Tax, Central Circle-13 Vs. Dadarkar House, 1st New CGO Building, Prathistha floor, Flat No. 9-10, Bhavan. M.K. Road Mumbai-400004. Mumbai-400020 PAN No. BBGPS2674L Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2011-12 Shri…

Vaibhav Deepak Shah, Mumbai vs. Asst CIT Cen Cir 13, Mumbai

The appeals of the revenue are dismissed

ITA 4323/MUM/2016[2008-09]Status: DisposedITAT Mumbai27 Jun 2018AY 2008-09

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & 1Assessment Year: 2011-12 Vaibhav Deepak Shah Assistant Commissioner Of 5/7, V.P. Road, Income Tax, Central Circle-13 Vs. Dadarkar House, 1St New Cgo Building, Prathistha Floor, Flat No. 9-10, Bhavan. M.K. Road Mumbai-400004. Mumbai-400020 Pan No. Bbgps2674L Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2011-12

For Appellant: Mr. Sanjay R. Parikh, ARFor Respondent: Mr. Rajesh Yadav, DR
Section 131Section 133(6)Section 143(3)Section 40ASection 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI C.N. PRASAD (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & 1Assessment Year: 2011-12 Vaibhav Deepak Shah Assistant Commissioner of 5/7, V.P. Road, Income Tax, Central Circle-13 Vs. Dadarkar House, 1st New CGO Building, Prathistha floor, Flat No. 9-10, Bhavan. M.K. Road Mumbai-400004. Mumbai-400020 PAN No. BBGPS2674L Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2011-12 Shri…

DCIT Cen Cir 2(3), Mumbai vs. Vaibhav D Shah, Mumbai

The appeals of the revenue are dismissed

ITA 4408/MUM/2016[2009-10]Status: DisposedITAT Mumbai27 Jun 2018AY 2009-10

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & 1Assessment Year: 2011-12 Vaibhav Deepak Shah Assistant Commissioner Of 5/7, V.P. Road, Income Tax, Central Circle-13 Vs. Dadarkar House, 1St New Cgo Building, Prathistha Floor, Flat No. 9-10, Bhavan. M.K. Road Mumbai-400004. Mumbai-400020 Pan No. Bbgps2674L Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2011-12

For Appellant: Mr. Sanjay R. Parikh, ARFor Respondent: Mr. Rajesh Yadav, DR
Section 131Section 133(6)Section 143(3)Section 40ASection 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI C.N. PRASAD (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & 1Assessment Year: 2011-12 Vaibhav Deepak Shah Assistant Commissioner of 5/7, V.P. Road, Income Tax, Central Circle-13 Vs. Dadarkar House, 1st New CGO Building, Prathistha floor, Flat No. 9-10, Bhavan. M.K. Road Mumbai-400004. Mumbai-400020 PAN No. BBGPS2674L Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2011-12 Shri…

DCIT Cen Cir 2(3), Mumbai vs. Vaibhav D Shah, Mumbai

The appeals of the revenue are dismissed

ITA 4407/MUM/2016[2008-09]Status: DisposedITAT Mumbai27 Jun 2018AY 2008-09

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & 1Assessment Year: 2011-12 Vaibhav Deepak Shah Assistant Commissioner Of 5/7, V.P. Road, Income Tax, Central Circle-13 Vs. Dadarkar House, 1St New Cgo Building, Prathistha Floor, Flat No. 9-10, Bhavan. M.K. Road Mumbai-400004. Mumbai-400020 Pan No. Bbgps2674L Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2011-12

For Appellant: Mr. Sanjay R. Parikh, ARFor Respondent: Mr. Rajesh Yadav, DR
Section 131Section 133(6)Section 143(3)Section 40ASection 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI C.N. PRASAD (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & 1Assessment Year: 2011-12 Vaibhav Deepak Shah Assistant Commissioner of 5/7, V.P. Road, Income Tax, Central Circle-13 Vs. Dadarkar House, 1st New CGO Building, Prathistha floor, Flat No. 9-10, Bhavan. M.K. Road Mumbai-400004. Mumbai-400020 PAN No. BBGPS2674L Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2010-11 & Assessment Year: 2011-12 Shri…

