CIT v. Margadarsi Chit Funds (P.) Ltd.

155 ITR 442High Court1985#3692 most cited

What is CIT v. Margadarsi Chit Funds (P.) Ltd. authority for?

The Assessing Officer cannot discard the assessee's method of accounting without recording reasons to do so under Section 145 of the Income Tax Act.

32

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Margadarsi Chit Funds · Section 145 · rejection of books of account · method of accounting · reasons to discard · profits and gains of business

Sections most often in play

Section 115JBSection 142(1)Section 145Section 145(3)Section 40A(2)(b)Section 127Section 129Section 133A

Issues it is cited on

section 145(1)section 209minimum alternate taxrejection of books of accountblock of assetssection 271aacput to usemercantile system of accountingsection 145(3)profits and gains of business or professionsection 145section 251

Judgments citing CIT v. Margadarsi Chit Funds (P.) Ltd.

DEPUTY COMMISSIONER OF INCOME TAX, PATIALA vs. ARUN BHANDARI, PATIALA

In the result, both the appeals filed by the Assessee and Revenue are partly allowed

ITA 931/CHANDI/2024[2019-20]Status: DisposedITAT Chandigarh07 Jan 2026AY 2019-20

Bench: Hon’Ble Shri Laliet Kumar, Jm & Hon’Ble Shri Krinwant Sahay, Am आयकरअपीलसं./ Ita No.931/Chandi/2024 (िनधा"रणवष" / Assessment Year: 2019-20) Deputy Commissioner Of Income Arun Bhandari Patiala बनाम/ Vs. Tax, Patiala 10, Dhillon Marg, Model Town, Patiala, Punjab-147001 "ायीलेखासं./जीआइआरसं./Pan/Gir No. Akupb-0470-D (अपीलाथ"/Appellant) (""थ" / Respondent) : & आयकरअपीलसं./ Ita No.832/Chandi/2024 (िनधा"रणवष" / Assessment Year: 2019-20) Arun Bhandari Patiala Acit, Dcit Central Circle बनाम/ Vs. 10, Dhillon Marg, Model Town, Patiala Patiala, Punjab-147001 "ायीलेखासं./जीआइआरसं./Pan/Gir No. Akupb-0470-D (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Sh. Rakesh Cajla (Advocate) ""थ"कीओरसे/Respondent By : Sh. Vivek Vardhan (Addl. Cit) Sr. Dr सुनवाईकीतारीख/Date Of Hearing : 03-11-2025 घोषणाकीतारीख /Date Of Pronouncement 07 -01-2026 : आदेश / O R D E R Krinwant Sahay () The Present Appeal Has Been Filed By The Revenue & Cross Appeal Filed By The Assessee Against The Order Of The Ld. Cit(A)-5

For Appellant: Sh. Rakesh Cajla (Advocate)For Respondent: Sh. Vivek Vardhan (Addl. CIT) Sr. DR
Section 127Section 129Section 133ASection 142(1)Section 143(2)Section 144Section 69C

…the survey. (5) No bills/vouchers of investment in building produced during the survey. (6) No books of account produced during the survey. It has been held by the Hon'ble Andhra Pradesh High Court in the case of CIT vs. Margadarsi Chit Funds Pvt. Ltd. [1985] 155 ITR 442 that "the AO must refer to inherent defect in the books and record a clear finding." The AO in this case has clearly recorded the findings for rejection of books of accounts. It has further been held by the Hon'ble Supreme Court in the case of CIT vs. British Paints India Ltd., reported in [1991] 188 ITR 44 that "it is duty of the AO to consider…

ARUN BHANDARI,PATIALA vs. ACIT DCIT CENTRAL CIRCLE PATIALA, PATIALA

In the result, both the appeals filed by the Assessee and Revenue are partly allowed

