CIT v. Nikunj Exim Enterprises Pvt. Ltd.

DCIT 5(2)(1), Mumbai vs. Jaimin Jewellery Exports P.Ltd, Mumbai

In the result, appeal filed by the assessee for the assessment year 2007-

Bench: Shri Rajendra, Am & Shri Ram Lal Negi, Jm आिकर अपील सं./Ita No. 3195/Mum/2017 (धििाारण वर्ा / Assessment Year: 2007-08) M/S Jaimin Jewellery Exports, Vs. The Acit-19(2), Mumbai 52, Marble Arch, G Dashukh Marg, Peddar Road, Mumbai – 400026 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacfj2140C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) आिकर अपील सं./Ita No. 3194/Mum/2017 (धििाारण वर्ा / Assessment Year: 2009-10) M/S Jaimin Jewellery Exports Vs. The Acit-5(2)(1), Mumbai Pvt. Ltd., 52, Marble Arch, G Dashukh Marg, Peddar Road, Mumbai – 400026 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcj9820F (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) आिकर अपील सं./Ita No. 3203/Mum/2017 (धििाारण वर्ा / Assessment Year: 2009-10) The Dy. Commissioner Of Income Vs. M/S Jaimin Jewellery Exports Tax, Circle 5(2)(1), Pvt. Ltd., Room No. 571, Aayakar Bhavan, C/O Mehta Family Trust, M.K. Road, 52, Marble Arch, Mumbai - 400020 G Dashukh Marg, Peddar Road, Mumbai – 400026 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcj9820F (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent)

…08 and 2009-10 ground that payments were made through account payee’s cheques. Moreover, the addition has been made on the basis of third party statement. As per the judgment of Hon’ble Bombay High Court rendered in CIT vs. Nikunj Eximp Enterprises Pvt. Ltd, 372 ITR 619 (Bom) no addition can be made on the ground that the suppliers are not traceable. The Ld. counsel further submitted that since the AO has not disputed the sale, there cannot be 100% addition of the amount of alleged bogus purchases. The Ld. CIT (A) in the assessee’s own case for A.Y. 2009-10 restricted the addition to 3% of the alleged bogus purc…

Jaimin Jewellery Exports, Mumbai vs. ACIT 19(2), Mumbai

In the result, appeal filed by the assessee for the assessment year 2007-

Bench: Shri Rajendra, Am & Shri Ram Lal Negi, Jm आिकर अपील सं./Ita No. 3195/Mum/2017 (धििाारण वर्ा / Assessment Year: 2007-08) M/S Jaimin Jewellery Exports, Vs. The Acit-19(2), Mumbai 52, Marble Arch, G Dashukh Marg, Peddar Road, Mumbai – 400026 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacfj2140C (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) आिकर अपील सं./Ita No. 3194/Mum/2017 (धििाारण वर्ा / Assessment Year: 2009-10) M/S Jaimin Jewellery Exports Vs. The Acit-5(2)(1), Mumbai Pvt. Ltd., 52, Marble Arch, G Dashukh Marg, Peddar Road, Mumbai – 400026 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcj9820F (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) आिकर अपील सं./Ita No. 3203/Mum/2017 (धििाारण वर्ा / Assessment Year: 2009-10) The Dy. Commissioner Of Income Vs. M/S Jaimin Jewellery Exports Tax, Circle 5(2)(1), Pvt. Ltd., Room No. 571, Aayakar Bhavan, C/O Mehta Family Trust, M.K. Road, 52, Marble Arch, Mumbai - 400020 G Dashukh Marg, Peddar Road, Mumbai – 400026 स्थािी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcj9820F (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent)

…08 and 2009-10 ground that payments were made through account payee’s cheques. Moreover, the addition has been made on the basis of third party statement. As per the judgment of Hon’ble Bombay High Court rendered in CIT vs. Nikunj Eximp Enterprises Pvt. Ltd, 372 ITR 619 (Bom) no addition can be made on the ground that the suppliers are not traceable. The Ld. counsel further submitted that since the AO has not disputed the sale, there cannot be 100% addition of the amount of alleged bogus purchases. The Ld. CIT (A) in the assessee’s own case for A.Y. 2009-10 restricted the addition to 3% of the alleged bogus purc…

