CIT v. Kerala Sponge Iron Ltd.

379 ITR 330High Court#14114 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 341,001 Indian tax judgments — from 2018 to 2025.

Issues it is cited on

section 115bbsection 115bsection 115bbesection 69cincome from other sourcessection 115incriminating materialsection 69section 68section 11search and seizuresection 153a

Judgments citing CIT v. Kerala Sponge Iron Ltd.

Horizon Dream Homes Private Limited, Mumbai vs. Assisstant Commissioner 12(2)(2), Mumbai

In the result the appeal filed by the assessee is partly

ITA 5934/MUM/2024[2011-12]Status: DisposedITAT Mumbai08 May 2025AY 2011-12

Bench: Shri Vikram Singh Yadav & Shri Raj Kumar Chauhan

Section 14Section 143(1)Section 143(2)Section 143(3)Section 148Section 154Section 156Section 68

…ovisions of section 115BBE was inserted w.e.f. 01.04.2013 Respectfully following the judgement of Gujarat High Court in the case of Fakir Mohmed Haji Hasan vs. CIT (247) ITR 290 and Kerala High Court in the case of CIT Vs. Kerala Sponge Irons Ltd. Reported in 379 ITR 330 wherein it was held that income determined u/s 68 and such other action beyond section 57 of the Act does not fall in the ambit of nature of income specified in the Section 14 of the Act as the source of such receipts are not proved. Accordingly, the provisions of section 71 are not applicable to such income. Such view has also been held by the C…

The ACIT Central-Ujjain, Ujjain vs. M/S Italian Edibles P Ltd, Indore

In the result, appeal of the revenue is dismissed

ITA 219/IND/2022[2019-20]Status: DisposedITAT Indore19 Dec 2023AY 2019-20

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniacit (Central) M/S. Italian Edibles Pvt. Ujjain Ltd. Vs. Udhyog Nagar, Palda Indore (Appellant / Revenue) (Assessee /Respondent) Pan: Aacci 2746N Revenue By Ms. Simran Bhullar, Cit-Dr Respondent By Shri Pankaj Shah & Soumya Bumb Ars Date Of Hearing 12.10.2023 Date Of Pronouncement 19.12.2023

Section 115BSection 133ASection 69Section 69B

…upon the order of the AO and submitted that the AO has also relied upon the judgment of Hon’ble Gujarat High court in case of Fakir Mohd Kazi Hasan vs. CIT 247 ITR 290 (Guj) as well as judgment of Hon’ble Kerla High Court in case of CIT vs. Kerala Sponge Ltd. 379 ITR 330. Page 4 of 20 ITANo.219/Ind/2022 Italian Edible Pvt. 4. On the other hand, Ld. AR of the assessee has submitted that the assessee has explained the source of the investment in excess stock in the statement recorded during the survey. He has referred to the statement of the director of the assessee and particularly question no.11 and submitted t…

M/S Vatsalya Builders & Development Pvt Ltd, Nagpur vs. ACIT Central Circle1(2), Nagpur

In the result, the appeal filed by the assessee in ITA

ITA 87/NAG/2018[2013-2014]Status: DisposedITAT Nagpur31 Oct 2023AY 2013-2014

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / Ita Nos.85 To 87 & 210/Nag/2018 िनधा"रण वष" / Assessment Years : 2011-12 To 2014-15 M/S. Vatsalya Builders & Vs. Acit, Central Circle- Developers Pvt. Ltd., 1(2), Nagpur. 202, Ganesh Chambers, Dhantoli, Nagpur- 440012. Pan : Aabcv6745K Appellant Respondent Assessee By : Shri Mukesh Agrawal Revenue By : Shri Kailash G. Kanojiya Date Of Hearing : 17.10.2023 Date Of Pronouncement : 31.10.2023 आदेश / Order Per Inturi Rama Rao, Am : These Are The Appeals Filed By The Assessee Directed Against The Different Orders Of Ld. Commissioner Of Income Tax (Appeals)- 3, Nagpur [‘The Cit(A)’] Dated 26.02.2018 & 22.06.2018 For The Assessment Years 2011-12 To 2014-15 Respectively. 2. Since The Identical Facts & Common Issues Are Involved In All The Above Captioned Four Appeals Of The Assessee, We Proceed To Dispose Of The Same By This Common Order. 3. For The Sake Of Convenience & Clarity, The Facts Relevant To The Appeal In Ita No.85/Nag/2018 For The Assessment Year 2011-12 Are Stated Herein.

