CIT v. Gurubachhan Singh J. Juneja

302 ITR 63High Court2008#686 most cited

What is CIT v. Gurubachhan Singh J. Juneja authority for?

When unaccounted receipts or suppressed sales are detected and books of account are rejected under Section 145(3), additions to income must be restricted to the profit element embedded in such transactions, not the entire transaction value. This profit element is to be estimated by considering the assessee's regular profit ratio as per books of account.

147

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2011 to 2026.

Also referred to as

CIT v. Gurubachhan Singh J. Juneja · Section 145(3) · unaccounted receipts · on-money · suppressed sales · rejection of books of account · profit estimation · profit element · undisclosed business income · best judgment assessment · loose papers · Section 132

Also reported as

171 Taxmann 406215 CTR 509

Sections most often in play

Section 143(3)Section 147Section 148Section 132Section 145(3)Section 133ASection 142(1)Section 143(2)
Read the full judgment

Issues it is cited on

on money receiptsection 256(1)project completion methodsection 145(2)section 256on-moneysection 199loose papersrejection of books of accountspecified authorityicdsreasoned order

Judgments citing CIT v. Gurubachhan Singh J. Juneja

ACIT, Central Circle, Vapi vs. Radha Madhav Eco Industrial Park, Vapi

In the result, appeal of the assessee is partly allowed and appeal of revenue is dismissed

ITA 762/SRT/2023[2021-22]Status: DisposedITAT Surat05 Mar 2025AY 2021-22

Bench: Shri Pawan Singh & Shri Bijayananda Prusethआयकर अपील सं./Ita No.762/Srt/2023 Assessment Year: (2021-22) (Hybrid Hearing) The Acit, Vs. Radha Madhav Eco-Industrial Park, Central Circle – 1, Village Degam, Opp – Padmavati Vapi Logistics, Nasik Road, Degam, Tal – Vapi, District – Valsad – 396191, Gujarat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaaofr2845L (Appellant) (Respondent) आयकर अपील सं./Ita No.41/Srt/2024 Assessment Year: (2021-22) Radha Madhav Eco-Industrial Park, Vs. The Acit, Village Degam, Opp – Padmavati Central Circle – 1, Logistics, Nasik Road, Degam, Tal – Vapi, Vapi District – Valsad – 396191, Gujarat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaaofr2845L (Appellant) (Respondent) आयकर अपील सं./Ita Nos.625/Srt/2024 Assessment Year: (2018-19) The Acit, Vs. Radha Madhav Eco-Industrial Park, Central Circle – 1, Village Degam, Opp – Padmavati Vapi Logistics, Nasik Road, Degam, Tal – Vapi, District – Valsad – 396191, Gujarat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaaofr2845L (Appellant) (Respondent) आयकर अपील सं./Ita No.632/Srt/2024 Assessment Year: (2018-19) Radha Madhav Eco-Industrial Park, Vs. The Acit, Village Degam, Opp – Padmavati Central Circle – 1, Logistics, Nasik Road, Degam, Tal – Vapi, Vapi District – Valsad – 396191, Gujarat "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaaofr2845L (Appellant) (Respondent)

Section 139Section 250

…tal receipts cannot be taxed and only the profit embedded therein has to be taxed. The appellant had relied on the decisions of the Hon’ble jurisdictional High Court in case of CIT vs. President Industries, 258 ITR 654 (Guj.), CIT vs. Gurbachhan Singh Juneja, 302 ITR 63 (Guj.) and DCIT vs. Narayan Land Estate, ITA No.1836/2019, dated 10.06.2022 (Guj.). In all these decisions, it has been held that on-money / unaccounted sales cannot be totally brought to tax because developers have to incur various unaccounted expenses for procurement of land, approval of the projects and other civil expenses. The appellant also…

The Asstt. Commissioner of Incometax, Central Circle-1(2), Ahmedabad vs. Ginger Properties Pvt. Ltd., Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 483/AHD/2023[2019-20]Status: DisposedITAT Ahmedabad05 Mar 2025AY 2019-20