Tasc Chemicals P.Ltd, Mumbai vs. ITO WD 7(3)(3), Mumbai

In the result, appeal filed by the assessee for assessment year 2009-

Bench: Shri Shamim Yahya (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2009-10 M/S Tasc Chemical - The Income Tax Officer, Industries Pvt. Ltd., Ward – 7(3)(3), C-502, Kailash Esplande, Mumbai Lbs Marg, Ghatkoper, Vs. Mumbai - 400086 Pan: Aaact3152N (Appellant) (Respondent) Assessee By : Shri Vishal D. Shah (Ar) Revenue By : Shri V. Justin (Dr) Date Of Hearing: 06/02/2018 Date Of Pronouncement: 21/02/2018

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “E”, MUMBAI BEFORE SHRI SHAMIM YAHYA (AM) AND SHRI RAM LAL NEGI (JM) Assessment Year: 2009-10 M/s TASC Chemical - The Income Tax Officer, Industries Pvt. Ltd., Ward – 7(3)(3), C-502, Kailash Esplande, Mumbai LBS Marg, Ghatkoper, Vs. Mumbai - 400086 PAN: AAACT3152N (Appellant) (Respondent) Assessee by : Shri Vishal D. Shah (AR) Revenue by : Shri V. Justin (DR) Date of Hearing: 06/02/2018 Date of Pronouncement: 21/02/2018 O R D E R PER RAM LAL NEGI, JM This appeal has been filed by the assessee against order dated 22.01.2016 passed by the Ld. Commissioner of I…

Prajwal Arvind Kamath, Thane vs. DCIT Cir. 3, Thane

In the result, appeal of the assessee is partly allowed

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Blemrs. Prajwal Arvind Kamath V. Dy. Commissioner Of Income Tax 2004, Fiona, Hiranandani Estate Circle – 3, Thane Ghodbunder Road, Patlipada Mumbai Thana – 400 607 Pan No: Aiupk 5845 K (Appellant) (Respondent) Assessee By : Shri Devendra Jain Department By : Shri Purushottam Kumar

…in ITA No. 8501/Mum/2010 dated 13.04.2016 Submitted that the ITAT had considered the said report of DDIT(Inv) and statement of Mr. Sandeep Sitani and relying on the judgment of Bombay High Court in the case of CIT v. Nikunj Eximp Enterprises (P) Ltd. (2013) [372 ITR 619] (Bom) and Honorable Gujarat High Court in the case of CIT Mundra Port and Sez. Ltd. [45 taxmann.com 361] deleted the disallowance of commission paid to Nova Corporate Services Pvt. Ltd, which is one of the payee's in Assessee's case. 8. Ld. Counsel for the assessee strongly relies on the judgment of Honorable Bombay High Court in the case of CI…

Triveni Homes, Mumbai vs. ACIT CC 2, Thane

In the result, appeal of the Revenue is dismissed whereas appeal of assessee is allowed in part

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm M/S. Triveni Homes Vs. Acit Cc-2 001, Ground Floor Thane - 400604 Balaji Business Park Plot No. 3&5, Survey No.785 Marol, Andheri (E) Mumbai Pan/Gir No.Aafft1576R Appellant) .. Respondent) Dcit 25(1) Vs. M/S. Triveni Homes Mumbai 001, Ground Floor Plot Number-3 & 5 Mittal Industrial Estate M.V.Road, Andheri (E) Mumbai

…IN THE INCOME TAX APPELLATE TRIBUNAL “H”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI RAM LAL NEGI, JM M/s. Triveni Homes Vs. ACIT CC-2 001, Ground Floor Thane - 400604 Balaji Business Park Plot No. 3&5, Survey No.785 Marol, Andheri (E) Mumbai PAN/GIR No.AAFFT1576R Appellant) .. Respondent) DCIT 25(1) Vs. M/s. Triveni Homes Mumbai 001, Ground Floor Plot Number-3 & 5 Mittal Industrial Estate M.V.Road, Andheri (E) Mumbai PAN/GIR No. AAFFT1576R Appellant) .. Respondent) Assessee by Shri Rushabh Mehta Revenue by Shri M.C.Omi Ningshen Date of Hearing 12/02/2018 Date of Pronouncement 13/02/2018 आदेश / O R D E…