For Appellant: Shri Mukesh AgrawalFor Respondent: Shri Kailash G. Kanojiya
Section 115BSection 14Section 143(3)Section 153ASection 68Section 69C

…T, 296 ITR 94 (P&H). 5. Being aggrieved, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the action of the Assessing Officer placing reliance on the decision of the Hon’ble Kerala High Court in the case of Kerala Sponge Iron Ltd., 379 ITR 330 (Kerala). 6. Being aggrieved, the appellant is in appeal before us in the present appeal. 7. It is submitted before us that the decisions relied upon by the Assessing Officer as well as by the ld. CIT(A) have been subsequently overruled by the Hon’ble Kerala High Court in the case of Vijaya Hospitality and Resorts Ltd. vs. CIT, 419 ITR 322 (Keral…

M/S Vatsalya Builders & Development Pvt Ltd, Nagpur vs. ACIT Central Circle1(2), Nagpur

In the result, the appeal filed by the assessee in ITA

ITA 86/NAG/2018[2012-2013]Status: DisposedITAT Nagpur31 Oct 2023AY 2012-2013

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / Ita Nos.85 To 87 & 210/Nag/2018 िनधा"रण वष" / Assessment Years : 2011-12 To 2014-15 M/S. Vatsalya Builders & Vs. Acit, Central Circle- Developers Pvt. Ltd., 1(2), Nagpur. 202, Ganesh Chambers, Dhantoli, Nagpur- 440012. Pan : Aabcv6745K Appellant Respondent Assessee By : Shri Mukesh Agrawal Revenue By : Shri Kailash G. Kanojiya Date Of Hearing : 17.10.2023 Date Of Pronouncement : 31.10.2023 आदेश / Order Per Inturi Rama Rao, Am : These Are The Appeals Filed By The Assessee Directed Against The Different Orders Of Ld. Commissioner Of Income Tax (Appeals)- 3, Nagpur [‘The Cit(A)’] Dated 26.02.2018 & 22.06.2018 For The Assessment Years 2011-12 To 2014-15 Respectively. 2. Since The Identical Facts & Common Issues Are Involved In All The Above Captioned Four Appeals Of The Assessee, We Proceed To Dispose Of The Same By This Common Order. 3. For The Sake Of Convenience & Clarity, The Facts Relevant To The Appeal In Ita No.85/Nag/2018 For The Assessment Year 2011-12 Are Stated Herein.

For Appellant: Shri Mukesh AgrawalFor Respondent: Shri Kailash G. Kanojiya
Section 115BSection 14Section 143(3)Section 153ASection 68Section 69C

…T, 296 ITR 94 (P&H). 5. Being aggrieved, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the action of the Assessing Officer placing reliance on the decision of the Hon’ble Kerala High Court in the case of Kerala Sponge Iron Ltd., 379 ITR 330 (Kerala). 6. Being aggrieved, the appellant is in appeal before us in the present appeal. 7. It is submitted before us that the decisions relied upon by the Assessing Officer as well as by the ld. CIT(A) have been subsequently overruled by the Hon’ble Kerala High Court in the case of Vijaya Hospitality and Resorts Ltd. vs. CIT, 419 ITR 322 (Keral…

M/S Vatsalya Builders & Development Pvt Ltd, Nagpur vs. ACIT Central Circle1(2), Nagpur

In the result, the appeal filed by the assessee in ITA

ITA 85/NAG/2018[2011-2012]Status: DisposedITAT Nagpur31 Oct 2023AY 2011-2012

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / Ita Nos.85 To 87 & 210/Nag/2018 िनधा"रण वष" / Assessment Years : 2011-12 To 2014-15 M/S. Vatsalya Builders & Vs. Acit, Central Circle- Developers Pvt. Ltd., 1(2), Nagpur. 202, Ganesh Chambers, Dhantoli, Nagpur- 440012. Pan : Aabcv6745K Appellant Respondent Assessee By : Shri Mukesh Agrawal Revenue By : Shri Kailash G. Kanojiya Date Of Hearing : 17.10.2023 Date Of Pronouncement : 31.10.2023 आदेश / Order Per Bench : These Are The Appeals Filed By The Assessee Directed Against The Different Orders Of Ld. Commissioner Of Income Tax (Appeals)- 3, Nagpur [‘The Cit(A)’] Dated 26.02.2018 & 22.06.2018 For The Assessment Years 2011-12 To 2014-15 Respectively. 2. Since The Identical Facts & Common Issues Are Involved In All The Above Captioned Four Appeals Of The Assessee, We Proceed To Dispose Of The Same By This Common Order. 3. For The Sake Of Convenience & Clarity, The Facts Relevant To The Appeal In Ita No.85/Nag/2018 For The Assessment Year 2011-12 Are Stated Herein.

