CIT v. Khan & Sirohi Rolling Mills

200 CTR 595High Court2006#12409 most cited
8

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2019.

Judgments citing CIT v. Khan & Sirohi Rolling Mills

BALAJI STEEL TRADERS,ONGOLE vs. THE INCOME TAX OFFICER, WARD-5(4), , VISAKHAPATNAM

In the result, appeal of the assessee is allowed and the stay application is dismissed

ITA 112/VIZ/2019[2014-15]Status: DisposedITAT Visakhapatnam25 Sept 2019AY 2014-15

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhs.A.No.57/Viz/2019 (Arising Out Of I.T.A. No.112/Viz/2019) (ननधधारण वर्ा/Assessment Year : 2014-15) आयकर अपील सं./I.T.A.No.112/Viz/2019 (ननधधारण वर्ा/A.Y. : 2014-15) Balaji Steel Traders Vs. Income Tax Officer D.No.8-411-1/1 Ward-5(4) Near Anjaneyaswamy Temple Visakhapatnam South Bye Pass Road Ongole, Prakasam [Pan : Aajfb3629D] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri C.Subrahmanyam, Ar प्रत्यधथी की ओर से / Respondent By : Shri V.Appala Raju, Dr सुनवधई की तधरीख / Date Of Hearing : 14.08.2019 25.09.2019 घोर्णध की तधरीख/Date Of Pronouncement : आदेश /O R D E R

For Appellant: Shri C.Subrahmanyam, ARFor Respondent: Shri V.Appala Raju, DR
Section 69B

…आयकर अपीलीय अधिकरण, धिशाखापटणम पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM श्री िी. दुगाा राि,न्याधयक सदस्य एिं श्री धड.एस. सुन्दर धसंह, लेखा सदस्य के समक्ष BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER& SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER S.A.No.57/Viz/2019 (Arising out of I.T.A. No.112/Viz/2019) (ननधधारण वर्ा/Assessment Year : 2014-15) आयकर अपील सं./I.T.A.No.112/Viz/2019 (ननधधारण वर्ा/A.Y. : 2014-15) Balaji Steel Traders Vs. Income Tax Officer D.No.8-411-1/1 Ward-5(4) Near Anjaneyaswamy Temple Visakhapatnam South Bye Pass Road Ongole, Prakasam [PAN : AAJFB3629D] (…

SMT. NEETA SHARMA,AGRA vs. A.C.I.T., CIRCLE-2, AGRA

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

ITA 299/AGR/2013[2007-08]Status: DisposedITAT Agra19 Aug 2019AY 2007-08

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meenaassessment Year: 2007-08

Section 234ASection 40A(2)(b)Section 40A(3)Section 46A

…uantity given in Stock Statement (APB Pg. 38) is adhoc in round figures. (APB Pg. 97) 12. Further the ld. AR for the assessee had drawn our attention to the following decisions support of his contention that the addition made by the CIT AR unsustainable. (i) 200 CTR 595 (Allahabad High Court) CIT Vs. Khan &Sirohi Steel Rolling Mills wherein it was held- “6. The explanation given by the assessee was that it inflated the value and quantity of the stocks in the bank declaration to obtain a number of drafts from the bank. This explanation was accepted by the Tribunal. The matter came up before this court and it was…

A.C.I.T.-2, AGRA vs. SMT. NEETA SHARMA PROP., AGRA

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

ITA 286/AGR/2013[2007-08]Status: DisposedITAT Agra19 Aug 2019AY 2007-08

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meenaassessment Year: 2007-08

Section 234ASection 40A(2)(b)Section 40A(3)Section 46A

…uantity given in Stock Statement (APB Pg. 38) is adhoc in round figures. (APB Pg. 97) 12. Further the ld. AR for the assessee had drawn our attention to the following decisions support of his contention that the addition made by the CIT AR unsustainable. (i) 200 CTR 595 (Allahabad High Court) CIT Vs. Khan &Sirohi Steel Rolling Mills wherein it was held- “6. The explanation given by the assessee was that it inflated the value and quantity of the stocks in the bank declaration to obtain a number of drafts from the bank. This explanation was accepted by the Tribunal. The matter came up before this court and it was…

RAMESH CHAND PROP.,NARNAUL vs. ITO, WARD- 2, NARNAUL

In the result, the appeal of assessee is allowed

ITA 2980/DEL/2019[2014-15]Status: DisposedITAT Delhi01 Aug 2019AY 2014-15

Bench: Shri Bhavnesh Saini

For Appellant: Shri Siddharth Mittal, AdvocateFor Respondent: Shri S.L. Anuragi, Sr. DR
Section 133(6)Section 44ASection 69B

…he judgment of jurisdictional Punjab & Haryana High Court in the case of CIT vs. Sidhu Rice & General Mills (supra). Ld. Counsel for assessee relied upon judgment of the Hon’ble Allahabad High Court in the case of CIT vs. Khan & Sirohi Steel Rolling Mills, 200 CTR 595 in which it was held as under: “Tribunal was justified in accepting the explanation of the assessee that in view of the prevailing practice, the value of stock hypothecated to bank was inflated to avail of more overdraft facilities and deleting the addition on account of difference between stock shown to bank and the stock shown in the books of…

