CIT v. Bholanath Poly Fab. Pvt. Ltd.

Jvm Steel P. Ltd, Mumbai vs. ITO 6(3)(3), Mumbai

Bench: Shri Rajendra, Am & Shri Sandeep Gosain, Jm

…passed by the Co-ordinate Bench are thus not applicable to the facts of the present case. Therefore considering the peculiar facts and circumstances 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 to account for the profit element embedded in these purchase transactions to factorize profit earned by assessee against purchase of material in…

ITO 20(2)(4), Mumbai vs. Nisrin Mohd Deesawal, Mumbai

Accordingly this ground raised by the revenue is partly allowed

Bench: Shri Rajendra, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 6241/Mum/2016, (निर्धारणवर्ा / Assessment Year: 2009-10)

…ced through broker which goes to show that assessee was not in a position to discharge his initial onus of proving the genuineness of the purchase. In such circumstances 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 to account for the profit element embedded in these purchase transactions to factorize profit earned by assessee against 5 I.T.A. No. 6241/Mum/…

ITO 31(2)(3), Mumbai vs. Bharatkumar Nagraj Jain, Mumbai

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Years: 2009-10 Income Tax Officer-31(2)(3), Mr. Bharatkumar Nagraj (Erstwhile Income Tax Officer- Jain, बनाम/ 24(3)(4), Proprietor Of N.R. Vs. R. No.705, C-11, 7Th Floor, Computech, 23/11, Pratyakshkar Bhavan, Jawahar Nagar, B.K.C. Bandra (East), Goregaon (East), Mumbai-400051 Mumbai-400063 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Acwpj1720C C.O. No.07/Mum/2017 (Arising Out Of Ita No.2608/Mum/2015) Assessment Years: 2009-10 Mr. Bharatkumar Nagraj Jain, Income Tax Officer-31(2)(3), Proprietor Of N.R. Computech, (Erstwhile Income Tax बनाम/ 23/11, Jawahar Nagar, Officer-24(3)(4), Vs. Goregaon (East), R. No.705, C-11, 7Th Floor, Mumbai-400063 Pratyakshkar Bhavan, B.K.C. Bandra (East), Mumbai-400051 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Acwpj1720C C.O. No.06 To 08/Mum/2017 Bharat Kumar Nagraj Jain Assessment Years: 2010-11 Income Tax Officer-31(2)(3), Mr. Bharatkumar Nagraj (Erstwhile Income Tax Officer- Jain, बनाम/ 24(3)(4), Proprietor Of N.R. Vs. R. No.705, C-11, 7Th Floor, Computech, 23/11, Pratyakshkar Bhavan, Jawahar Nagar, B.K.C. Bandra (East), Goregaon (East), Mumbai-400051 Mumbai-400063 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Acwpj1720C

…(2007) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. C.O. No.06 to 08/Mum/2017 Bharat Kumar Nagraj 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…

ITO WD 3(4), Kalyan vs. Haresh M Valiya, Dombivali

Accordingly this ground raised by the revenue is partly allowed

Bench: Shri Shamim Yahya, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 3515/Mum/2017, (निर्धारणवर्ा / Assessment Year: 2011-12)

…s of opening stock, purchases and sales and closing stock are available with the assessee. Therefore cosindering the peculiar facts and circumstances 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 to account for the profit element embedded in these purchase transactions to factorize profit earned by assessee against purchase of material in…

Asst CIT 9(2)(2), Mumbai vs. Evergreen Engineering Co. P.Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Bleacit -9(2)(2) V. M/S. Evergreen Engineering Co. Pvt. Ltd. Room No.665A, 6Th Floor 35B, Mahal Industrial Estate, Aayakar Bhavan, Mahakali Caves Road, M.K.Road, Andheri (E) Mumbai-400 020 Mumbai – 400 093

…ire purchases from the said dealer as non-genuine and brought to tax. 3. On appeal the Ld.CIT(A) restricted the addition to 12.5% on the said purchases by relying on the decisions of the Hon'ble Gujarat High Court in the case of Bholanath Polyfab Pvt. Ltd., [355 ITR 290] and CIT vs. Simit P. Seth [38 Taxman.com 385]. 4. The Ld. DR vehemently supported the orders of the Assessing Officer and submitted that since the assessee could not prove the genuine purchases by filing requisite details as called for by the Assessing Officer, 3 M/s. Evergreen Engineering Co.P.Ltd. the Assessing Officer is justified in treati…

