CIT v. Kashiram Textiles Mills Ltd.

ITO 41(3)(1), MUMBAI, MUMBAI vs. DEEPIKA ANIL AGARWAL, MUMBAI

In the result the appeal filed by the revenue stands\ndismissed

…nIncome assessed without evidence is bad-in-law.\nIncome assessed by revenue without supporting material is not justified.\n1. CIT V. BHUVANENDRA 303 ITR 235 (MAD.)\n2. VINOD SOLANKI VS. UOI (233) ELT 157 (S.C.)\n3. CIT V. KASHIRAM TEXTILE MILLS (P) LTD [2006]284 ITR 61 (GUJ)-\n4. SARASWATHI OIL TRADERS V. CIT [2000] 254 ITR 259 (SC)\nIncome cannot be assessed on mere statement basis. For assessment there has to\nbe some evidence.\nIncome cannot be assessed on mere retracted statement If not material to\nprove\n1. Meghraj Jain V. UOI (Bombay High Court)\n2. KailashbenManharlalChokshi v. CIT [2008] 174 Taxman 466…

RAJENDRA KUMAR MUNDRA (HUF),MUMBAI vs. NATIONAL FACELESS ASSESSMENT CENTRE (NFAC), DELHI

In the result the appeal filed by the assessee stands allowed

Bench: Hon’Ble Shri Sandeep Gosain& Shri Girish Agrawalrajendra Kumar Mundra Vs. Ito, Ward 24(3)(1) (Huf) Piramal Chamber C-28, Ameya Bldg, Behind Lalbaug, Mumbai – Ymca Dn Nagar Andheri (W) 400012. 400053. Pan/Gir No.Aadh6828J (Applicant) (Respondent)

…SC) Income assessed without evidence is bad-in-law. Income assessed by revenue without supporting material is not justified. 1. CIT V. BHUVANENDRA 303 ITR 235 (MAD.) 2. VINOD SOLANKI VS. UOI (233) ELT 157 (S.C.) 3. CIT V. KASHIRAM TEXTILE MILLS (P) LTD [2006]284 ITR 61 (GUJ)- 4. SARASWATHI OIL TRADERS V. CIT [2000] 254 ITR 259 (SC) Income cannot be assessed on mere statement basis. For assessment there has to be some evidence. Income cannot be assessed on mere retracted statement If not material to prove 1. Meghraj Jain V. UOI (Bombay High Court) 2. KailashbenManharlalChokshi v. CIT [2008] 174 Taxman 466 (Guj.)…

UDAYAN GROVER,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE(NFAC), DELHI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleudayan Grover V. National Faceless Appeal Centre Panch Mahal Delhi Panch Sristhi Complex {Acit – 26(3), Bkc, Mumbai} Powai, Mumbai - 400072 Pan: Aclpg0572G (Appellant) (Respondent) Assessee Represented By : Shri Vimal Punmiya Department Represented By : Ms. Kavitha Kaushik

…SC) Income assessed without evidence is bad-in-law. Income assessed by revenue without supporting material is not justified. 1. CIT V. BHUVANENDRA 303 ITR 235 (MAD.) 2. VINOD SOLANKI VS. UOI (233) ELT 157 (S.C.) 3. CIT V. KASHIRAM TEXTILE MILLS (P) LTD [2006]284 ITR 61 (GUJ)- 4. SARASWATHI OIL TRADERS V. CIT [2000] 254 ITR 259 (SC) Income cannot be assessed on mere statement basis. For assessment there has to be some evidence. Income cannot be assessed on mere retracted statement If not material to prove 1. Meghraj Jain V. UOI (Bombay High Court) 2. KailashbenManharlalChokshi v. CIT [2008] 174 Taxman 466 (Guj.)…