Poly Impex, Thane vs. Income Tax Officer 18 (3) (3), Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singhassessment Year: 2010-11 M/S. Poly Impex, The Income Tax Officer, 102/A, Shri Krupa Chs. Ltd., बनाम/ Ward-18(3)(3), Station Road, Bhayander (East), Earnest House, 5Th Floor, Vs. Thane – 401 105 Nariman Point, Mumbai – 400 021 (यनधाारयती /Assessee) (याजस्व /Revenue) P.A. No. Aaifp 0795 R

…the fact, no substantial question of law can be said to arise from the order of the Tribunal. The appeal is dismissed with no order as to costs.” 12 M/s. Poly Impex 4.4. The Hon'ble jurisdictional High Court in CIT vs Nikunj Exim Enterprises Pvt. Ltd. (2015) 372 ITR 619 (Bom.) held/observed as under:- “7. We have considered the submission on behalf of the Revenue. However, from the order of the Tribunal dated April 30, 2010, we find that the Tribunal has deleted the additions on account of bogus purchases not only on the basis of stock statement, i.e., reconciliation statement but also in view of the other fact…

Prakash R Budhrani, Mumbai vs. Income Tax Officer-2(3), Kalyan

In the result, appeal is allowed in part

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Mr. Prakash R Budhrani Vs. Ito – 2(3) Plot No.103, Kala Palace Kalyan Gol Maidan, Ulhasnagar Mumbai, Maharashtra – 421 001 Pan/Gir No.Abepb7438E Appellant) .. Respondent)

…nt for making further investigation and take it to logical end. But, he left the job at initial point itself. Suspension of highest degree cannot take place of evidence. b) Rajesh P. Soni vs. ACIT 100 TT3 892(Ahd) c) CIT vs. Nikunj Eximp Enterprises Pvt, Ltd. 372 ITR 619(Bom) d) Ganapatraj A. Sanghavi vs. ACIT ITA No. 2826/Mum/2013 e) ACIT vs. Mahesh K. Shah (ITAT) Mumbai wherein it has been held that purchases cannot be treated as bogus merely on the basis of statements and affidavits filed by the alleged vendors before the sales-tax department. The said statement cannot be relied upon without cross-examination…

Neha Steels, Thane vs. ITO Ward, 1(3), Kalyan

Bench: Shri Joginder Singh & Shri Ramt Kocharassessment Year: 2009-10 Income Tax Officer, M/S. Neha Steels, Ward-1(3), Kalyan. H.No. 24, Ganesh Society, बनाम/ Behind Mseb, Kalyan Road, Vs. Bhiwandi, Dist. – Thane. (याजस्व /Revenue) (यनधाारयती /Assessee) P.A. No. Aaffn 9968 D Assessment Year: 2009-10 M/S. Neha Steels, Income Tax Officer, H.No. 24, Ganesh Society, बनाम/ Ward-1(3), Kalyan. Behind Mseb, Kalyan Road, Vs. Bhiwandi, Dist. – Thane. (यनधाारयती /Assessee) (याजस्व /Revenue) P.A. No. Aaffn 9968 D

…unal being based on the fact, no substantial question of law can be said to arise from the order of the Tribunal. The appeal is dismissed with no order as to costs.” 5.4. The Hon'ble jurisdictional High Court in CIT vs Nikunj Exim Enterprises Pvt. Ltd. (2015) 372 ITR 619 (Bom.) held/observed as under:- “7. We have considered the submission on behalf of the Revenue. However, from the order of the Tribunal dated April 30, 2010, we find that the Tribunal has deleted the additions on account of bogus purchases not only on the basis of stock statement, i.e., reconciliation statement but also in view of the other fact…

ITO WD 1(3), Kalyan vs. Neha Steels, Thane

Bench: Shri Joginder Singh & Shri Ramt Kocharassessment Year: 2009-10 Income Tax Officer, M/S. Neha Steels, Ward-1(3), Kalyan. H.No. 24, Ganesh Society, बनाम/ Behind Mseb, Kalyan Road, Vs. Bhiwandi, Dist. – Thane. (याजस्व /Revenue) (यनधाारयती /Assessee) P.A. No. Aaffn 9968 D Assessment Year: 2009-10 M/S. Neha Steels, Income Tax Officer, H.No. 24, Ganesh Society, बनाम/ Ward-1(3), Kalyan. Behind Mseb, Kalyan Road, Vs. Bhiwandi, Dist. – Thane. (यनधाारयती /Assessee) (याजस्व /Revenue) P.A. No. Aaffn 9968 D