Dhanlaxmi Fabrics Ltd, Thane vs. Asst CIT Cir 1, Kalyan

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

ITA 7328/MUM/2016[2012-13]Status: DisposedITAT Mumbai22 Jun 2018AY 2012-13

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

For Appellant: Shri Shailesh N. DoshiFor Respondent: Shri Ram Tiwari
Section 133(6)

…fore, finding no infirmity in the order of the first appellate authority, we uphold the same by dismissing the grounds raised by the Department.” M/s. Dhanlaxmi Fabrics Ltd 11. Further, the Hon'ble Gujarat High Court in the case of Bholanath Polyfab Pvt. Ltd [355 ITR 290] held that when the assessee made purchases and sold the finished goods as a natural corollary not the entire amount covered under such purchases would be subject to tax but only the profit element embedded therein. Similar view has been taken by the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [38 taxman.com 385]. Simply becaus…

Dhanlaxmi Fabrics Ltd, Thane vs. Asst CIT Cir 1, Kalyan

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

ITA 7327/MUM/2016[2011-12]Status: DisposedITAT Mumbai22 Jun 2018AY 2011-12

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

For Appellant: Shri Shailesh N. DoshiFor Respondent: Shri Ram Tiwari
Section 133(6)

…fore, finding no infirmity in the order of the first appellate authority, we uphold the same by dismissing the grounds raised by the Department.” M/s. Dhanlaxmi Fabrics Ltd 11. Further, the Hon'ble Gujarat High Court in the case of Bholanath Polyfab Pvt. Ltd [355 ITR 290] held that when the assessee made purchases and sold the finished goods as a natural corollary not the entire amount covered under such purchases would be subject to tax but only the profit element embedded therein. Similar view has been taken by the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [38 taxman.com 385]. Simply becaus…

Dhanlaxmi Fabrics Ltd, Thane vs. Asst CIT Cir 1, Kalyan

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

ITA 7326/MUM/2016[2010-11]Status: DisposedITAT Mumbai22 Jun 2018AY 2010-11

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

For Appellant: Shri Shailesh N. DoshiFor Respondent: Shri Ram Tiwari
Section 133(6)

…fore, finding no infirmity in the order of the first appellate authority, we uphold the same by dismissing the grounds raised by the Department.” M/s. Dhanlaxmi Fabrics Ltd 11. Further, the Hon'ble Gujarat High Court in the case of Bholanath Polyfab Pvt. Ltd [355 ITR 290] held that when the assessee made purchases and sold the finished goods as a natural corollary not the entire amount covered under such purchases would be subject to tax but only the profit element embedded therein. Similar view has been taken by the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [38 taxman.com 385]. Simply becaus…

ITO WD 2(5), Kalyan vs. Hasmukharai & Co., Ambernath

The appeals of the Revenue are dismissed

ITA 193/MUM/2016[2010-11]Status: DisposedITAT Mumbai21 Jun 2018AY 2010-11

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwal

Section 51

…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. 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…

ITO WD 2(5), Kalyan vs. Hasmukharai & Co., Ambernath

The appeals of the Revenue are dismissed

ITA 192/MUM/2016[2009-10]Status: DisposedITAT Mumbai21 Jun 2018AY 2009-10

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwal

Section 51

…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. 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…

Kiran Navin Doshi, Mumbai vs. ITO 23(2)(4), Mumbai

The appeals of the assessee are dismissed

ITA 2603/MUM/2016[2011-12]Status: DisposedITAT Mumbai20 Jun 2018AY 2011-12

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwal

…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. 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…

Kiran Navin Doshi, Mumbai vs. ITO -23(2)(4), Mumbai

The appeals of the assessee are dismissed

ITA 2602/MUM/2016[2010-11]Status: DisposedITAT Mumbai20 Jun 2018AY 2010-11

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwal

…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. 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…

Prakash B. Thakur, Mumbai vs. Income Tax Officer 19(2)(5), Mumbai

In the result, both the appeals filed by the assessee for assessment years

ITA 1765/MUM/2018[2010-11]Status: DisposedITAT Mumbai19 Jun 2018AY 2010-11

Bench: Shri R.C. Sharma (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2010-11 & Assessment Year: 2011-12