DCIT 13(1)(2), Mumbai vs. Panchavati Valves & Flanges P.Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Bledcit, Circle – 13(1)(2), 2Nd Floor, V. M/S Panchavati Valves & Flanges Pvt. Ltd.; Room No.218, Sumit Samarth Arcade, Aayakar Bhavan, M.K.Road, B-Wing, 503-A & B, 5Th Floor, Mumbai-400 020 Behind Jain Mandir, Aarey Road, Goregaon (W) Mumbai – 400062

…the considered view that in the context of the situation the cause of justice would he served by looking at the gross profit margins being declared by the appellant. Recently Hon'ble Gujarat High Court 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 (Guj) has held that in such facts and circumstances, not entire purchase price but only profit element embedded in such purchases can be added. The finding of the Hon'ble Gujarat High Court in the case of CIT vs. Simit P. Seth is as under: - "We are broadly in agreement wit…

ITO 32(1)(3), Mumbai vs. Balwant A. Shah, Mumbai

In the result, Revenue’s appeal is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Bleincome Tax Officer – 32(1)(3), V. Shri Balwant A. Shah, Room No.210, C-11, 2Nd Floor, A-9, Sabarmati Chs, Daulat Nagar, Pratyakshakar Bhavan, Bandra Road No.10, Borivali (West), Kurla Complex, Bandra(E) Mumbai – 66 Mumbai – 51 Pan: Anfps 9596 M (Appellant) (Respondent) Assessee By : None Department By : Shri Arju Garodia

…rchases and the Ld.CIT(A) estimated the Gross Profit rate on such Purchases at 13.28% which is the Gross Profit rate declared by the assessee, this view of the Ld.CIT(A) is correct. 7. 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 5 Balwant A.Shah Gujarat High Court in the case of CIT v. Simit P. Seth [38 taxman.com 3…

Fancy Wear, Kharghar vs. ITO 24(3)(1), Mumbai

Bench: S/Shri Rajendra, A.M. & Sandeep Gosain,J.M. आयकर अपील सं आयकर अपील सं././././Ita No.1596/Mum/2016,िन आयकर अपील सं आयकर अपील सं िन िनधा"रण वष" िन धा"रण वष" धा"रण वष" /Assessment Year: 2010-11 धा"रण वष" आयकर अपील सं आयकर अपील सं././././Ita No.1597/Mum/2016,िनधा"रण वष" आयकर अपील सं आयकर अपील सं िनधा"रण वष" िनधा"रण वष" /Assessment Year: 2011-12 िनधा"रण वष" M/S. Fancy Wear Income Tax Officer 122, Megh Tower, 12Th Floor, Ward-24(3)(1), Now-31(1)(4) Gen. A.K. Vaidya Marg, Film City Road Vs. Mumbai. Goregaon-E,Mumbai-400 063. Pan: Aacff 0727 F (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri M.C. Omi Ningshen-Cit-Dr Assessee By: Shri Sanjay R. Parikh सुनवाई क" तारीख / Date Of Hearing: 04/08/2017 घोषणा क" तारीख / Date Of Pronouncement: 20.09.2017 आयकर आयकर अिधिनयम आयकर आयकर अिधिनयम अिधिनयम,1961 क" अिधिनयम क" क" धारा क" धारा धारा 254(1)के अ"तग"त आदेश धारा के अ"तग"त आदेश के अ"तग"त आदेश के अ"तग"त आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य,राजे"" के अनुसार लेखा सद"य राजे"" के अनुसार / Per Rajendra,Am: लेखा सद"य लेखा सद"य राजे"" के अनुसार राजे"" के अनुसार Challenging The Order Dated 21/01/2016 Of Cit(A)-42, Mumbai The Assessee Is In Appeal For The Above Mentioned Two Assessment Years (Ay.S). The Assessee Is Engaged In The Business Of Trading Of Readymade-Garments.As The Issues Involved In Both The Years Are,So,We Are Adjudicating Both The Appeals Together.The Details Of Date Of Filing Of Return, Income Declared, Assessed Income, Dates Of Assessment Orders Etc. Can Tabulated As Under :- A.Y. Roi Filed On Income Declared Assessment Dt. Assessed Income 2010-11 14.10.2011 Rs.2,15,171/- 26/03/2014 Rs.5.51Croress 2011-12 29.09.2011 Rs.1,05,187/- 26/03/2014 Rs.4.81 Croress