AAKASH FILMS PVT. LTD,MUMBAI vs. CIT -50, MUMBAI

In the result, Ground No. 2 raised by the assessee is allowed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Aakash Films Private Limited V. Income Tax Officer – 16(1)(1) Room No. 436A, Plot No. A-51, Midc Aayakar Bhavan, M.K. Road Marol Industrial Area Next To Aipma Andheri (E), Mumbai - 400093 Mumbai - 400020 Pan: Aahca5657K (Appellant) (Respondent) M/S. Aakash Ashish Realtors Limited V. Cit – 50, Central Circle – 8(3) Cts No. 766, 534 Mumbai S.V. Road, New Oshiwara Station Jogeshwari (W), Mumbai – 400102 Pan: Aaack7241C (Appellant) (Respondent)

…(SC) Income assessed without evidence is bad-in-law. Income assessed by revenue without supporting material is not justified. 1. CIT V. BHUVANENDRA 303 ITR 235 (MAD.) 2. VINOD SOLANKI VS. UOI (233) ELT 157 (S.C.) 3. CIT V. KASHIRAM TEXTILE MILLS (P) LTD [2006]284 ITR 61 (GUJ)- 4. SARASWATHI OIL TRADERS V. CIT [2000] 254 ITR 259 (SC) -» Income cannot be assessed on mere statement basis. For assessment there has to be some evidence. Income cannot be assessed on mere retracted statement If no material to prove 17 ITA NO. 1762 & 1763/MUM/2021 (A.Y: 2013-14) M/s. Aakash Films Private Limited & M/s. Aakash Ashish Real…

ACIT-4(2)(1), MUMBAI vs. M/S.VGC DIAMOND PRIVATE LIMITED, MUMBAI

The appeal of the assessee is allowed, and appeal of the Assessing Officer is dismissed

Bench: Shri Pawan Singh, Jm& Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 7004/Mum/2017 (निर्धारणवर्ा / Assessment Year: 2014-15)

…IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI PAWAN SINGH, JM& SHRI S. RIFAUR RAHMAN, AM आयकरअपीलसं./ I.T.A. No. 7004/Mum/2017 (निर्धारणवर्ा / Assessment Year: 2014-15) M/s VGC Diamond Pvt. ACIT 4(2)(1) Ltd. 6th floor, Room no. 642, बिधम/ 308/382, 1st floor, NNS Aayakar Bhavan, M. K. Building, Chira Bazar, Vs. Road, Mumbai-400 020 Kalabadevi, Mumbai-400 002 स्थायीलेखासं./जीआइआरसं./PAN No. AACCV5319C (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant : Mrs. Samatha Mullamudi,DR by प्रत्यथीकीओरसे/Respondentby : Shri Vimal Punamiya, AR सुनवाईकीतारीख/ : 20.02.2020 Date of Hea…

SYNDICATE ENGG. INDUSTRIES,MUMBAI vs. A.C.I.T. - 27(3), MUMBAI

In the result, the appeal is partly allowed

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2009-10 M/S Syndicate Engg. Acit-27(3), Tower No. 6, 4Th Floor, Industrial Patanwala Indl. Vs. Vashi Railway Station Building Estate, L.B.S. Marg, Complex, Vashi Navi Mumbai- Ghatkoper (W), Mumbai- 400703. 400086. Pan No. Aaafs6781N Appellant Respondent

…ccount, (iv) Specimen copies of purchase bills of (a) Donear Trading Pvt. Ltd., (b) Linux Sales Agency Pvt. Ltd., (c) Nakoda Metals, (d) Nutan Metals, (v) High Court Judgements : (a) Krishna Textiles v. CIT 310 ITR 227 (Guj), (b) CIT v. Kashiram Textile Mills 284 ITR 61 (Guj). 6. On the other hand, the Ld. Departmental Representative (DR) submits the fact that the notices u/s 133(6) dated 03.12.2014 issued by the AO calling for copies of ledger account of the assessee in the books of accounts of the parties, nature of goods sold along with sample copies of bills issued, copy of delivery challans of goods dispatch…