ITA 832/CHANDI/2024[2019-20]Status: DisposedITAT Chandigarh07 Jan 2026AY 2019-20

Bench: Hon’Ble Shri Laliet Kumar, Jm & Hon’Ble Shri Krinwant Sahay, Am आयकरअपीलसं./ Ita No.931/Chandi/2024 (िनधा"रणवष" / Assessment Year: 2019-20) Deputy Commissioner Of Income Arun Bhandari Patiala बनाम/ Vs. Tax, Patiala 10, Dhillon Marg, Model Town, Patiala, Punjab-147001 "ायीलेखासं./जीआइआरसं./Pan/Gir No. Akupb-0470-D (अपीलाथ"/Appellant) (""थ" / Respondent) : & आयकरअपीलसं./ Ita No.832/Chandi/2024 (िनधा"रणवष" / Assessment Year: 2019-20) Arun Bhandari Patiala Acit, Dcit Central Circle बनाम/ Vs. 10, Dhillon Marg, Model Town, Patiala Patiala, Punjab-147001 "ायीलेखासं./जीआइआरसं./Pan/Gir No. Akupb-0470-D (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Sh. Rakesh Cajla (Advocate) ""थ"कीओरसे/Respondent By : Sh. Vivek Vardhan (Addl. Cit) Sr. Dr सुनवाईकीतारीख/Date Of Hearing : 03-11-2025 घोषणाकीतारीख /Date Of Pronouncement 07 -01-2026 : आदेश / O R D E R Krinwant Sahay () The Present Appeal Has Been Filed By The Revenue & Cross Appeal Filed By The Assessee Against The Order Of The Ld. Cit(A)-5

For Appellant: Sh. Rakesh Cajla (Advocate)For Respondent: Sh. Vivek Vardhan (Addl. CIT) Sr. DR
Section 127Section 129Section 133ASection 142(1)Section 143(2)Section 144Section 69C

…the survey. (5) No bills/vouchers of investment in building produced during the survey. (6) No books of account produced during the survey. It has been held by the Hon'ble Andhra Pradesh High Court in the case of CIT vs. Margadarsi Chit Funds Pvt. Ltd. [1985] 155 ITR 442 that "the AO must refer to inherent defect in the books and record a clear finding." The AO in this case has clearly recorded the findings for rejection of books of accounts. It has further been held by the Hon'ble Supreme Court in the case of CIT vs. British Paints India Ltd., reported in [1991] 188 ITR 44 that "it is duty of the AO to consider…

DEPUTY COMMISSIONER OF INCOME TAX-6, LUCKNOW vs. M/S. U.P. STATE CONSTRUCTION & INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED, LUCKNOW

ITA 617/LKW/2019[2014-15]Status: DisposedITAT Lucknow28 Nov 2025AY 2014-15

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Section 143Section 143(3)Section 251Section 263

…may kindly be appreciated that there is no findings by the Ld. A.O. or any reason recorded to discard the method of accounting followed by the appellant by invoking Section 145 of the I.T. Act as it was held in the case of CIT VS Margdarsi Chit Fund (P) Ltd. 155 ITR 442 (AP). In the enclosed chart the assessee has given the working of actual centage, Rs. 38,96,43,779/- on the amount of construction expenses on the Deposit Works during the year. If you kindly see the statement showing the working of centage you will kindly notice that the complete details were furnished which are duly supported by the books of ac…

DCIT-3(2)(1), AAYKAR BHAWAN vs. MARSHALL PRODUCE BROKERS COMPANY PVT LTD, NARIMAN POINT

The appeal of the Revenue is dismissed

ITA 5092/MUM/2024[2017-18]Status: DisposedITAT Mumbai30 Jan 2025AY 2017-18

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Respondent: Mr. Harsh Kothari