…r raising a question of law, that the cases relied upon by the assessee were different as far as facts are concerned. He made a reference to cases of Nikunj Eximp Enterprises Private Limited (372 ITR 619),Simit P Seth(356ITR 451), Bholanath Poly Fab (P.) Ltd.(355 ITR 290),Vijay Proteins Ltd.(58 taxmann.com.44), Sri Ganesh Rice Mills (294 ITR 316), TriStar Jewellery Exports Private Ltd (ITA/8292/Mum/ 2011,dated 31/7/2015). He further analysed the cases decided by the tribunal. With regard to the claim of the assessee regarding the right to cross-examine the hawala dealers, he held that request was not reasonable,t…

Mody Interiors P.Ltd, Mumbai vs. Asst CIT 16(3), Mumbai

Bench: Shri R C Sharma, Am & Shri Sandeep Gosain, Jm

…Chunilal Jain vs. ITO (ITA No.4547/Mum/2014) (e) Shri Ganpatraj A. Sanghvi vs. ACIT (ITA No.2826/Mum/2013) (f) ACIT vs. Ramila Pravin Shah (ITA No.5246/Mum/2016) (g) CIT vs. Simit P. Sheth [38 Taxmann.com 385 (Guj.)] (h) CIT vs, Bholanath Poly Fab Pvt. Ltd. [355 ITR 290 (Guj.)] (i) CIT vs. Nangalia Fabrics Pvt. Ltd. [40 Taxmann.com 206 (Guj.)] (j) DCII vs. Rajeev C. Kalathi (ITA No.6727/Mum/2012) (k) ACIT vs. C. V. Sons (ITA No.2239/Mum/2012 & 2240/Mum/2012) (I) ITO vs. Eagle Impex (ITA No.5697/Mum/2010) (m) Madhukant B. Gandhi vs. ITO (ITA No. 1 950/Mum/2009) (n) CIT vs. President Industries [258 ITR 654 (Guj.)…

Hans Chemicals P.Ltd, Mumbai vs. ITO 9(2)(1), Mumbai

In the result, appeal of the revenue is dismissed whereas appeal of the assessee is allowed in part

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm M/S. Hans Chemicals Pvt. Ltd., Vs. Ito 9(2)(1) 407, Panchsheel 2A Raheja Aayakar Bhavan Township L.S. Rajeka Cross Road Mumbai – 400 020 No.3, Malad (E), Mumbai – 400 097 Pan/Gir No. Aabch5433N Appellant) .. Respondent) Ito 12(2)(3) Vs. M/S. Hans Chemicals Pvt. Ltd., Aayakar Bhavan 407, Panchsheel 2A Raheja Mumbai – 400 020 Township L.S. Rajeka Cross Road No.3, Malad (E), Mumbai – 400 097 Pan/Gir No. Aabch5433N Appellant) .. Respondent) Assessee By Shri Neel Khandelwal Revenue By Shri V. Justin

…the items purchased were used as input into assessee's product for sales which have been accepted by the department. 6.5 It is noted that only profit element is liable to tax in such cases as was held in the case of : 1. CIT vs. Bholanath Poly Fab Ltd. (2013) 355 ITR 290 (Guj). (HC) 2. CIT v Simit P. Sheth (2013) 356 ITR 451 (Guj) (HC) 3. CIT vs. Sanjay Oil Cake Industries (2009) 316 ITR 274 (Guj) (HC) 4. ITO vs. Permanand (2007) 107 TTJ 395 (Jd)(Trib.) 5. Shri Madhukant B. Gandhi vs. ITO ITA No. 1950/M/2009 Bench 'B' dt. 23-02-2010 (AY 2005-06) (Mum.)(Trib.) 5. Sanjeev Woolen Millls Vs. CIT (2005) 279 ITR 434 (S…

