CIT v. Indeo Airways Pvt. Ltd.

349 ITR 85High Court2012#937 most cited

What is CIT v. Indeo Airways Pvt. Ltd. authority for?

If revenue relies on entries of receipts in seized material, the corresponding expenditure must also be considered unless there is concrete evidence to disregard it. If documents found during a search are considered true and belong to the assessee, entries of expenditure recorded therein are also to be believed.

114

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. Indeo Airways · section 132(4) · seized material · reliance on receipts · corresponding expenditure · cash found during search · presumption u/s 132(4A) · section 292C

Sections most often in play

Section 132Section 132(4)Section 292CSection 69CSection 37(1)Section 143(3)Section 153ASection 69A
Read the full judgment

Issues it is cited on

section 132(1)(a)illegal paymentsection 153(a)(1)section 65b(4)cash found during searchsection 65bsection 65explanation to section 37peak credit theorysection 114section 292csection 132(4a)

Judgments citing CIT v. Indeo Airways Pvt. Ltd.

Saravana Stores Tex, Chennai vs. DCIT, Central Circle-1(2), Chennai

The appeals of the assessee stand partly allowed

ITA 3244/CHNY/2024[2016-17]Status: DisposedITAT Chennai27 Jun 2025AY 2016-17

Bench: Hon’Ble Shri Aby T. Varkey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं. / Ita No.3243/Chny/2024 (िनधा'रण वष' / Assessment Year: 2015-16) & 2. आयकरअपील सं. / Ita No.3244/Chny/2024 (िनधा'रण वष' / Assessment Year: 2016-17) & 3. आयकरअपील सं. / Ita No.3245/Chny/2024 (िनधा'रण वष' / Assessment Year: 2017-18) & 4. आयकरअपील सं. / Ita No.3246/Chny/2024 (िनधा'रण वष' / Assessment Year: 2018-19) & 5. आयकरअपील सं. / Ita No.3247/Chny/2024 (िनधा'रण वष' / Assessment Year: 2019-20) & 6. आयकरअपील सं. / Ita No.3248/Chny/2024 (िनधा'रण वष' / Assessment Year: 2020-21) & 7. आयकरअपील सं. / Ita No.3249/Chny/2024 (िनधा'रण वष' / Assessment Year: 2021-22) & 8.आयकरअपील सं. / Ita No.3250/Chny/2024 (िनधा'रण वष' / Assessment Year: 2022-23) M/S Saravana Stores Tex Dcit बनाम/ # 42-45, Ranganathan Street, Central Circle-1(2), Vs. T. Nagar, Chennai-600 017. Chennai.

For Appellant: Shri V. Nagaprasad (Advocate)- Ld.ARFor Respondent: Shri Shiva Srinivas (CIT) - Ld. DR
Section 132Section 147Section 4

…d and accepted as a whole and it is not permissible to pick and choose or make further estimates therefrom unless there is cogent material in support of undertaking such an exercise. Similarly, Hon’ble High Court of Delhi in the case of Indeo Airways P. Ltd. (26 Taxmann.com 244) held that whether once a presumption had been drawn as to that the contents of the documents as recovered during search were true, revenue could not have, consistently with that presumption, proceeded to require the assessee to produce material in support of expenditure entries contained in very same document. Similarly, in D.D. Gears Ltd…