…stem by the assessee merely because the AO believes an alternate system by the assessee merely because the AO believes an alternate system as has been reiterated in CIT v. Margadarsi Chit CIT v. Margadarsi Chit is preferable as has been Funds (P.) Ltd. [1985] 155 ITR 442 (AP). [1985] 155 ITR 442 (AP). The Delhi bench of the Delhi bench of the tax Appellate Tribunal in the case of Amarpali Mercantile Amarpali Mercantile Income-tax Appellate Tribunal in the case of (P.) Ltd. vs Assistant Commissioner Of Income (P.) Ltd. vs Assistant Commissioner Of Income-Tax [1993] 45 Tax [1993] 45 ITD 386 (DELHI), held that hybri…

MARSHALL PRODUCE BROKERS COMPANY PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 3(2)(1), MUMBAI

The appeal of the Revenue is dismissed

ITA 4918/MUM/2024[2017-18]Status: DisposedITAT Mumbai30 Jan 2025AY 2017-18

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Respondent: Mr. Harsh Kothari

…stem by the assessee merely because the AO believes an alternate system by the assessee merely because the AO believes an alternate system as has been reiterated in CIT v. Margadarsi Chit CIT v. Margadarsi Chit is preferable as has been Funds (P.) Ltd. [1985] 155 ITR 442 (AP). [1985] 155 ITR 442 (AP). The Delhi bench of the Delhi bench of the tax Appellate Tribunal in the case of Amarpali Mercantile Amarpali Mercantile Income-tax Appellate Tribunal in the case of (P.) Ltd. vs Assistant Commissioner Of Income (P.) Ltd. vs Assistant Commissioner Of Income-Tax [1993] 45 Tax [1993] 45 ITD 386 (DELHI), held that hybri…

MARSHALL PRODUCE BROKERS COMPANY PRIVATE LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 3(2)(1), MUMBAI

The appeal of the Revenue is dismissed

ITA 4917/MUM/2024[2016-17]Status: DisposedITAT Mumbai30 Jan 2025AY 2016-17

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Respondent: Mr. Harsh Kothari

…stem by the assessee merely because the AO believes an alternate system by the assessee merely because the AO believes an alternate system as has been reiterated in CIT v. Margadarsi Chit CIT v. Margadarsi Chit is preferable as has been Funds (P.) Ltd. [1985] 155 ITR 442 (AP). [1985] 155 ITR 442 (AP). The Delhi bench of the Delhi bench of the tax Appellate Tribunal in the case of Amarpali Mercantile Amarpali Mercantile Income-tax Appellate Tribunal in the case of (P.) Ltd. vs Assistant Commissioner Of Income (P.) Ltd. vs Assistant Commissioner Of Income-Tax [1993] 45 Tax [1993] 45 ITD 386 (DELHI), held that hybri…

YOGESH GINNING MILL, PROP. YOGESH CHAND GUPTA,GOVINDGARH vs. ACIT, CIRCLE I, ALWAR

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

ITA 540/JPR/2024[2018-19]Status: DisposedITAT Jaipur12 Dec 2024AY 2018-19

Bench: This Tribunal Which Were Passed By The Commissioner Of Income Tax (Appeal)- 4, Jaipur [ For Short Cit(A) ] Passed On Dates & F For The Assessment Years Mentioned As Tabulated Here In Below, In Turn Those Orders Were Arises Because The Assessee Has Yogesh Ginning Mill Vs. Acit

For Appellant: Shri Paridhi Jain, AdvFor Respondent: Shri Gajendra Singh (Addl.CIT) a
Section 143(2)Section 143(3)Section 145(3)Section 250Section 68

…in earlier years by the Department. Therefore, there is no justification for rejecting the books of account and estimating the profit @1.5 % under section 145 of the Act. P. Reliance can be placed on the case of CIT v. Margadarshi Chit Funds (P.) Ltd. [1985] 155 ITR 442/[1984] 19 Taxman 73 (AP), it was held that before rejection of books of account, the Assessing Officer must record a clear finding that system of accounting followed by an appellant cannot deduce correct profit or income. Where the accounts are consistently maintained on a basis that has been accepted in the past and there is no material to indic…