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

…ee. The Ld. AR relied upon the following decisions:- Sankalp Recreation P. Ltd. Vs. ACIT – IT(SS)A No.65/Ahd/2022 CIT vs. President Industries (2002) – 258 ITR 654 (Guj) CIT vs. Balchand Ajit Kumar (2003) – 263 ITR 610 (MP) CIT vs. Gurubachhan Singh (2008) – 302 ITR 63 (Guj) Man Mohan Sadani vs. CIT (2008) – 304 ITR 52 (MP) CIT vs. Samir Synthetics Mill (2010) – 326 ITR 410 (Guj) DCIT vs. Panna Corporation – Tax Appeal 323 of 2000 (Guj) Chetan C. Patel vs. ACIT – IT(SS)A No.522/Ahd/2011 and others CIT vs. Jay Builders (2013) - 33 taxman.com 62 (Guj) Greenfield Reality P. Ltd – IT(SS)A No.289/Ahd/2018 & Others 5…

Ginger Properties Private Limited, Ahmedabad vs. The Asstt. Commissioner of Incometax, Central Circle-1(2), Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 433/AHD/2023[2019-20]Status: DisposedITAT Ahmedabad05 Mar 2025AY 2019-20

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

…ee. The Ld. AR relied upon the following decisions:- Sankalp Recreation P. Ltd. Vs. ACIT – IT(SS)A No.65/Ahd/2022 CIT vs. President Industries (2002) – 258 ITR 654 (Guj) CIT vs. Balchand Ajit Kumar (2003) – 263 ITR 610 (MP) CIT vs. Gurubachhan Singh (2008) – 302 ITR 63 (Guj) Man Mohan Sadani vs. CIT (2008) – 304 ITR 52 (MP) CIT vs. Samir Synthetics Mill (2010) – 326 ITR 410 (Guj) DCIT vs. Panna Corporation – Tax Appeal 323 of 2000 (Guj) Chetan C. Patel vs. ACIT – IT(SS)A No.522/Ahd/2011 and others CIT vs. Jay Builders (2013) - 33 taxman.com 62 (Guj) Greenfield Reality P. Ltd – IT(SS)A No.289/Ahd/2018 & Others 5…

Ganraj Homes LLP, Pune vs. Income Tax, Central Circle 2(3), Pune

In the result, all the three appeals filed by the assessee are allowed

ITA 879/PUN/2024[2018-19]Status: DisposedITAT Pune07 Feb 2025AY 2018-19

Bench: Shri R. K. Panda & Ms. Astha Chandra

For Appellant: Shri Neelesh KhandelwalFor Respondent: S/Shri Amol Khairnar CIT-DR &
Section 132Section 133ASection 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.878, 879 & 874/PUN/2024 Assessment years : 2017-18, 2018-19 & 2019-20 Ganraj Homes LLP ACIT, Central Circle 2(3), San Mahu Complex, Office N5, Pune Vs. Bund Garden Road, Opp. Poona Club, Pune – 411001 PAN: AAPFG7304Q (Appellant) (Respondent) Assessee by : Shri Neelesh Khandelwal Department by : S/Shri Amol Khairnar CIT-DR & Ramnath P Murkunde Date of hearing : 12-11-2024 Date of pronouncement : 07-02-2025 O R D E R PER BENCH : The above three appeals filed by the as…

Ganraj Homes LLP, Pune vs. Income Tax, Central Circle 2(3), Pune

In the result, all the three appeals filed by the assessee are allowed

ITA 878/PUN/2024[2017-18]Status: DisposedITAT Pune07 Feb 2025AY 2017-18

Bench: Shri R. K. Panda & Ms. Astha Chandra

For Appellant: Shri Neelesh KhandelwalFor Respondent: S/Shri Amol Khairnar CIT-DR &
Section 132Section 133ASection 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.878, 879 & 874/PUN/2024 Assessment years : 2017-18, 2018-19 & 2019-20 Ganraj Homes LLP ACIT, Central Circle 2(3), San Mahu Complex, Office N5, Pune Vs. Bund Garden Road, Opp. Poona Club, Pune – 411001 PAN: AAPFG7304Q (Appellant) (Respondent) Assessee by : Shri Neelesh Khandelwal Department by : S/Shri Amol Khairnar CIT-DR & Ramnath P Murkunde Date of hearing : 12-11-2024 Date of pronouncement : 07-02-2025 O R D E R PER BENCH : The above three appeals filed by the as…