Saravana Stores Tex, Chennai vs. DCIT, Central Circle-1(2), Chennai

The appeals of the assessee stand partly allowed

ITA 3243/CHNY/2024[2015-16]Status: DisposedITAT Chennai27 Jun 2025AY 2015-16

Bench: Hon’Ble Shri Aby T. Varkey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं. / Ita No.3243/Chny/2024 (िनधा'रण वष' / Assessment Year: 2015-16) & 2. आयकरअपील सं. / Ita No.3244/Chny/2024 (िनधा'रण वष' / Assessment Year: 2016-17) & 3. आयकरअपील सं. / Ita No.3245/Chny/2024 (िनधा'रण वष' / Assessment Year: 2017-18) & 4. आयकरअपील सं. / Ita No.3246/Chny/2024 (िनधा'रण वष' / Assessment Year: 2018-19) & 5. आयकरअपील सं. / Ita No.3247/Chny/2024 (िनधा'रण वष' / Assessment Year: 2019-20) & 6. आयकरअपील सं. / Ita No.3248/Chny/2024 (िनधा'रण वष' / Assessment Year: 2020-21) & 7. आयकरअपील सं. / Ita No.3249/Chny/2024 (िनधा'रण वष' / Assessment Year: 2021-22) & 8.आयकरअपील सं. / Ita No.3250/Chny/2024 (िनधा'रण वष' / Assessment Year: 2022-23) M/S Saravana Stores Tex Dcit बनाम/ # 42-45, Ranganathan Street, Central Circle-1(2), Vs. T. Nagar, Chennai-600 017. Chennai.

For Appellant: Shri V. Nagaprasad (Advocate)- Ld.ARFor Respondent: Shri Shiva Srinivas (CIT) - Ld. DR
Section 132Section 147Section 4

…d and accepted as a whole and it is not permissible to pick and choose or make further estimates therefrom unless there is cogent material in support of undertaking such an exercise. Similarly, Hon’ble High Court of Delhi in the case of Indeo Airways P. Ltd. (26 Taxmann.com 244) held that whether once a presumption had been drawn as to that the contents of the documents as recovered during search were true, revenue could not have, consistently with that presumption, proceeded to require the assessee to produce material in support of expenditure entries contained in very same document. Similarly, in D.D. Gears Ltd…

Deputy Commissioner of Income Tax, Vijayawada vs. Ns Healthcare Services Private Limited, Vijayawada

In the results, appeals filed by the revenue in ITA Nos

ITA 187/VIZ/2025[2022-23]Status: DisposedITAT Visakhapatnam18 Jun 2025AY 2022-23

Bench: Shri Veeravalli Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

Section 133Section 142(1)Section 148Section 148A

…ssue, he relied on the decision of the Hon’ble Delhi High Court in the case of CIT v. Indeo Airways Private Page No. 24 I.T.A.Nos.145, 146, 147 & 148/VIZ/2025 I.T.A.Nos.184, 185, 186 & 187/VIZ/2025 M/s. NS Healthcare Services Private Limited Limited ([2012] 26 Taxmann.com 244). Further, he also submitted that where an addition is made based on the impounded material various judicial pronouncements have held that section 40A(3) of the Act has no application. He therefore pleaded that if the genuineness has not been doubted by the Ld.AO the expenditure cannot be disallowed under section 37(1) of the Act and simil…

Deputy Commissioner of Income Tax, Vijayawada vs. Ns Healthcare Services Private Limited, Vijayawada

In the results, appeals filed by the revenue in ITA Nos

ITA 186/VIZ/2025[2021-22]Status: DisposedITAT Visakhapatnam18 Jun 2025AY 2021-22

Bench: Shri Veeravalli Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

Section 133Section 142(1)Section 148Section 148A

…ssue, he relied on the decision of the Hon’ble Delhi High Court in the case of CIT v. Indeo Airways Private Page No. 24 I.T.A.Nos.145, 146, 147 & 148/VIZ/2025 I.T.A.Nos.184, 185, 186 & 187/VIZ/2025 M/s. NS Healthcare Services Private Limited Limited ([2012] 26 Taxmann.com 244). Further, he also submitted that where an addition is made based on the impounded material various judicial pronouncements have held that section 40A(3) of the Act has no application. He therefore pleaded that if the genuineness has not been doubted by the Ld.AO the expenditure cannot be disallowed under section 37(1) of the Act and simil…

Deputy Commissioner of Income Tax, Vijayawada vs. Ns Healthcare Services Private Limited, Vijayawada