YOGESH GINNING MILL, PROP. YOGESH CHAND GUPTA,GOVINDGARH vs. ACIT, ALWAR

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

ITA 1045/JPR/2024[2017-18]Status: DisposedITAT Jaipur12 Dec 2024AY 2017-18

Bench: This Tribunal Which Were Passed By The Commissioner Of Income Tax (Appeal)- 4, Jaipur [ For Short Cit(A) ] Passed On Dates & F For The Assessment Years Mentioned As Tabulated Here In Below, In Turn Those Orders Were Arises Because The Assessee Has Yogesh Ginning Mill Vs. Acit

For Appellant: Shri Paridhi Jain, AdvFor Respondent: Shri Gajendra Singh (Addl.CIT) a
Section 143(2)Section 143(3)Section 145(3)Section 250Section 68

…in earlier years by the Department. Therefore, there is no justification for rejecting the books of account and estimating the profit @1.5 % under section 145 of the Act. P. Reliance can be placed on the case of CIT v. Margadarshi Chit Funds (P.) Ltd. [1985] 155 ITR 442/[1984] 19 Taxman 73 (AP), it was held that before rejection of books of account, the Assessing Officer must record a clear finding that system of accounting followed by an appellant cannot deduce correct profit or income. Where the accounts are consistently maintained on a basis that has been accepted in the past and there is no material to indic…

M/S SATWANT AGRO ENGINEERS,BHAWANIGARH vs. DCIT, CENTRAL CIRCLE, PATIALA

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 753/CHANDI/2022[AY 2019-20]Status: DisposedITAT Chandigarh03 May 2024

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Deepak Anand, AdvocateFor Respondent: Shri Dharamvir, JCIT, Sr. DR
Section 115BSection 133ASection 143(2)Section 143(3)Section 68Section 69Section 69A

…sment order (2) failure to maintain the salary & wages register as acknowledged by the partner during the statement recorded during survey. It has been held by the Hon'ble Andhra Pradesh High Court in the case of CIT vs. Margadarsi Chit Funds Pvt. Ltd. [1985] 155 ITR 442 that "the AO must refer to inherent defect in the books and record a clear finding." The AO in this case has clearly recorded the findings for rejection of books of accounts. It has further been held by the Hon'ble Supreme Court in the case of CIT vs. British Paints India Ltd., reported in [1991] 188 ITR 44 that "it is duty of the AO to consider…

M/S. RAJ ENTERPRISE,,SURAT vs. THE DY. COMMISSIONER OF INCOME TAX-6,, SURAT

ITA 1167/AHD/2016[2010-11]Status: DisposedITAT Surat31 Mar 2022AY 2010-11

Bench: Shri Pawan Singh & Dr Arjun Lal Saini

Section 145(3)Section 254(1)Section 53A

…1 (Guj),  CIT Vs Golden Finance (2013) 40 taxmann.com 329 (Guj),  ACIT Vs Ramanbhai Patel (2007) 26 CCH 0179 (Ahd Trib), Raj Enterprises (AY 2009-10 & 2010-11)  CIT Vs Padam Chand Ramgopal (1970) 76 ITR 719-SC,  CIT Vs Margdarsi Chit Funds (P) Ltd (1985 ) 155 ITR 442 (AP),  Glass Lines Equipments Vs CIT (2002) 253 ITR 454 (Guj),  CIT Vs Motilal Patel & Co. (1988) 173 ITR 666 (Guj),  CIT Vs Ashaland Corporation (1982) !33 ITR55 (Guj),  ITO Vs Sidharath S Patel ( ITA No. 1852 & 1853/Ahd/2003),  PCIT Vs Marg Ltd (2017) 84 taxmann.com 52(Madras),  CIT Vs Ani Kumar & Co (2016) 67 taxmann.com 278 (Kar),  CIT…