Shekasa Engineering Co., Mumbai vs. DCIT Cir 7(2), Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Shekasa Engineering Co. Dcit, Pvt. Ltd., Circle-8(2)(1), बनाम/ 02Nd Floor, 182/186, Metal Room No.670, Vs. House, Kalbadevi Road, Aayakar Bhavan, Opp. Cotton Exchange, M. K. Road, Mumbai-400002 Mumbai-400002 ("नधा"रती/Assessee) (राज"व /Revenue) Pan No.:-Aaacs7426F "नधा"रती क" ओर से / Assessee By Shri Satish Mody Shri V. Justin-Dr राज"व क" ओर से / Revenue By 14/09/2017 सुनवाई क" तार"ख / Date Of Hearing : 14/09/2017 आदेश क" तार"ख /Date Of Order: आदेश / O R D E R

…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,…

ITO WD 2(1), Mumbai vs. Accord Associates, Ulhasnagar

In the result, Revenue’s appeal is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunathan, Hon'Bleincome Tax Officer V. M/S. Accord Associates, Ward 2(1), Kalyan, 2Nd Floor, C/O Shri Kanayalal G. Bhatia, 8Th Floor, Sona Apartment, Mohan Plazza, Wayle Nagar, Khadkpada, Kalyan(W) Uhasnagar – 421 001 Pin.No.421 301 Pan: Aanfa 6992 L

…sallowance on such purchases from 12.5 % to 25% therefore, I am of the considered opinion to disallow 15% as inflated purchases on the total purchases made from unverifiable parties. 6. 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 5 M/s. Accord Associates Gujarat High Court in the case of CIT v. Simit P. Seth [38 taxm…

ITO 15(3)(2), Mumbai vs. Yogiraj Powertech P.Ltd, Mumbai

In the result, Revenue appeal is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri G. Manjunathan, Hon'Bleincome Tax Officer – 15(3)(2) V. M/S. Yogiraj Powertech Pvt Ltd. Room No.15 B, Ground Floor, 2Nd Floor, B-2,8,9 &10 Aayakar Bhavan, M.K.Road, Groma House, Plot No.14C, Mumbai – 400 020 Sector 19, Vashi, Navi Mumbai-400 705

…ab Pvt. Ltd. [355 ITR 290] estimated the profit margin embedded in the purchase treated as bogus at 12.5% observing as under: - “2.4.25 Having analysed the cases related to onus in bogus purchase transactions, it is apt to refer to Bholanath Polyfab Pvt. Ltd. 355 ITR 290 (Guj), where 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 Assessing Officer held that the purchases worth Rs.40,69,546/- were M/s. Yogiraj Powertech Pvt Ltd. unexplained. He, therefore, disallowed such expenditure claimed by the assessee and computed the total i…

ITO 15(1)(4), Mumbai vs. Ravindra Ganesh Nene, Navi Mumbai

In the result, Revenue’s appeals are dismissed

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

…ab Pvt. Ltd. [355 ITR 290] estimated the profit margin embedded in the purchase treated as bogus at 12.5% observing as under: - “2.4.25 Having analysed the cases related to onus in bogus purchase transactions, it is apt to refer to Bholanath Polyfab Pvt. Ltd. 355 ITR 290 (Guj), where 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 Assessing Officer held that the purchases worth Rs.40,69,546/- were unexplained. He, therefore, disallowed such expenditure claimed by the assessee and computed the total income of Rs,41,10,187/-. The iss…

Asst CIT 8(3)(1), Mumbai vs. Ravindra Ganesh Nene, Navi Mumbai

In the result, Revenue’s appeals are dismissed

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

…ab Pvt. Ltd. [355 ITR 290] estimated the profit margin embedded in the purchase treated as bogus at 12.5% observing as under: - “2.4.25 Having analysed the cases related to onus in bogus purchase transactions, it is apt to refer to Bholanath Polyfab Pvt. Ltd. 355 ITR 290 (Guj), where 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 Assessing Officer held that the purchases worth Rs.40,69,546/- were unexplained. He, therefore, disallowed such expenditure claimed by the assessee and computed the total income of Rs,41,10,187/-. The iss…