In the results, appeals filed by the revenue in ITA Nos

ITA 185/VIZ/2025[2020-21]Status: DisposedITAT Visakhapatnam18 Jun 2025AY 2020-21

Bench: Shri Veeravalli Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

Section 133Section 142(1)Section 148Section 148A

…ssue, he relied on the decision of the Hon’ble Delhi High Court in the case of CIT v. Indeo Airways Private Page No. 24 I.T.A.Nos.145, 146, 147 & 148/VIZ/2025 I.T.A.Nos.184, 185, 186 & 187/VIZ/2025 M/s. NS Healthcare Services Private Limited Limited ([2012] 26 Taxmann.com 244). Further, he also submitted that where an addition is made based on the impounded material various judicial pronouncements have held that section 40A(3) of the Act has no application. He therefore pleaded that if the genuineness has not been doubted by the Ld.AO the expenditure cannot be disallowed under section 37(1) of the Act and simil…

Deputy Commissioner of Income Tax, Vijayawada vs. Ns Healthcare Services Private Limited, Vijayawada

In the results, appeals filed by the revenue in ITA Nos

ITA 184/VIZ/2025[2019-20]Status: DisposedITAT Visakhapatnam18 Jun 2025AY 2019-20

Bench: Shri Veeravalli Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

Section 133Section 142(1)Section 148Section 148A

…ssue, he relied on the decision of the Hon’ble Delhi High Court in the case of CIT v. Indeo Airways Private Page No. 24 I.T.A.Nos.145, 146, 147 & 148/VIZ/2025 I.T.A.Nos.184, 185, 186 & 187/VIZ/2025 M/s. NS Healthcare Services Private Limited Limited ([2012] 26 Taxmann.com 244). Further, he also submitted that where an addition is made based on the impounded material various judicial pronouncements have held that section 40A(3) of the Act has no application. He therefore pleaded that if the genuineness has not been doubted by the Ld.AO the expenditure cannot be disallowed under section 37(1) of the Act and simil…

Ns Healthcare Services Private Limited, Vijayawada vs. Assistant Commissioner of Income Tax, Central Circle-1, Vijayawada

In the results, appeals filed by the revenue in ITA Nos

ITA 148/VIZ/2025[2022-23]Status: DisposedITAT Visakhapatnam18 Jun 2025AY 2022-23

Bench: Shri Veeravalli Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

Section 133Section 142(1)Section 148Section 148A

…ssue, he relied on the decision of the Hon’ble Delhi High Court in the case of CIT v. Indeo Airways Private Page No. 24 I.T.A.Nos.145, 146, 147 & 148/VIZ/2025 I.T.A.Nos.184, 185, 186 & 187/VIZ/2025 M/s. NS Healthcare Services Private Limited Limited ([2012] 26 Taxmann.com 244). Further, he also submitted that where an addition is made based on the impounded material various judicial pronouncements have held that section 40A(3) of the Act has no application. He therefore pleaded that if the genuineness has not been doubted by the Ld.AO the expenditure cannot be disallowed under section 37(1) of the Act and simil…

Ns Healthcare Services Private Limited, Vijayawada vs. Assistant Commissioner of Income Tax, Central Circle, Vijayawada

In the results, appeals filed by the revenue in ITA Nos

ITA 147/VIZ/2025[2021-22]Status: DisposedITAT Visakhapatnam18 Jun 2025AY 2021-22

Bench: Shri Veeravalli Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

Section 133Section 142(1)Section 148Section 148A

…ssue, he relied on the decision of the Hon’ble Delhi High Court in the case of CIT v. Indeo Airways Private Page No. 24 I.T.A.Nos.145, 146, 147 & 148/VIZ/2025 I.T.A.Nos.184, 185, 186 & 187/VIZ/2025 M/s. NS Healthcare Services Private Limited Limited ([2012] 26 Taxmann.com 244). Further, he also submitted that where an addition is made based on the impounded material various judicial pronouncements have held that section 40A(3) of the Act has no application. He therefore pleaded that if the genuineness has not been doubted by the Ld.AO the expenditure cannot be disallowed under section 37(1) of the Act and simil…