…unal being based on the fact, no substantial question of law can be said to arise from the order of the Tribunal. The appeal is dismissed with no order as to costs.” 5.4. The Hon'ble jurisdictional High Court in CIT vs Nikunj Exim Enterprises Pvt. Ltd. (2015) 372 ITR 619 (Bom.) held/observed as under:- “7. We have considered the submission on behalf of the Revenue. However, from the order of the Tribunal dated April 30, 2010, we find that the Tribunal has deleted the additions on account of bogus purchases not only on the basis of stock statement, i.e., reconciliation statement but also in view of the other fact…

DCIT Cir.7(3)(1), Mumbai vs. Pjl Clothing India Ltd., Mumbai

The appeal of the Revenue is allowed for statistical purposes

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2010 - 2011 Dcit Circle 7(3)(1) Pjl Clothing India Ltd., Mumbai बनाम/ Unit No.19, Shree Madhu Estate, Pandurang Budhakar Vs. Marg, Worli, Mumbai 400 018 (याजस्व /Revenue) (यनधाारयती /Assessee) P.A. No. Aaacp2782R

…ns and perused the material available on record. Under the facts available on record, we note that the learned CIT(A) deleted the addition by following the decision from Hon'ble Jurisdictional High Court in the case of Nikunj Exim Enterprises Pvt. Ltd. (2015) 372 ITR 619 (Bom.), therefore, we are reproducing hereunder the relevant portion from the aforesaid order: “7. We have considered the submission on behalf of the Revenue. However, from the order of the Tribunal dated April 30, 2010, we find that the Tribunal has deleted the additions on account of bogus purchases not only on the basis of stock statement, i…

Vikram Parasmal Doshi, Mumbai vs. ITO 19(3)(5), Mumbai

The appeal of the assessee is dismissed

Bench: Shri Rajendra, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No.837/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2006-07) Shri Vikram Parasmal Doshi Income Tax Officer, Ward- 37, Durgadevi Street, बिधम/ 19(3)(5), Matru Mandir, Near 23Rd Kumbharwada 2Nd Floor, Tardeo, Vs. Mumbai-400 004 Mumbai-400007 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aghpd2131A (अपीलाथी/Appellant) (प्रत्यथी /Respondent) :

…tted that the cross examination of the aforementioned parties was not facilitated by the A.O. The ld. A.R in support of his contentions relied on the judgment of the Hon’ble High Court of Bombay in the case of CIT Vs. Nikunj Eximp Enterprises Pvt. Ltd. (2015) 372 ITR 619 (Bom). Per contra, the ld. Departmental Representative (for short ‘D.R’) relied on the orders of the lower authorities. 9. We have heard the authorized representatives for both the parties, perused the orders of the lower authorities and the material available on record. We find that a perusal of the records and the orders of the lower authoritie…

Vijay Grihnirman P.Ltd, Mumbai vs. ACIT CC 15 & 16, Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2011-12 Vijay Grihanirman P. Ltd. Acit, 205, Marine Chambers, Central Circle-15 & 16, बनाम/ 43, New Marine Line, Mumbai Vs. Churchgate, Mumbai-400020 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacv2806N Shri Rajat Mittal-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri Mani Jain & Shri Prateek Jain

…al being based on the fact, no substantial question of law can be said to arise from the order of the Tribunal. The appeal is dismissed with no order as to costs.” 3.5. The Hon'ble jurisdictional High Court in CIT vs Nikunj Eximp Enterprises Pvt. Ltd. (2015) 372 ITR 619 (Bom.) held/observed as under:- “7. We have considered the submission on behalf of the Revenue. However, from the order of the Tribunal dated April 30, 2010, we find that the Tribunal has deleted the additions on account of bogus purchases not only on the basis of stock statement, i.e., reconciliation statement but also in view of the other fac…