THE DCIT(OSD), CIRCLE-8,, AHMEDABAD vs. M/S. TORRENT CABLES LTD.,, AHMEDABAD

In the result, appeal filed by the Department is dismissed

ITA 1293/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad26 Oct 2018AY 2010-11

Bench: Shri Pramod Kumar & Shri Mahavir Prasad)

For Appellant: Shri Lalit P. Shah, Sr. D.RFor Respondent: Shri P. M. Mehta, A.R
Section 145Section 145ASection 14SSection 43B

…he said statement showing the inflated stock so produced by the assessee or the same was ascertained from the bank. Considering all these aspects of the case, we are of the considered view that the decision of CIT v. Khan and Sirohi Steel Rolling Mills [20061 200 CTR 595 is applicable to the present case, wherein the decision in the case of Coimbatore Spinning and Weaving Co. Ltd, v. CIT [ 1974] 95 ITA Nos. 1293/Ahd/14, 2409/Ahd/15 19 & ITA No. 564/Ahd/2017 . A.Ys. 2010-11, 2011-12 & 2013-14 ITR 375 has been relied on. In the case of AshokKumar v. ITO [2006] 201 CTR 178, the hon'ble High Court of Jammu and Kas…

ASHWANI KUMAR AND CO. P. LTD.,,NEW DELHI vs. ACIT, NEW DELHI

In the result, appeals of the Revenue for assessment year

ITA 3558/DEL/2013[2009-10]Status: DisposedITAT Delhi30 Nov 2017AY 2009-10

Bench: Shri Amit Shukla & Shri O.P. Kant

For Appellant: Shri Pankaj Dadu, C.AFor Respondent: Shri S. K. Mishra, D.R
Section 132(1)Section 133ASection 143(3)Section 147Section 148

…pancy of quantity of item-wise stock which was given to the bankers solely for the purpose of credit limit. In support of his reasoning, he relied upon the judgment of Hon'ble Allahabad High Court in the case of CIT vs. Khan & Sirohi Rolling Mills reported in 200 CTR 595. He also took note that similar addition was made in the group concern wherein the ld. CIT (A) has given relief on similar lines. 8. Before us, the ld. Sr. D.R., strongly relying upon the order of the Assessing Officer, submitted that mere fact that assessee had shown higher valuation of stock to the bank as compared to the closing stock appeari…

ASHWANI KUMAR AND CO. P. LTD.,,NEW DELHI vs. ACIT, NEW DELHI

In the result, appeals of the Revenue for assessment year

ITA 3557/DEL/2013[2007-08]Status: DisposedITAT Delhi30 Nov 2017AY 2007-08

Bench: Shri Amit Shukla & Shri O.P. Kant

For Appellant: Shri Pankaj Dadu, C.AFor Respondent: Shri S. K. Mishra, D.R
Section 132(1)Section 133ASection 143(3)Section 147Section 148

…pancy of quantity of item-wise stock which was given to the bankers solely for the purpose of credit limit. In support of his reasoning, he relied upon the judgment of Hon'ble Allahabad High Court in the case of CIT vs. Khan & Sirohi Rolling Mills reported in 200 CTR 595. He also took note that similar addition was made in the group concern wherein the ld. CIT (A) has given relief on similar lines. 8. Before us, the ld. Sr. D.R., strongly relying upon the order of the Assessing Officer, submitted that mere fact that assessee had shown higher valuation of stock to the bank as compared to the closing stock appeari…

DCIT, NEW DELHI vs. M/S ASHWANI KUMAR & CO. PVT. LTD.,, NEW DELHI

In the result, appeals of the Revenue for assessment year

ITA 3287/DEL/2013[2007-08]Status: DisposedITAT Delhi30 Nov 2017AY 2007-08

Bench: Shri Amit Shukla & Shri O.P. Kant

For Appellant: Shri Pankaj Dadu, C.AFor Respondent: Shri S. K. Mishra, D.R
Section 132(1)Section 133ASection 143(3)Section 147Section 148

…pancy of quantity of item-wise stock which was given to the bankers solely for the purpose of credit limit. In support of his reasoning, he relied upon the judgment of Hon'ble Allahabad High Court in the case of CIT vs. Khan & Sirohi Rolling Mills reported in 200 CTR 595. He also took note that similar addition was made in the group concern wherein the ld. CIT (A) has given relief on similar lines. 8. Before us, the ld. Sr. D.R., strongly relying upon the order of the Assessing Officer, submitted that mere fact that assessee had shown higher valuation of stock to the bank as compared to the closing stock appeari…

CIT v. Khan & Sirohi Rolling Mills (200 CTR 595) — Cited in 8 Judgments | BharatTax