For Appellant: Shri G.P. Mehta (AR)For Respondent: Ms. N. Hemalatha (DR)
Section 143Section 145(3)Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “SMC”, MUMBAI BEFORE SHRI R.C. SHARMA (AM) AND SHRI RAM LAL NEGI (JM) Assessment Year: 2010-11 & Assessment Year: 2011-12 Shri Prakash B. Thakur, The Income Tax Officer-19(2)(5), C/o M/s Bhavik Metal Industries, Matru Mandir, II Floor, Room No. 3, Krishna Building, Tardeo Road, Nana Chowk, Pathe Bapurao Marg, Vs. Mumbai - 400007 Mumbai - 400004 PAN: ACTPT0016A (Appellant) (Respondent) Assessee by : Shri G.P. Mehta (AR) Revenue by : Ms. N. Hemalatha (DR) Date of Hearing: 06/06/2018 Date of Pronouncement: 19/06/2018 O R D E R PER RAM LAL NEGI, JM These appea…

M/S. Sports Infratech Pvt. Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 2045/DEL/2015[2011-12]Status: DisposedITAT Delhi13 Jun 2018AY 2011-12

Bench: Sh. N. K. Saini, Am & Sh. K. N. Chary, Jm Ita No. 2045/Del/2015 : Asstt. Year : 2011-12 M/S Sports Infratech Pvt. Ltd., Vs Dy. Commissioner Of Income Tax, 204, Okhla Industrial Estate, Central Circle-5, Phase-Iii, New Delhi-110020 New Delhi (Appellant) (Respondent) Pan No. Aabcj7255J Assessee By : Sh. Sanjay Jain, Ca & Sh. Rakesh Joshi, Ca Revenue By : Sh. S. S. Rana, Cit Dr Date Of Hearing : 05.04.2018 Date Of Pronouncement : 13.06.2018 Order Per N. K. Saini, Am: This Is An Appeal By The Assessee Against The Order Dated 30.01.2015 Of Ld. Cit(A)-24, New Delhi.

For Appellant: Sh. Sanjay Jain, CA &For Respondent: Sh. S. S. Rana, CIT DR
Section 133(6)Section 133ASection 142(1)Section 143(1)Section 143(2)Section 37

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’, NEW DELHI Before Sh. N. K. Saini, AM and Sh. K. N. Chary, JM ITA No. 2045/Del/2015 : Asstt. Year : 2011-12 M/s Sports Infratech Pvt. Ltd., Vs Dy. Commissioner of Income Tax, 204, Okhla Industrial Estate, Central Circle-5, Phase-III, New Delhi-110020 New Delhi (APPELLANT) (RESPONDENT) PAN No. AABCJ7255J Assessee by : Sh. Sanjay Jain, CA & Sh. Rakesh Joshi, CA Revenue by : Sh. S. S. Rana, CIT DR Date of Hearing : 05.04.2018 Date of Pronouncement : 13.06.2018 ORDER Per N. K. Saini, AM: This is an appeal by the assessee against the order dated 30.01.2015 of l…

DCIT Cen Cir 1(4), Mumbai vs. Arya Ship Breaking Corportion, Mumbai

ITA 3983/MUM/2016[2008-09]Status: DisposedITAT Mumbai16 May 2018AY 2008-09
For Appellant: Shri Rakesh Joshi -ARFor Respondent: Shri H.N. Singh-CIT-DR
Section 139Section 143(3)Section 254(1)

…ect thereof. The FAA recorded the various theories propounded by the judicial forums and referred to the cases of Nikunj Eximp Enterprises Private Limited(IT Appeal No.5604 of 2010 dtd.17.12.2012),Babulal C Borana,M K Brothers(163 ITR 249),Bholanath Poly Fab (355 ITR 290),Simit P Sheth(356 ITR 451) and Rajeev G Kalathil(51taxmann.com 514).She further held that the AO had accepted the sales made by the assessee,that purchase sale correlation had not been controverted by the AO,that no discrepancy in the stock was pointed out, that the payments made for the purchases were routed through banking channels, that the e…