Ns Healthcare Services Private Limited, Vijayawada vs. Assistant Commissioner of Income Tax, Central Circle, Vijayawada

In the results, appeals filed by the revenue in ITA Nos

ITA 146/VIZ/2025[2020-21]Status: DisposedITAT Visakhapatnam18 Jun 2025AY 2020-21

Bench: Shri Veeravalli Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

Section 133Section 142(1)Section 148Section 148A

…ssue, he relied on the decision of the Hon’ble Delhi High Court in the case of CIT v. Indeo Airways Private Page No. 24 I.T.A.Nos.145, 146, 147 & 148/VIZ/2025 I.T.A.Nos.184, 185, 186 & 187/VIZ/2025 M/s. NS Healthcare Services Private Limited Limited ([2012] 26 Taxmann.com 244). Further, he also submitted that where an addition is made based on the impounded material various judicial pronouncements have held that section 40A(3) of the Act has no application. He therefore pleaded that if the genuineness has not been doubted by the Ld.AO the expenditure cannot be disallowed under section 37(1) of the Act and simil…

Ns Healthcare Services Private Limited, Vijayawada vs. Assistant Commissioner of Income Tax, Central Circle, Vijayawada

In the results, appeals filed by the revenue in ITA Nos

ITA 145/VIZ/2025[2019-20]Status: DisposedITAT Visakhapatnam18 Jun 2025AY 2019-20

Bench: Shri Veeravalli Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

Section 133Section 142(1)Section 148Section 148A

…ssue, he relied on the decision of the Hon’ble Delhi High Court in the case of CIT v. Indeo Airways Private Page No. 24 I.T.A.Nos.145, 146, 147 & 148/VIZ/2025 I.T.A.Nos.184, 185, 186 & 187/VIZ/2025 M/s. NS Healthcare Services Private Limited Limited ([2012] 26 Taxmann.com 244). Further, he also submitted that where an addition is made based on the impounded material various judicial pronouncements have held that section 40A(3) of the Act has no application. He therefore pleaded that if the genuineness has not been doubted by the Ld.AO the expenditure cannot be disallowed under section 37(1) of the Act and simil…

ACIT CC 6(1), Mumbai, Bkc vs. Roshni Enterprises, Mumbai

In the result, all the three appeals by the revenue are dismissed

ITA 4471/MUM/2024[2019-20]Status: DisposedITAT Mumbai25 Apr 2025AY 2019-20

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2021-22 & Assessment Year: 2019-20 & Assessment Year: 2018-19 Assistant Commissioner Vs Roshni Enterprises Of Income Tax Central 519, The Great Eastern Circle 6(1), Mumbai Gallaria, Sector 04, Bkc, Mumbai Nerul 400706. Room No. 445, 4Th Floor, Kautilya Bhawan, Bkc, Mumbai 400051. Pan: Aasfr6639Q Appellant Respondent Present For: Appellant By : Shri Nishit Gandhi, Advocate Respondent By : Smt. Sanyogita Nagpal, Cit Dr Date Of Hearing : 28.01.2025 Date Of Pronouncement : 25.04.2025 O R D E R Per Girish Agrawal: These Three Appeals Filed By The Revenue Are Against The Orders Of Ld. Cit(A)-54, Mumbai Vide Order Nos. Itba/Apl/S/250/2024- 25/1065343505(1), Itba/Apl/S/250/2024-25/1065343031(1) & Itba/Apl/S/250/2024-25/1065342652(1), Dated 03.06.2024, Passed Against The Assessment Orders By Dcit, Central Circle 6(1), Mumbai, U/S. 143(3) R.W.S.147 Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”), Dated 27.02.2024 For Assessment Year 2021-22, Dated M/S. Roshni Enterprises Ays 2021-22, 2019-20 & 2018-19 28.02.2024 For Assessment Year 2019-20 & Dated 31.03.2023 For Assessment Year 2018-19. 2. Grounds Taken By The Revenue Are Reproduced As Under:

For Appellant: Shri Nishit Gandhi, AdvocateFor Respondent: Smt. Sanyogita Nagpal, CIT DR
Section 143(3)Section 69

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2021-22 & Assessment Year: 2019-20 & Assessment Year: 2018-19 Assistant Commissioner vs Roshni Enterprises of Income Tax Central 519, The Great Eastern Circle 6(1), Mumbai Gallaria, Sector 04, BKC, Mumbai Nerul 400706. Room No. 445, 4th Floor, Kautilya Bhawan, BKC, Mumbai 400051. PAN: AASFR6639Q Appellant Respondent Present for: Appellant by : Shri Nishit Gandhi, Advocate Respondent by : Smt. Sanyogita Nagpal, CIT DR Date of Hearing : 28.01.2025 Date of Pronou…

ACIT CC 6(1), Mumbai, Bkc vs. Roshni Enterprises, Mumbai

In the result, all the three appeals by the revenue are dismissed

ITA 4470/MUM/2024[2021-22]Status: DisposedITAT Mumbai25 Apr 2025AY 2021-22

Bench: Shri Amit Shukla & Shri Girish Agrawalassessment Year: 2021-22 & Assessment Year: 2019-20 & Assessment Year: 2018-19 Assistant Commissioner Vs Roshni Enterprises Of Income Tax Central 519, The Great Eastern Circle 6(1), Mumbai Gallaria, Sector 04, Bkc, Mumbai Nerul 400706. Room No. 445, 4Th Floor, Kautilya Bhawan, Bkc, Mumbai 400051. Pan: Aasfr6639Q Appellant Respondent Present For: Appellant By : Shri Nishit Gandhi, Advocate Respondent By : Smt. Sanyogita Nagpal, Cit Dr Date Of Hearing : 28.01.2025 Date Of Pronouncement : 25.04.2025 O R D E R Per Girish Agrawal: These Three Appeals Filed By The Revenue Are Against The Orders Of Ld. Cit(A)-54, Mumbai Vide Order Nos. Itba/Apl/S/250/2024- 25/1065343505(1), Itba/Apl/S/250/2024-25/1065343031(1) & Itba/Apl/S/250/2024-25/1065342652(1), Dated 03.06.2024, Passed Against The Assessment Orders By Dcit, Central Circle 6(1), Mumbai, U/S. 143(3) R.W.S.147 Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”), Dated 27.02.2024 For Assessment Year 2021-22, Dated M/S. Roshni Enterprises Ays 2021-22, 2019-20 & 2018-19 28.02.2024 For Assessment Year 2019-20 & Dated 31.03.2023 For Assessment Year 2018-19. 2. Grounds Taken By The Revenue Are Reproduced As Under:

For Appellant: Shri Nishit Gandhi, AdvocateFor Respondent: Smt. Sanyogita Nagpal, CIT DR
Section 143(3)Section 69

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2021-22 & Assessment Year: 2019-20 & Assessment Year: 2018-19 Assistant Commissioner vs Roshni Enterprises of Income Tax Central 519, The Great Eastern Circle 6(1), Mumbai Gallaria, Sector 04, BKC, Mumbai Nerul 400706. Room No. 445, 4th Floor, Kautilya Bhawan, BKC, Mumbai 400051. PAN: AASFR6639Q Appellant Respondent Present for: Appellant by : Shri Nishit Gandhi, Advocate Respondent by : Smt. Sanyogita Nagpal, CIT DR Date of Hearing : 28.01.2025 Date of Pronou…

ACIT CC 6(1), Bkc Mumbai vs. Gnp Consultancy and Solutions Private Limited, Thane

Appeal of the revenue is dismissed

ITA 4480/MUM/2024[2018-19]Status: DisposedITAT Mumbai15 Jan 2025AY 2018-19

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

For Appellant: Shri Nishit Gandhi & AdnyaFor Respondent: Shri Kishor Dhula, CIT-DR & Shri
Section 132Section 132(4)Section 143(3)Section 37(1)Section 69C