M/S. RAJ ENTERPRISE,,SURAT vs. THE DY. COMMISSIONER OF INCOME TAX-6,, SURAT

ITA 1166/AHD/2016[2009-10]Status: DisposedITAT Surat31 Mar 2022AY 2009-10

Bench: Shri Pawan Singh & Dr Arjun Lal Saini

Section 145(3)Section 254(1)Section 53A

…1 (Guj),  CIT Vs Golden Finance (2013) 40 taxmann.com 329 (Guj),  ACIT Vs Ramanbhai Patel (2007) 26 CCH 0179 (Ahd Trib), Raj Enterprises (AY 2009-10 & 2010-11)  CIT Vs Padam Chand Ramgopal (1970) 76 ITR 719-SC,  CIT Vs Margdarsi Chit Funds (P) Ltd (1985 ) 155 ITR 442 (AP),  Glass Lines Equipments Vs CIT (2002) 253 ITR 454 (Guj),  CIT Vs Motilal Patel & Co. (1988) 173 ITR 666 (Guj),  CIT Vs Ashaland Corporation (1982) !33 ITR55 (Guj),  ITO Vs Sidharath S Patel ( ITA No. 1852 & 1853/Ahd/2003),  PCIT Vs Marg Ltd (2017) 84 taxmann.com 52(Madras),  CIT Vs Ani Kumar & Co (2016) 67 taxmann.com 278 (Kar),  CIT…

THE DY.COMMISSIONER OF INCOME TAX CIRCLE-2(3),, SURAT vs. M/S. RAJ ENTERPRISES,, SURAT

ITA 1164/AHD/2016[2010-11]Status: DisposedITAT Surat31 Mar 2022AY 2010-11

Bench: Shri Pawan Singh & Dr Arjun Lal Saini

Section 145(3)Section 254(1)Section 53A

…1 (Guj),  CIT Vs Golden Finance (2013) 40 taxmann.com 329 (Guj),  ACIT Vs Ramanbhai Patel (2007) 26 CCH 0179 (Ahd Trib), Raj Enterprises (AY 2009-10 & 2010-11)  CIT Vs Padam Chand Ramgopal (1970) 76 ITR 719-SC,  CIT Vs Margdarsi Chit Funds (P) Ltd (1985 ) 155 ITR 442 (AP),  Glass Lines Equipments Vs CIT (2002) 253 ITR 454 (Guj),  CIT Vs Motilal Patel & Co. (1988) 173 ITR 666 (Guj),  CIT Vs Ashaland Corporation (1982) !33 ITR55 (Guj),  ITO Vs Sidharath S Patel ( ITA No. 1852 & 1853/Ahd/2003),  PCIT Vs Marg Ltd (2017) 84 taxmann.com 52(Madras),  CIT Vs Ani Kumar & Co (2016) 67 taxmann.com 278 (Kar),  CIT…

DCIT CORPORATE CIRCLE 4(2), CHENNAI vs. KHAZANCHI JEWELLERS PVT LTD., CHENNAI

In the result, the appeal of the Revenue stands dismissed

ITA 1030/CHNY/2018[2011-12]Status: DisposedITAT Chennai21 Aug 2019AY 2011-12

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. No.1030/Chny/2018. "नधा"रण वष" /Assessment Year : 2011-2012. Vs. M/S. Khazanchi Jewellers Pvt Ltd, The Deputy Commissioner Of Income Tax, No.52, Nsc Bose Road, Corporate Circle 4(2) Sowcarpet, Chennai 600 034. Chennai 600 079. [Pan Aabck 4583E] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Sheri. R. Clement Ramesh Kumar

…merely because it gave him benefit in certain years or because according to the Assessing Officer another method is preferable. Reliance can be placed on the decision of Hon’ble Andhra Pradesh High Court in the case of CIT vs. Margadarsi Chit Funds (P) Ltd, 155 ITR 442 and the decision of Hon'ble Supreme Court in the ITA No.1030 /2018 :- 9 -: case of United Commercial Bank (supra), the courts had also laid down that lower rate of gross rate cannot be a reason to reject method of accounting adopted by the assessee. Reliance can be placed on the decision of Hon’ble Bombay High Court in the case of R.B. Bansil…