ITO 14(2)(2), Mumbai vs. T M Mohamedally, Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Years: 2009-10 Income Tax Officer-14(2)(2), M/S T M Mohamedally Room No.304, 3Rd Floor, Hararwala Bldg. बनाम/ Earnest House, 112, Lohar Chawl, Vs. Nariman Point, Mumbai-400002 Mumbai-400021 (राज"व /Revenue) ("नधा"रती/Assessee) Pan No.:-Aacft2448M

…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:- 6 T. M. Mohamedaly “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 quant…

ACIT 27(3), Navi Mumbai vs. Vikrant Vikas Raikar, Mumbai

In the result, appeal filed by the revenue for assessment year 2011-12 is dismissed

Bench: Shri Rajendra, Am & Shri Ram Lal Negi, Jm आिकर अपील सं./Ita No. 3617/Mum/2016 (धििाारण वर्ा / Assessment Year: 2011-12) The A.C.I.T.-27(3), Vs. Shri Vikrant Vikas Raikar, 4Th Floor, Tower No. 6, Prop. M/S Elegant Construction, Vashi Rly. Station Complex, Plot No. 8, Hotel Pearl, Vashi, D.K. Sandu Marg, Chembur, Navi Mumbai - 400071 Mumbai - 400071 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabpr2711C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) राजस्व की ओर से /Revenue By : Ms. Arju Garodia (Dr) यनर्ावररती की ओर से /Assessee By : None सुनर्ाई की तारीख / Date Of Hearing : 02/08/2017 घोषणा की तारीख/Date Of Pronouncement: 08/09/2017

…ounts. As these were made from entities who are not regular suppliers, the appellant would have made purchases at values which are less than the market rates. It has been held by the Hon’ble Gujarat High Court in the case of CIT Vs. Bholanath Polyfab P. Ltd. (355 ITR 290 CIT vs. Smith B. Sheth (356 ITR 451) that when t purchases were not bogus, but had been made from the parties other than those mentioned in the books of accounts, the profit element embedded in such purchases could be added to the assessee’s income. In the case under consideration, the purchases have been made not for trade but for consumption in…

Rajendra Chandulal Shah, Mumbai vs. ITO 33(3)(1), Mumbai

In the result, this appeal filed by the assessee stands dismissed

Bench: Shri Shamim Yahya

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ ‘SMC’, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “SMC”, MUMBAI Before Shri Shamim Yahya, Accountant Member ITA No.2937/Mum/2017 : Asst.Year 2009-2010 Shri Rajendra Chandulal Shah Income Tax Officer बनाम/ 101 Raj Vaibhav II, Mahavir Nagar Ward 33(3)(1) Dahanukar Wadi, Kandivali (West) Mumbai Vs. Mumbai – 400 067. PAN : AAJPS4317F. (अपीलाथ" /Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से /Appellant by : Shri V.H.Jariwala ""यथ" क" ओर से /Respondent by : Shri V.Janardhanan सुनवाई क" तार"ख / घोषणा क" तार"ख / Date of Hearing : 03.07.2017 Date of Pronouncement : 07.09.…

Kshitj Interiors P.Ltd, Mumbai vs. DCIT 10(1)(2), Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh & Shri Rajesh Kumar

…) 158 taxman 71 observed that an element of guesswork is inevitable in cases, where estimation of income is warranted. ITA Nos.2272 & 2273/Mum/2017 6 Kishitij J. Interiors 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,…

DCIT 9(1)(1), Mumbai vs. Acon Measurement P.Ltd, Mumbai

The appeal of the Revenue is dismissed and the

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2009-10 Dcit -9(1))(1), M/S Acon Measurement Pvt. Room No.260A, 02Nd Floor बनाम/ Limited, Aayakar Bhavan A-22, Nanddham Indl. Estate, Vs. M.K. Road Marol Maroshi Road, Mumbai-400020. Andheri (East), Mumbai-400059 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aaaca5078K

…rt in Kachwala Gems vs JCIT (2007) 158 taxman 71 C.O. No.112/Mum/2017 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,…