…red to be made under section 69C of the act as held by the honourable Bombay High Court in case of Golani Bros (2017) 85 taxmann.com 355 (Bom). Similar view has also been taken by the honourable Delhi High Court M/s. GNP Consultancy & Solutions Pvt. Ltd. in 349 ITR 85. Accordingly in paragraph number 15.13 after discussing the plethora of judicial precedents the learned CIT – A held that since the entire receipts found as a business receipt under section 28 of the act has been considered, deduction of expenditure must be granted to the assessee and net income is to be estimated. Therefore, separate addition in…

ACIT CC -6(1), Mumbai, Bkc vs. Gnp Consultancy and Solutions Pvt. Ltd., Thane

Appeal of the revenue is dismissed

ITA 4479/MUM/2024[2020-21]Status: DisposedITAT Mumbai15 Jan 2025AY 2020-21

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

For Appellant: Shri Nishit Gandhi & AdnyaFor Respondent: Shri Kishor Dhula, CIT-DR & Shri
Section 132Section 132(4)Section 143(3)Section 37(1)Section 69C

…red to be made under section 69C of the act as held by the honourable Bombay High Court in case of Golani Bros (2017) 85 taxmann.com 355 (Bom). Similar view has also been taken by the honourable Delhi High Court M/s. GNP Consultancy & Solutions Pvt. Ltd. in 349 ITR 85. Accordingly in paragraph number 15.13 after discussing the plethora of judicial precedents the learned CIT – A held that since the entire receipts found as a business receipt under section 28 of the act has been considered, deduction of expenditure must be granted to the assessee and net income is to be estimated. Therefore, separate addition in…

ACIT CC 6(1), Mumbai, Bkc vs. Gnp Cunsultancy and Solutions Pvt. Ltd., Thane

Appeal of the revenue is dismissed

ITA 4478/MUM/2024[2022-23]Status: DisposedITAT Mumbai15 Jan 2025AY 2022-23

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

For Appellant: Shri Nishit Gandhi & AdnyaFor Respondent: Shri Kishor Dhula, CIT-DR & Shri
Section 132Section 132(4)Section 143(3)Section 37(1)Section 69C

…red to be made under section 69C of the act as held by the honourable Bombay High Court in case of Golani Bros (2017) 85 taxmann.com 355 (Bom). Similar view has also been taken by the honourable Delhi High Court M/s. GNP Consultancy & Solutions Pvt. Ltd. in 349 ITR 85. Accordingly in paragraph number 15.13 after discussing the plethora of judicial precedents the learned CIT – A held that since the entire receipts found as a business receipt under section 28 of the act has been considered, deduction of expenditure must be granted to the assessee and net income is to be estimated. Therefore, separate addition in…

Gnp Consultancy and Solutions Private Limited, Nariman Point, Mumbai vs. DCIT, Circle 6(1), Mumbai

Appeal of the revenue is dismissed

ITA 3432/MUM/2024[2020-21]Status: DisposedITAT Mumbai15 Jan 2025AY 2020-21

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

For Appellant: Shri Nishit Gandhi & AdnyaFor Respondent: Shri Kishor Dhula, CIT-DR & Shri
Section 132Section 132(4)Section 143(3)Section 37(1)Section 69C

…red to be made under section 69C of the act as held by the honourable Bombay High Court in case of Golani Bros (2017) 85 taxmann.com 355 (Bom). Similar view has also been taken by the honourable Delhi High Court M/s. GNP Consultancy & Solutions Pvt. Ltd. in 349 ITR 85. Accordingly in paragraph number 15.13 after discussing the plethora of judicial precedents the learned CIT – A held that since the entire receipts found as a business receipt under section 28 of the act has been considered, deduction of expenditure must be granted to the assessee and net income is to be estimated. Therefore, separate addition in…

Gnp Consultancy and Solutions Private Limited, Mumbai vs. DCIT, Circle 6 (1), Mumbai