ITO, NEW DELHI vs. M/S. PARAGON XT, NEW DELHI

In the result appeal of the revenue is dismissed

ITA 363/DEL/2015[2010-11]Status: DisposedITAT Delhi14 Mar 2019AY 2010-11

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2010-11

For Appellant: NoneFor Respondent: Shri Surender Pal, Sr. DR
Section 194C

…he assessee. It is not open to the AO to intervene and substitute a different system of accounting from the one which is followed by the assessee, on the ground that the system which commends to the ITO is better [CIT v. Margadarsi Chit Funds (P.) Ltd. [1985] 155 ITR 442 (AP)]. The Hon'ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT; 82 ITR 363 has held that whether the assesee is entitled to a particular deduction or not will depend on the provision of law relating thereto and not on the view which the assessee might take of his right nor can the existence or absence of entries in the books…

SHRI KAMLA KANT SHARMA,BHOPAL vs. THE ACIT 1(1), BHOPAL

In the result order of Ld

ITA 1012/IND/2016[2010-11]Status: DisposedITAT Indore28 Feb 2019AY 2010-11

Bench: Hon’Ble V. Durga Rao & Hon’Ble Manish Boradassessment Year 2010-11

Section 132Section 143(3)Section 153A

…had not given any finding that the withdrawal of Rs 7,00,000/- was Kamla Kant Sharma incurred for any purpose other than explained by the assessee. Assessee has also placed reliance on the following judgments - 1) CIT v/s Margadarsi Chit Fund (P) Ltd. 1985 155 ITR 442 A P (Para - 7). 2) Moreshwar Mahadev Bhondve v/s Assistant Commissioner of Income Tax, Central Circle 1(2), Pune (Para- 4.10) Therefore, there is no finding to reject the statement of appellant explaining availability of cash with the appellant. Since the facts were disclosed during the statement made u/s 132 itself, same cannot be denied wi…

M/S. MEHTA CONSTRUCTION COMPANY, NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeals filed by the assessee i

ITA 6724/DEL/2016[2012-13]Status: DisposedITAT Delhi23 Oct 2018AY 2012-13

Bench: Shri N. K. Billaiya & Sh. Narendra Chodhary

For Appellant: Mrs. Ranojain, AdvocateFor Respondent: Ms. Ashima Neb, Sr. DR
Section 143

…deduced from the method of accounting followed by the assessee and the books of account maintained by the assessee. In this regard, we place reliance on the decision of Hon’ble Andhra Pradesh High Court in the case of CIT Vs. Margadarsi Chit Funds (P.) Ltd., 155 ITR 442 (ASSESSMENT PROCEEDINGS) wherein the Hon’ble High Court held as follows : “…….. The assessee has, therefore, been following a consistent system of accounting and regularly employing the same system of accounting for declaring its income from year to year. It is also not in dispute that this system of accounting was not found to be defective by t…

M/S MEHTA CONSTRUCTION COMPANY,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeals filed by the assessee i

ITA 6857/DEL/2015[2011-12]Status: DisposedITAT Delhi23 Oct 2018AY 2011-12

Bench: Shri N. K. Billaiya & Sh. Narendra Chodhary

For Appellant: Mrs. Ranojain, AdvocateFor Respondent: Ms. Ashima Neb, Sr. DR
Section 143

…deduced from the method of accounting followed by the assessee and the books of account maintained by the assessee. In this regard, we place reliance on the decision of Hon’ble Andhra Pradesh High Court in the case of CIT Vs. Margadarsi Chit Funds (P.) Ltd., 155 ITR 442 (ASSESSMENT PROCEEDINGS) wherein the Hon’ble High Court held as follows : “…….. The assessee has, therefore, been following a consistent system of accounting and regularly employing the same system of accounting for declaring its income from year to year. It is also not in dispute that this system of accounting was not found to be defective by t…

D.C.I.T. CENTRAL CRICLE,, RAIPUR vs. M/S R.R.ENERGY LTD.,, RAIGARH(C.G)

In the result, cross objections filed by the assessee for assessment years 2006-07, 2007-08 and 2008-09 are allowed and cross objections filed for the assessment years 2009-10, 2010-11, 2011-12 and...