Shree Balaji Realty, Pune vs. Income Tax, Central Circle 2(3), Pune

In the result, appeals for

ITA 877/PUN/2024[2019-2020]Status: DisposedITAT Pune07 Feb 2025AY 2019-2020

Bench: Shri R. K. Panda & Ms. Astha Chandra

Section 132Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.875 to 877/PUN/2024 Assessment Years : 2017-18 to & 2019-20 Shree Balaji Realty Vs. ACIT, Central Circle 2(3), Pune San Mahu Complex, Office N5, Bund Garden Road, Opp. Poona Club, Pune - 411001 PAN: ABWFS3661A (Appellant) (Respondent) Assessee by Department by Shri Neelesh Khandelwal S/Shri Amol Kharnar CIT-DR & Ramnath P. Murkunde Date of hearing 12-11-2024 Date of pronouncement 07-02-2025 ORDER PER BENCH : The above three appeals filed by the assessee are directed aga…

Shree Balaji Realty, Pune vs. Income Tax, Central Circle 2(3), Pune

In the result, appeals for

ITA 876/PUN/2024[2018-19]Status: DisposedITAT Pune07 Feb 2025AY 2018-19

Bench: Shri R. K. Panda & Ms. Astha Chandra

Section 132Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH "A", PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.875 to 877/PUN/2024 Assessment Years : 2017-18 to & 2019-20 Shree Balaji Realty Vs. ACIT, Central Circle 2(3), Pune San Mahu Complex, Office N5, Bund Garden Road, Opp. Poona Club, Pune - 411001 PAN: ABWFS3661A (Appellant) (Respondent) Assessee by Department by Shri Neelesh Khandelwal S/Shri Amol Kharnar CIT-DR & Ramnath P. Murkunde Date of hearing 12-11-2024 Date of pronouncement 07-02-2025 ORDER PER BENCH : The above three appeals filed by the assessee are directed aga…

Shree Balaji Realty, Pune vs. Income Tax, Central Circle 2(3), Pune

In the result, appeals for assessment years 2017-18 and 2018-19 are allowed and the appeal for assessment year 2019-20 is partly allowed

ITA 875/PUN/2024[2017-18]Status: DisposedITAT Pune07 Feb 2025AY 2017-18

Bench: Shri R. K. Panda & Ms. Astha Chandra

For Appellant: Shri Neelesh KhandelwalFor Respondent: S/Shri Amol Kharnar CIT-DR &
Section 132Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.875 to 877/PUN/2024 Assessment Years : 2017-18 to & 2019-20 Shree Balaji Realty ACIT, San Mahu Complex, Office N5, Central Circle 2(3), Pune Vs. Bund Garden Road, Opp. Poona Club, Pune – 411001 PAN: ABWFS3661A (Appellant) (Respondent) Assessee by : Shri Neelesh Khandelwal Department by : S/Shri Amol Kharnar CIT-DR & Ramnath P. Murkunde Date of hearing : 12-11-2024 Date of pronouncement : 07-02-2025 O R D E R PER BENCH : The above three appeals filed by the assessee…

Ganraj Homes LLP, Pune vs. Income Tax, Central Circle 2(3), Pune

In the result, all the three appeals filed by the assessee are allowed

ITA 874/PUN/2024[2019-20]Status: DisposedITAT Pune07 Feb 2025AY 2019-20

Bench: Shri R. K. Panda & Ms. Astha Chandra

For Appellant: Shri Neelesh KhandelwalFor Respondent: S/Shri Amol Khairnar CIT-DR &
Section 132Section 133ASection 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.878, 879 & 874/PUN/2024 Assessment years : 2017-18, 2018-19 & 2019-20 Ganraj Homes LLP ACIT, Central Circle 2(3), San Mahu Complex, Office N5, Pune Vs. Bund Garden Road, Opp. Poona Club, Pune – 411001 PAN: AAPFG7304Q (Appellant) (Respondent) Assessee by : Shri Neelesh Khandelwal Department by : S/Shri Amol Khairnar CIT-DR & Ramnath P Murkunde Date of hearing : 12-11-2024 Date of pronouncement : 07-02-2025 O R D E R PER BENCH : The above three appeals filed by the as…

Meenamani Ganga Builder LLP, Pune vs. Assistant Commissioner of Income Tax, Central Circle 2(3), Pune