Appeal of the revenue is dismissed

ITA 3430/MUM/2024[2022-23]Status: DisposedITAT Mumbai15 Jan 2025AY 2022-23

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

For Appellant: Shri Nishit Gandhi & AdnyaFor Respondent: Shri Kishor Dhula, CIT-DR & Shri
Section 132Section 132(4)Section 143(3)Section 37(1)Section 69C

…red to be made under section 69C of the act as held by the honourable Bombay High Court in case of Golani Bros (2017) 85 taxmann.com 355 (Bom). Similar view has also been taken by the honourable Delhi High Court M/s. GNP Consultancy & Solutions Pvt. Ltd. in 349 ITR 85. Accordingly in paragraph number 15.13 after discussing the plethora of judicial precedents the learned CIT – A held that since the entire receipts found as a business receipt under section 28 of the act has been considered, deduction of expenditure must be granted to the assessee and net income is to be estimated. Therefore, separate addition in…

DCIT, Central Circle- 1(3), Pune, Income Tax vs. Garware Technical Fibres Limited, Maharashtra

ITA 1831/PUN/2024[2017-18]Status: DisposedITAT Pune09 Jan 2025AY 2017-18

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

For Appellant: CA Ritu Kamal KishoreFor Respondent: Shri Amol Khairnar, CIT-DR And
Section 131Section 132Section 139Section 143(2)Section 153A

…y must find it to be income and they cannot find so unless they have some material to justify their finding in the absence of sufficient material. 34. Referring to the decision of Hon'ble Delhi High Court in the case of CIT vs. Indeo Airways (P.) Ltd. (2012) 349 ITR 85 (Del) she submitted that the Hon'ble High Court in the said decision has held that where receipts recorded in searched documents are believed to be income, entries of expenditure recorded therein are also to be believed without asking for more evidence for such expenditure. The relevant observations of the Hon'ble High Court are as under: “9. The…

Garware Technical Fibres Limited, Pune vs. DCIT, CC-1(3), Pune

In the result, all the eight appeals filed by the assessee are partly allowed and the only appeal filed by the Revenue is dismissed

ITA 1703/PUN/2024[2020-21]Status: DisposedITAT Pune09 Jan 2025AY 2020-21

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

For Appellant: CA Ritu Kamal KishoreFor Respondent: Shri Amol Khairnar, CIT-DR And Shri Ramnath P Murkunde
Section 131Section 132Section 139Section 143(2)Section 153A

…y must find it to be income and they cannot find so unless they have some material to justify their finding in the absence of sufficient material. 34. Referring to the decision of Hon’ble Delhi High Court in the case of CIT vs. Indeo Airways (P.) Ltd. (2012) 349 ITR 85 (Del) she submitted that the Hon’ble High Court in the said decision has held that where receipts recorded in searched documents are believed to be income, entries of expenditure recorded therein are also to be believed without asking for more evidence for such expenditure. 35. Referring to the decision of Hon’ble Gujarat High Court in the case o…

Garware Technical Fibres Limited, Pune vs. DCIT, CC-1(3), Pune

ITA 1702/PUN/2024[2019-20]Status: DisposedITAT Pune09 Jan 2025AY 2019-20

Bench: Shri Rama Kanta Panda & Ms. Astha Chandra

For Appellant: CA Ritu Kamal KishoreFor Respondent: Shri Amol Khairnar, CIT-DR And
Section 131Section 132Section 139Section 143(2)Section 153A

…ey must find it to be income and they cannot find so unless they have some material to justify their finding in the absence of sufficient material. 34. Referring to the decision of Hon'ble Delhi High Court in the case of CIT vs. Indeo Airways (P.) Ltd. (2012) 349 ITR 85 (Del) she submitted that the Hon'ble High Court in the said decision has held that where receipts recorded in searched documents are believed to be income, entries of expenditure recorded therein are also to be believed without asking for more evidence for such expenditure. The relevant observations of the Hon'ble High Court are as under: “9. The…