DCIT 1(1)(1), Mumbai vs. Bds Projects P.Ltd, Mumbai

The appeals of the Revenue are partly allowed

Bench: Shri Joginder Singh & Shri Rajesh Kumar

…nal being based on the fact, no substantial question of law can be said to arise from the order of the Tribunal. The appeal is dismissed with no order as to costs.” 2.5. The Hon'ble jurisdictional High Court in CIT vs Nikunj Exim Enterprises Pvt. Ltd. (2015) 372 ITR 619 (Bom.) held/observed as under:- “7. We have considered the submission on behalf of the Revenue. However, from the order of the Tribunal dated April 30, 2010, we find that the Tribunal has deleted the additions on account of bogus purchases not only on the basis of stock statement, i.e., reconciliation statement but also in view of the other fac…

DCIT 1(1)(1), Mumbai vs. Bds Projects P. Ltd, Mumbai

The appeals of the Revenue are partly allowed

Bench: Shri Joginder Singh & Shri Rajesh Kumar

…nal being based on the fact, no substantial question of law can be said to arise from the order of the Tribunal. The appeal is dismissed with no order as to costs.” 2.5. The Hon'ble jurisdictional High Court in CIT vs Nikunj Exim Enterprises Pvt. Ltd. (2015) 372 ITR 619 (Bom.) held/observed as under:- “7. We have considered the submission on behalf of the Revenue. However, from the order of the Tribunal dated April 30, 2010, we find that the Tribunal has deleted the additions on account of bogus purchases not only on the basis of stock statement, i.e., reconciliation statement but also in view of the other fac…

ITO 32(2)(4), Mumbai vs. Navin Shantilal Mehta, Mumbai

In the result, the appeal is partly allowed

Bench: Shri R.C.Sharma, Am Ito 32(2)(4) Vs. Shri Navin Shantilal Mehta R.No. 306, 3Rd Floor D/102, Shiv Kripa Nagar Pratyakshkar Bhavan Vidya Mandir Road Bkc, Bandra(E) Dahisar East Mumbai – 400 051 Mumbai – 400 068 Pan/Gir No. Aaopm2720P Appellant) Respondent) .. Shri Navin Shantilal Mehta Vs. Ito 32(2)(4) C-11, 3Rd Floor D/102, Shiv Kripa Nagar Vidya Mandir Road Pratyakshkar Bhavan Dahisar East Bkc, Bandra(E) Mumbai – 400 068 Mumbai – 400 051 Pan/Gir No. Aaopm2720P Appellant) Respondent) ..

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM ITO 32(2)(4) Vs. Shri Navin Shantilal Mehta R.No. 306, 3rd Floor D/102, Shiv Kripa Nagar Pratyakshkar Bhavan Vidya Mandir Road BKC, Bandra(E) Dahisar East Mumbai – 400 051 Mumbai – 400 068 PAN/GIR No. AAOPM2720P Appellant) Respondent) .. Shri Navin Shantilal Mehta Vs. ITO 32(2)(4) C-11, 3rd Floor D/102, Shiv Kripa Nagar Vidya Mandir Road Pratyakshkar Bhavan Dahisar East BKC, Bandra(E) Mumbai – 400 068 Mumbai – 400 051 PAN/GIR No. AAOPM2720P Appellant) Respondent) .. Assessee by None Revenue by Ms. N. Hemalatha Date of Hearing 25…

M.S.Prints, Mumbai vs. DCIT 27(2), Navi Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2010-11 M/S. M.S. Prints, Dcit-27(2), 105, Shiv Shakti Indl. Estate, Income Tax Office, T बनाम/ L.B.S. Marg, Ghatkopar (West), Ower No.6, Vashi Rly. Vs. Mumbai-400086 Station, Vashi, New Mumbai-400703 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aalfm4121D

…nal being based on the fact, no substantial question of law can be said to arise from the order of the Tribunal. The appeal is dismissed with no order as to costs.” 2.5. The Hon'ble jurisdictional High Court in CIT vs Nikunj Exim Enterprises Pvt. Ltd. (2015) 372 ITR 619 (Bom.) held/observed as under:- “7. We have considered the submission on behalf of the Revenue. However, from the order of the Tribunal dated April 30, 2010, we find that the Tribunal has deleted the additions on account of bogus purchases not only on the basis of stock statement, i.e., reconciliation statement but also in view of the other fac…