In the result, all the three appeals filed by the assessee are partly allowed

ITA 872/PUN/2024[2018-19]Status: DisposedITAT Pune07 Feb 2025AY 2018-19

Bench: Shri R. K. Panda & Ms. Astha Chandra

For Appellant: Shri Neelesh KhandelwalFor Respondent: Shri Amol Kharnar CIT-DR
Section 132Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI R. K. PANDA, VICE PRESIDENT AND MS. ASTHA CHANDRA, JUDICIAL MEMBER ITA Nos.871 to 873/PUN/2024 Assessment Years : 2017-18 to & 2019-20 Meenamani Ganga Builder LLP ACIT, San Mahu Complex, Office N5, Central Circle 2(3), Pune Vs. Bund Garden Road, Opp. Poona Club, Pune – 411001 PAN: AAUFM6455H (Appellant) (Respondent) Assessee by : Shri Neelesh Khandelwal Department by : Shri Amol Kharnar CIT-DR Date of hearing : 12-11-2024 Date of pronouncement : 07-02-2025 O R D E R PER R. K. PANDA, VP : The above three appeals filed by the assessee are d…

Sankalp in, Ahmedabad vs. The Asstt. Commissioner of Income Tax, Central Circle-1(2), Ahmedabad

In the result Revenue’s Ground Nos

ITA 577/AHD/2022[2019-20]Status: DisposedITAT Ahmedabad31 Jan 2025AY 2019-20

Bench: Shri T.R. SENTHIL KUMAR (Judicial Member), Shri NARENDRA PRASAD SINHA (Accountant Member)

Section 132Section 69C

…ng decisions for the said legal proposition: * Sankalp Recreation P. Ltd. vs. ACIT – IT(SS)A 65/Ahd/2022; * CIT vs. President Industries – (2002) 258 ITR 654 (Guj.); * CIT vs. Balchand Ajit Kumar – (2003) 263 ITR 610 (MP); * CIT v. Gurubachhan Singh – (2008) 302 ITR 63 (Guj); * Man Mohan Sadani vs. CIT – (2008) 304 ITR 52 (MP); * CIT v. Samir Synthetics Mill – (2010) 326 ITR 410 (Guj); * DCIT v. Panna Corporation – Tax Appeal 323 of 2000 (Guj); * Chetan C. Patel v. ACIT – IT(SS)A 522/Ahd/2011 and others; * CIT v. Jay Builders – (2013) 33 taxmann.com 62 (Guj); * Greenfield Reality P. Ltd.– IT(SS)A 289/Ahd/2018 &…

The Asstt. Commissioner of Income Tax, Central Circle-1(2), Ahmedabad vs. Sankalp in, Ahmedabad

In the result Revenue's Ground Nos

ITA 568/AHD/2022[2019-20]Status: DisposedITAT Ahmedabad31 Jan 2025AY 2019-20

Bench: Shri T.R. SENTHIL KUMAR, Judicial Member\nAnd\nShri NARENDRA PRASAD SINHA (Accountant Member)

Section 132Section 69C

…ing decisions for the said legal proposition: * Sankalp Recreation P. Ltd. vs. ACIT – IT(SS)A 65/Ahd/2022; * CIT vs. President Industries – (2002) 258 ITR 654 (Guj.); * CIT vs. Balchand Ajit Kumar – (2003) 263 ITR 610 (MP); * CIT v. Gurubachhan Singh – (2008) 302 ITR 63 (Guj); * Man Mohan Sadani vs. CIT – (2008) 304 ITR 52 (MP); * CIT v. Samir Synthetics Mill – (2010) 326 ITR 410 (Guj); * DCIT v. Panna Corporation – Tax Appeal 323 of 2000 (Guj); * Chetan C. Patel v. ACIT – IT(SS)A 522/Ahd/2011 and others; * CIT v. Jay Builders – (2013) 33 taxmann.com 62 (Guj); * Greenfield Reality P. Ltd.– IT(SS)A 289/Ahd/2018 &…

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

ITA 1221/JPR/2024[2017-2018]Status: DisposedITAT Jaipur17 Jan 2025AY 2017-2018

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

For Appellant: Shri Vijay Goyal, C.AFor Respondent: Shri Gautam Singh Choudhary, JCIT
Section 115BSection 143(3)Section 153ASection 69C

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”SMC” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh xxu xks;y] ys[kk lnL;] ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI GAGAN GOYAL, AM vk;dj vihy la-@ITA No. 1221 & 1222/JPR/2024 fu/kZkj.k o"kZ@Assessment Year : 2017-18 & 2019-20 Shrikant Singhania cuke Asst. Commissioner of Income 120, 1st Floor, Hari Marg, Vs. Tax, Vidhyadhar Nagar, Central Circle-4, Jaipur. Jaipur. LFkk;hys[kk la-@thvkbZvkj la-@PAN/GIR No.: AJJPS8943G vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksjls@Assesseeby : Shri Vijay Goyal, C…