For Appellant: Shri Mukesh AgrawalFor Respondent: Shri Kailash G. Kanojiya
Section 115BSection 14Section 143(3)Section 153ASection 68Section 69C

…T, 296 ITR 94 (P&H). 5. Being aggrieved, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the action of the Assessing Officer placing reliance on the decision of the Hon’ble Kerala High Court in the case of Kerala Sponge Iron Ltd., 379 ITR 330 (Kerala). 6. Being aggrieved, the appellant is in appeal before us in the present appeal. 7. It is submitted before us that the decisions relied upon by the Assessing Officer as well as by the ld. CIT(A) have been subsequently overruled by the Hon’ble Kerala High Court in the case of Vijaya Hospitality and Resorts Ltd. vs. CIT, 419 ITR 322 (Keral…

M/S Vatsalya Builders, Nagpur vs. Assistant Comissioner of Income Tax Centarl Circle 1(2), Nagpur

In the result, the appeal filed by the assessee in ITA

ITA 210/NAG/2018[2014-15]Status: DisposedITAT Nagpur31 Oct 2023AY 2014-15

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / Ita Nos.85 To 87 & 210/Nag/2018 िनधा"रण वष" / Assessment Years : 2011-12 To 2014-15 M/S. Vatsalya Builders & Vs. Acit, Central Circle- Developers Pvt. Ltd., 1(2), Nagpur. 202, Ganesh Chambers, Dhantoli, Nagpur- 440012. Pan : Aabcv6745K Appellant Respondent Assessee By : Shri Mukesh Agrawal Revenue By : Shri Kailash G. Kanojiya Date Of Hearing : 17.10.2023 Date Of Pronouncement : 31.10.2023 आदेश / Order Per Inturi Rama Rao, Am : These Are The Appeals Filed By The Assessee Directed Against The Different Orders Of Ld. Commissioner Of Income Tax (Appeals)- 3, Nagpur [‘The Cit(A)’] Dated 26.02.2018 & 22.06.2018 For The Assessment Years 2011-12 To 2014-15 Respectively. 2. Since The Identical Facts & Common Issues Are Involved In All The Above Captioned Four Appeals Of The Assessee, We Proceed To Dispose Of The Same By This Common Order. 3. For The Sake Of Convenience & Clarity, The Facts Relevant To The Appeal In Ita No.85/Nag/2018 For The Assessment Year 2011-12 Are Stated Herein.

For Appellant: Shri Mukesh AgrawalFor Respondent: Shri Kailash G. Kanojiya
Section 115BSection 14Section 143(3)Section 153ASection 68Section 69C

…T, 296 ITR 94 (P&H). 5. Being aggrieved, an appeal was filed before the ld. CIT(A), who vide impugned order confirmed the action of the Assessing Officer placing reliance on the decision of the Hon’ble Kerala High Court in the case of Kerala Sponge Iron Ltd., 379 ITR 330 (Kerala). 6. Being aggrieved, the appellant is in appeal before us in the present appeal. 7. It is submitted before us that the decisions relied upon by the Assessing Officer as well as by the ld. CIT(A) have been subsequently overruled by the Hon’ble Kerala High Court in the case of Vijaya Hospitality and Resorts Ltd. vs. CIT, 419 ITR 322 (Keral…

Bhima Jewellers, Sulthan Bathery, Wayanad vs. The Pr CIT, Kozhikkode

In the result, appeal of the assessee is dismissed

ITA 208/COCH/2018[2013-14]Status: DisposedITAT Cochin17 Aug 2018AY 2013-14

Bench: S/Shri Chandra Poojari, Am & George George K., Jm I.T.A. No.208/Coch/2018 Assessment Year : 2013-14 M/S. Bhima Jewellers, Vs. The Pr. Commissioner Of Income- 6/785 Ai, Tax, Kozhikode. Mysore Road, Chungum Junction, Sulthan Bathery, Wayanad-673 592. [Pan: Aakfb 9817C] (Assessee-Appellant) (Revenue-Respondent) Revenue By Shri Dhanaraj A. Sr. Dr Assessee By Shri R. Krishnan, Ca Date Of Hearing 05/07/2018 Date Of Pronouncement 20/08/2018

Section 115BSection 14Section 143(3)Section 263Section 68Section 69Section 69ASection 69BSection 69CSection 69D

…onal offer was to cover the negative result in the business and the credit in capital account was to give effect to the offer in the form of journal entry. The Ld. AR submitted that the decision of the Kerala High Court in the case of Kerala Sponge Iron Ltd. (379 ITR 330) is totally on a different context. In the case of Kerala Sponge Iron Ltd. (supra), the assessee claimed certain amounts as having received as commodity trading profit but in the present case, the assessee is involved only in business of trading in gold and therefore, the income can be offered only under business. According to the Ld. AR section…

CIT v. Kerala Sponge Iron Ltd. (379 ITR 330) — Cited in 7 Judgments | BharatTax