ACIT-13(3)(2), MUMBAI vs. M/S.MIDDLE EARTH ENTERPRISES, MUMBAI

In the result, appeal filed by the Revenue as well as cross

Bench: Shri G. Manjunatha & Shri Ravish Sood, Assessment Year:-2011-12 Acit-13(3)(2), M/S Middle Earth Room No.229, 02Nd Floor, बनाम/ Enterprises, Aayakar Bhavan, 19/40, C-2, Seksaria Vs. M. K. Road, Industrial Estate, Off Mumbai-400020 S.V. Road, Malad (W), Mumbai-400064 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Aaqfm8445I

…responding sales is required to be deducted from income which will entitle the appellant to a relief rather than addition. Thus, the action of the A.O. to disallow the entire purchases cannot be accepted. 6,22 In CIT vs. Kashiram Textile Mills (P) Ltd. (2006) 284 ITR 61 (Guj), the Hon'ble Gujarat High Court held that the Tribunal has taken note of the fact that Revenue has not disputed the details of the closing stock. Therefore, the Tribunal has found, that in the facts and circumstances of the case, the existence of the raw materials purchased cannot be doubted, and if that is the situation, there could be no c…

MOHD RIZWAN MOHD KALLAN KHAN,MUMBAI vs. INCOME TAX OFFICER 26(3)(4), MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri G.S. Pannu & Shri Pawan Singhmd. Rizwan Mohd Kallan Ito 26(3)(4) Room No. 711, 7Th Floor, Khan, Plot No. 603, Flat No.13, Bldg No. 7 D, Bombay Taxi C-11, Pratyakshakar Bhavan, Men’S Co-Operative Society, Vs. Bandra (East), Mumbai-51. Lbs Marg, Kurla (West), Mumbai-400070 Pan: Agjpk2270K Appellant Respondent Appellant By : Shri Vimal Punmiya (Ar) Respondent By : Shri Rajesh Kumar Yadav (Ar) Date Of Hearing :25.04.2018 Date Of Pronouncement : 31.05.2018 Order Per Pawan Singh; 1. The Instant Appeal By Assessee Under Section 253 Of The Income-Tax Act (The Act) Is Directed Against The Order Of Ld. Commissioner Of Income-Tax

…CIT V/s Nikunj Eximp Enterprises cannot be made:- (P.) Ltd. * [2013] 35 taxmann.com 384 (Bombay HC) 6 Addition cannot be made without ITO V / s Permanand [2008 25 SOT evidence: 11] CIT V /s M K Bros. [163 ITR 249] CIT V. Kashiram Textile Mills P Ltd. [2006] 284 ITR 61 (GUJ) Saraswathi Oil Traders V. CIT [2000] 254 ITR 259 (SC)174 CTR 108 (SC) 7 AO relied on third party Kishan Chand Chella Ram v. CIT information without cross- [1980] 125 ITR 713 (SC) examination. Hence, can't be Marneedi Satyam V/s Masimukkula relied: Venkataswami [AIR 1949 Mad 689] ITO V/s Permanand [2008 25 SOT 11] 8 AO failed to discharge h…

ITO 26(2)(1), MUMBAI vs. KEYUR SHAILESH SANGHVI, MUMBAI

Bench: Shri R. C. Sharma, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 2592/Mum/2017, (निर्धारणवर्ा / Assessment Year: 2009-10)

…'ble High Court dismissed the appeal and concurred with the findings of Hon'ble Tribunal that not entire purchase price but profit element embedded in such purchases wouldbe liable to tax. 4.2.15 In the case of CIT versus Kashiram Textile Mills (P) Ltd (2006) 284 ITR 61 (Gujarat) (High Court), it was held that section 69 of the IT Act is not applicable in the case of these purchases. The facts of this case were that the addition was made to the income of the appellant on the ground that the purchases were fictitious. The Tribunal found that details of closing stock were not disputed. There was no material on, rec…