DCIT Cir 4, Thane vs. Kundan Industries Ltd, Thane

In the result, appeal filed by the revenue for assessment year 2010-2011

Bench: Shri G.S. Pannu (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2010-11 The Dy. Commissioner Of Income M/S Kundan Industries Ltd., – Tax, Circle - 4 Kundan House, Room No. 2, ‘A’ Wing, Harisiddhi Indl. Estate, 6Th Floor, Ashar It Park, Vs. Goraipada, Village Vasai East, Road No. 16Z, Thane - 401208 Wagle Indl. Estate, Thane (West) - 400602 Pan: Aaack6811G

…in the contention of the assessee that for every sale there has to be corresponding purchases. If sales bills are being accepted then the total purchases amount should be accepted. 9. The Hon’ble Bombay High Court In CIT Vs. Nikunj Eximp Enterprises Pvt. Ltd. 372 ITR 619 (Bom) has held that merely because the suppliers had not appeared before the Assessing Officer or the CIT (A) one could not conclude that the purchases were not made by the respondent/assessee. The Hon’ble Gujrat High Court in CIT vs. Simit P. Seth 356 ITR 451(Guj) upheld the decision of the Tribunal and sustained the addition 12.5% of the total…

Mohammed Salim F. Chohan, Mumbai vs. ACIT 15(3), Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year:2011-12 Mohammed Salim F. Acit-15(3), Shohan, Matru Mandir, बनाम/ 17/18, 4Th Floor, 28-Ali 1St Floor, Vs. Umer Street, Grant Road, Mumbai-400003 Mumbai-400007 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aampc8124D

…unal being based on the fact, no substantial question of law can be said to arise from the order of the Tribunal. The appeal is dismissed with no order as to costs.” 2.5 The Hon'ble jurisdictional High Court in CIT vs Nikunj Exim Enterprises Pvt. Ltd. (2015) 372 ITR 619 (Bom.) held/observed as under:- 10 Mohammed Salim F. Chohan “7. We have considered the submission on behalf of the Revenue. However, from the order of the Tribunal dated April 30, 2010, we find that the Tribunal has deleted the additions on account of bogus purchases not only on the basis of stock statement, i.e., reconciliation statement but a…

Dolchand Kallaji & Naresh Traders (Jv), Mumbai vs. Asst CIT Cen Cir 13, Mumbai

In the result, appeals filed by the assessee for assessment years

Bench: Shri Shamim Yahya (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2009-10 & Assessment Year: 2010-11

…ent Years: 2009-10 & 2010-11 AO. Under these circumstances, the Ld. CIT (A) ought to have made addition keeping in view the profit element embedded in the purchases in question. 11. The Hon’ble Bombay High Court In CIT Vs. Nikunj Eximp Enterprises Pvt. Ltd. 372 ITR 619 (Bom), while upholding the decision of Mumbai Tribunal, has observed that merely because the suppliers had not appeared before the Assessing Officer or the CIT (A) one could not conclude that the purchases were not made by the respondent/assessee. The Hon’ble Gujrat High Court in CIT vs. Simit P. Seth 356 ITR 451(Guj) upheld the decision of the T…

Bhavesh Jayantilal Shah, Mumbai vs. Income Tax Officer-31(1)(3), Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh, Assessment Year: 2009-10 Bhavesh Jayantilal Shah, Income Tax Officer-25(2)(3), C-60, 15Th Floor, Saibaba Bkc, Bandra, बनाम/ Enclave Tower, C-Wing, Bldg. Mumbai-400076 Vs. No.3, C.D Baug, S.V. Road, Neari City Centre Mall, Goregaon (West), Mumbai- "नधा"रती / Assessee राज"व / Revenue P.A. No.Admpr0197G

…al being based on the fact, no substantial question of law can be said to arise from the order of the Tribunal. The appeal is dismissed with no order as to costs.” 3.5. The Hon'ble jurisdictional High Court in CIT vs Nikunj Eximp Enterprises Pvt. Ltd. (2015) 372 ITR 619 (Bom.) held/observed as under:- “7. We have considered the submission on behalf of the Revenue. However, from the order of the Tribunal dated April 30, 2010, we find that the Tribunal has deleted the additions on account of bogus purchases not only on the basis of stock statement, i.e., reconciliation statement but also in view of the other fac…