ITA 231/BIL/2014[2012-13]Status: DisposedITAT Raipur18 Jan 2018AY 2012-13
For Appellant: Shri G.S.Agrawal, ARFor Respondent: Shri P.K.Mishra, CITDR
Section 133(6)Section 68

…ut any defects in the books of accounts nor has any incriminating document been unearthed during operation u/s 132. If any defect in the system and record exists then the A.O. must record a clear finding as held in CITvs Margadarshi Chit Fund Pvt. Ltd. (1985) 155 ITR 442 (AP). In Yaggina Veera Ragha Vulu and Mavuleti Somaraju & Co. vs CIT 62 ITR 528, it was held that assessee is entitled to know the basis for estimation of Turnover and Gross profit. In Seth Nathuram Murmalai 25 ITR 216 (Nagpur), it has been held that ITO must disclose the basis of computation of order and make his order a speaking order to make h…

D.C.I.T. CENTRAL CRICLE,, RAIPUR vs. M/S R.R.ENERGY LTD.,, RAIGARH(C.G)

In the result, cross objections filed by the assessee for assessment years 2006-07, 2007-08 and 2008-09 are allowed and cross objections filed for the assessment years 2009-10, 2010-11, 2011-12 and...

ITA 230/BIL/2014[2011-12]Status: DisposedITAT Raipur18 Jan 2018AY 2011-12
For Appellant: Shri G.S.Agrawal, ARFor Respondent: Shri P.K.Mishra, CITDR
Section 133(6)Section 68

…ut any defects in the books of accounts nor has any incriminating document been unearthed during operation u/s 132. If any defect in the system and record exists then the A.O. must record a clear finding as held in CITvs Margadarshi Chit Fund Pvt. Ltd. (1985) 155 ITR 442 (AP). In Yaggina Veera Ragha Vulu and Mavuleti Somaraju & Co. vs CIT 62 ITR 528, it was held that assessee is entitled to know the basis for estimation of Turnover and Gross profit. In Seth Nathuram Murmalai 25 ITR 216 (Nagpur), it has been held that ITO must disclose the basis of computation of order and make his order a speaking order to make h…

D.C.I.T. CENTRAL CRICLE,, RAIPUR vs. M/S R.R.ENERGY LTD.,, RAIGARH(C.G)

In the result, cross objections filed by the assessee for assessment years 2006-07, 2007-08 and 2008-09 are allowed and cross objections filed for the assessment years 2009-10, 2010-11, 2011-12 and...

ITA 229/BIL/2014[2010-11]Status: DisposedITAT Raipur18 Jan 2018AY 2010-11
For Appellant: Shri G.S.Agrawal, ARFor Respondent: Shri P.K.Mishra, CITDR
Section 133(6)Section 68

…ut any defects in the books of accounts nor has any incriminating document been unearthed during operation u/s 132. If any defect in the system and record exists then the A.O. must record a clear finding as held in CITvs Margadarshi Chit Fund Pvt. Ltd. (1985) 155 ITR 442 (AP). In Yaggina Veera Ragha Vulu and Mavuleti Somaraju & Co. vs CIT 62 ITR 528, it was held that assessee is entitled to know the basis for estimation of Turnover and Gross profit. In Seth Nathuram Murmalai 25 ITR 216 (Nagpur), it has been held that ITO must disclose the basis of computation of order and make his order a speaking order to make h…

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