ACIT 14(1), MUMBAI vs. BHAIRAV METALS, MUMBAI

Bench: S/Sh.Rajendra & Amarjit Singhआयकर अपील सं./I.T.A./4680/Mum/2014,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2010-11 िनधा"रण िनधा"रण वष" वष" Acit-14(1) M/S. Bhairav Metals 2Nd Floor,Earnest House 57, Binani Building, Gr. Floor 2Nd Bhoiwada Lane, Bhuleshwar Nariman Point Vs. Mumbai-400 021. Mumbai-400 002. Pan:Aaafb 4213 E (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri Suman Kumar-Dr अपीलाथ" क" ओर से /Assessee By: Shri S.C. Patni-Ar सुनवाई क" तारीख / Date Of Hearing: 05/12/2016 घोषणा क" तारीख / Date Of Pronouncement: 01/01/2017 आयकर अिधिनयम आयकर अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सद"य लेखा सद"य, राजे"" राजे"" केकेकेके अनुसार अनुसार/ Per Rajendra A.M.- लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Order,Dated 30.4.14,Of Cit(A)-Mumbai, The Assessing Officer(Ao) Has Filed The Present Appeal. Assessee-Firm,Engaged In The Business Of Importing & Supply Of Ferrous & Non Ferrous Metals,Filed Its Return Of Income On 13.10.2010,Declaring Income Of Rs.57.90 Lakhs.The Ao Completed The Assessment On 28.02.2013,U/S. 143(3) Of The Act,Determining The Income At Rs.1.90 Crores.

…purchase of goods from the said party,that the AO had not provided opportunity of cross examination of suppliers to the assessee.He referred to the case of Parmit Textiles (ITA.s./4012-4015& 4020- 21/Mum/2012.,Dt.1.10.2013 ),Kashiram Textiles Mills (P) Ltd. (284 ITR 61) and held that AO had made addition just on presumption and suspicion,that there was no justification for addition of entire transaction, that the cause of justice would be met by making addition of a reasonable percentage of such purchases in order to fulfill the gap of any revenue leakage. Finally,he held that addition should be restricted to 10…

JAI HIND PAPER MART,MUMBAI vs. ITO 14(2)(3), MUMBAI

In the result, both the appeals of assessee and revenue are dismissed

Bench: Shri R.C. Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./I.T.A. No.6134 /Mum/2014 (निर्धारण वषा / Assessment Year: 2009-10) M/S. Jai Hind Paper Mart Income Tax Officer 14(2)(3), 3Rd Floor, Earnest House 186, Hiramanek Bldg, बिधम/ Dadiseth Agiary Lane, Nariman Point, Vs. Chira Bazar, Mumbai-400 021. Mumbai-400 002. स्थामी रेखा सं./जीआइआय सं ./Pan/Gir No. Aaafj3532E (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : आमकय अऩीर सं./I.T.A. No.6144 /Mum/2014 (निर्धारण वषा / Assessment Year: 2009-10) Income Tax Officer 14(2)(3), M/S. Jai Hind Paper Mart 3Rd Floor, Earnest House 186, Hiramanek Bldg, बिधम/ Nariman Point, Dadiseth Agiary Lane, Vs. Mumbai-400 021. Chira Bazar, Mumbai-400 002. स्थामी रेखा सं./जीआइआय सं ./Pan/Gir No. Aaafj3532E (अऩीराथी /Appellant) (प्रत्मथी / Respondent) : अऩीराथी की ओय से / Appellant By : Shri Ratan Samul प्रत्मथी की ओय से/Respondent By : Shri K. Ravi Kiran

…nts showing that the payments have been made through banking channel. There is no evidence on record to prove that any part of cash has flown back to the appellant. In above context, I find that in the case of CIT vs. Kashirarn Taxtiles Mills (P.) Ltd. [2007] 284 ITR 61(Guj.) relied upon by the appellant, it was held that there was no evidence to show that a part of the amount paid to suppliers had come back to the assessee and therefore also there was no case for any addition in respect of such purchases. Similarly, in the case of CIT vs. Nangalia Fabrics Pvt. Ltd., Tax Appeal No. 689 of 2010 (Guj. High Court) r…