The Asstt. Commissioner of Income Tax, Central Circle-1(2), Ahmedabad vs. Shri Kailash Ramavatar Goenka, Ahmedabad

ITA 67/AHD/2023[2019-20]Status: DisposedITAT Ahmedabad10 Jan 2025AY 2019-20

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokar

For Appellant: Shri Tushar Hemani, Sr.Advocate &For Respondent: Shri R.N. Dsouza, CIT-DR &
Section 132Section 153A

…आयकर अपीलीय अिधकरण, अहमदाबाद "ायपीठ ए“,अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ A ” BENCH, AHMEDABAD "ी टी.आर. से""ल कुमार, "ाियक सद" एवं "ी मकरंद वसंत महादेवकर, लेखा सद" के सम!। ] ] BEFORE SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER आयकर अपील सं/ िनधा"रण वष"/ Sl. Appeal(s) by : ITA/IT(SS)A Assess- No(s) अपीलाथ" / ""थ" / No(s) ment Appellant बनाम/vs. Respondent Year(s) 1. IT(SS)A Nos: 2016-17 Kailash Ramavatar The ACIT 1/Ahd/2023 Goenka Central Circle-1(2) 1705, Sankalp Ahmedabad–380 009 Square 3A Near Taj Hotel Skyline Sindhu Bhavan Road Shilaj Ahmedaba…

Arjanbhai Nanubhai Patel, Ahmedabad vs. Income Tax Officer - Ward -2 TDS, Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 483/AHD/2024[2022-23]Status: DisposedITAT Ahmedabad07 Jan 2025AY 2022-23

Bench: Ms. Suchitra Kamble & Shri Narendra Prasad Sinha

…ee. The Ld. AR relied upon the following decisions:- Sankalp Recreation P. Ltd. Vs. ACIT – IT(SS)A No.65/Ahd/2022 CIT vs. President Industries (2002) – 258 ITR 654 (Guj) CIT vs. Balchand Ajit Kumar (2003) – 263 ITR 610 (MP) CIT vs. Gurubachhan Singh (2008) – 302 ITR 63 (Guj) Man Mohan Sadani vs. CIT (2008) – 304 ITR 52 (MP) CIT vs. Samir Synthetics Mill (2010) – 326 ITR 410 (Guj) DCIT vs. Panna Corporation – Tax Appeal 323 of 2000 (Guj) Chetan C. Patel vs. ACIT – IT(SS)A No.522/Ahd/2011 and others CIT vs. Jay Builders (2013) - 33 taxman.com 62 (Guj) Greenfield Reality P. Ltd – IT(SS)A No.289/Ahd/2018 & Others 5…

Navin Kumar Jain, Indore vs. ITO ACIT Dycit Faceless Assessment, Indore

In the result, both appeals of the assessee are allowed

ITA 469/IND/2023[2014-15]Status: DisposedITAT Indore29 May 2024AY 2014-15

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 148

…. CIT (2008) 304 ITR 0052 and in recent case of Dwarka Prasad Tayal and another vs. ITO and Another, (2020) 60 CCH 0589 Indore Trib, (2021) 87 ITR (Trib) 0675 (Indore). Honourable Gujarat High Court in the case of CIT vs Gurubachhan Singh J Juneja reported in 302 ITR 63 has held that in absence of any material on record to show that there was any unexplained investment made by the assessee which was reflected by the alleged unaccounted sales, the finding of the Tribunal that only the GP on the said amount can be brought to tax does not call for any interference. (Tax Effect Rs. 15,35,882/-) 2. Net Profit of Rs. 7…

Navin Kumar Jain, Indore vs. Income Tax Officer Faceless Assessment Centre, Indore

In the result, both appeals of the assessee are allowed

ITA 468/IND/2023[2013-14]Status: DisposedITAT Indore29 May 2024AY 2013-14

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 148

…. CIT (2008) 304 ITR 0052 and in recent case of Dwarka Prasad Tayal and another vs. ITO and Another, (2020) 60 CCH 0589 Indore Trib, (2021) 87 ITR (Trib) 0675 (Indore). Honourable Gujarat High Court in the case of CIT vs Gurubachhan Singh J Juneja reported in 302 ITR 63 has held that in absence of any material on record to show that there was any unexplained investment made by the assessee which was reflected by the alleged unaccounted sales, the finding of the Tribunal that only the GP on the said amount can be brought to tax does not call for any interference. (Tax Effect Rs. 15,35,882/-) 2. Net Profit of Rs. 7…

Income Tax Officer, Ward-2(1), Vijayawada vs. Ajay Electronics, Vijayawada

In the result, appeal of the Revenue is partly allowed

ITA 272/VIZ/2023[2017-18]Status: DisposedITAT Visakhapatnam22 Dec 2023AY 2017-18

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

For Appellant: Sri GVN Hari, ARFor Respondent: Sri Madhukar Aves, Sr. AR
Section 132Section 142(1)Section 143(1)Section 143(3)Section 69A

…y itself cannot represent the income of the assessee. It is the realization of excess over the cost incurred that only forms part of the profit included in the configuration of sale. Similar view was taken in the case of CIT vs. Gurubachhan Singh J. Juneja [215 CTR 509] (Gujarat HC) and CIT vs. Sharada Real Estate (P) Ltd., [99 DTR 100] (MP- HC) and in the case of Jyotibhaichand Bhaichand Saraf & Sons 8 (P) Ltd., vs. DCIT [139 ITD 10] the Coordinate Bench at Pune has confirmed the addition could only be made only to an extent of gross profit earned on an unaccounted/suppressed sales and not on the entire sal…

Asst. Commissioner of Income Tax, Central Circle-1, Surat vs. Kush Corporation, Surat

In the result, grounds of cross objection raised by assessee is partly allowed

ITA 357/SRT/2022[2016-17]Status: DisposedITAT Surat05 Sept 2023AY 2016-17

Bench: Shri Pawan Singh & Dr. Arjun Lal Sainiit(Ss)A No. 93 & 94/Srt /2022 (Assessment Year: 2014-15 & 2015-16)

Section 133ASection 254(1)

…worked out the total on money of Rs. 1,29,69,000/- as mentioned in para 6.6 of his order. The ld. CIT(A) held that as per the order of Hon’ble Jurisdictional High Court in CIT Vs President Industries reported vide 258 ITR 654 and CIT Vs Gurbachan Singh Juneja 302 ITR 63 (Guj) and Neo Formulation Pvt. Ltd. 363 ITR 322 that only profit element to be taxed and not the entire gross receipt of alleged on money. The ld. CIT(A) recorded that profit element in the activities of builders are IT(SS)A No. 93 & 94 & ITA 357/Srt/2022 & CO 01/Srt/2023 ACIT Vs Kush Corporation ranging 8% to 20%. Therefore, by taking the maximum…

M/S Eagle Infra India Limited, Mumbai vs. ACIT, Central Circle-4, Mumbai

In the result, appeals of assess

ITA 2401/MUM/2022[2018-19]Status: DisposedITAT Mumbai28 Aug 2023AY 2018-19

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Ita Nos. 2212 To 2214/Mum/2022 Assessment Year: 2015-16 To 2017-18 Acit, Central Circle-4, M/S Eagle Infra India Ltd., Room No. 9, A-Wing, 6Th Barrack No. 758, Room No. 16, Vs. Floor, Ashar I.T. Park, Road, Eagle Nest Building, Behind 16-Z Wagle Industrial Chopra Court, Ulhasnagar Estate, Thane (W)-400604. 421003. Pan No. Aacce 7247 G Appellant Respondent

For Appellant: Mr. M SubramnianFor Respondent: Mr. Sanjay Deshmukh, CIT-DR
Section 13Section 132Section 143(2)Section 153A

…s CIT 48 ITR 324 (All) ii) DCIT Vs Panna Corporation TA No. 323 & 325 of 2000 ii) DCIT Vs Panna Corporation TA No. 323 & 325 of 2000 ii) DCIT Vs Panna Corporation TA No. 323 & 325 of 2000 iii) CIT vs Gurubachan Singh Juneja iii) CIT vs Gurubachan Singh Juneja 302 ITR 63 (Guj) 302 ITR 63 (Guj) 7.2 Secondly, the learned , the learned Counsel referred to following decisions referred to following decisions in the cases of civil contractors/ of civil contractors/developers, wherein net profit rate has wherein net profit rate has been estimated: i. CIT Vs. Sharada Real Estate (P) Ltd. 99 D'TR 100 (MP) CIT Vs. Sharada…