CIT v. Nikunj Exim Enterprises Pvt. Ltd.

ITO 14(2)(3), Mumbai vs. Ashok Talreja (HUF), Mumbai

The appeals of the assessee stand allowed

…O, that copies of purchase bills and bank statement, indicating the payment through banking 6237+5-Ashok Talreja channels were furnished, that AO had not doubted the sales shown by the assessee .He relied upon the cases of Nikunj Exim Enterprises Pvt. Ltd.( 372 ITR 619) and Goolamally Hasanjee (ITA/3740-41/Mum/2012 –AY06-07 and 08-09, dt.10.6.14). 5.We have heard the arguments of both the sides and also perused the relevant material available on record. It is observed that a similar issue involving identical facts has already been considered and decided in favour of the assessee by the “G” Bench of the Mumbai…

Ashok Talreja (HUF), Mumbai vs. ITO WD 14(2)(3), Mumbai

The appeals of the assessee stand allowed

…O, that copies of purchase bills and bank statement, indicating the payment through banking 6237+5-Ashok Talreja channels were furnished, that AO had not doubted the sales shown by the assessee .He relied upon the cases of Nikunj Exim Enterprises Pvt. Ltd.( 372 ITR 619) and Goolamally Hasanjee (ITA/3740-41/Mum/2012 –AY06-07 and 08-09, dt.10.6.14). 5.We have heard the arguments of both the sides and also perused the relevant material available on record. It is observed that a similar issue involving identical facts has already been considered and decided in favour of the assessee by the “G” Bench of the Mumbai…

ITO 25(2)(3), Mumbai vs. Sanjauy V Dhruv, Mumbai

In the result, appeal stands dismissed

Bench: Shri Saktijit Dey & Shri Ramit Kochar

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA no.5089/Mum./2014 (Assessment Year : 2010–11) Income Tax Officer Ward–25(2)(3) Pratyakshakar Bhawan ……………. Appellant Bandra Kurla Complex Bandra (E), Mumbai 400 051 v/s Shri Sanjay V. Dhruv 703, Mehul Apartment TPS–III, Ram Nagar ……………. Respondent Shimpoli, Borivali (W) Mumbai 400 092 PAN – AAHPD5769L Assessee by : Shri Sunil Kumar Agarwal Revenue by : Shri B.V. Jhaveri Date of Hearing – 22.02.2016 Date of Order – 29.02.2016 O R D E R PER SAKTIJIT DEY, J.M. Aforesaid…

ACIT Cen Cir 33, Mumbai vs. Ronak Gems P.Ltd, Mumbai

In the result, the appeal filed by the department is dismissed

Bench: Shri B.R.Baskaran (Am) & Shri Ram Lal Negi (Jm)

…e establishes that the transactions in question are not bogus and in the absence of any cogent evidence to demolish the version of the assessee it cannot be concluded that the transactions in question are bogus. In CIT vs. Nikunj Exim enterprises P. Ltd.(2015 372 ITR 619) Mumbai, the Hon’ble Jurisdiction High court of Mumbai has dismissed the appeal of the revenue holding as under: “We have considered the submission on behalf of the revenue. However, from the order of the Tribunal dated 30.04.2010, we find that the Tribunal has deleted the additions on account of bogus purchases not only on the basis of stock sta…

ACIT Cen Cir 33, Mumbai vs. Ronak Gems P.Ltd, Mumbai

In the result, the appeal filed by the department is dismissed

Bench: Shri B.R.Baskaran (Am) & Shri Ram Lal Negi (Jm)

…e establishes that the transactions in question are not bogus and in the absence of any cogent evidence to demolish the version of the assessee it cannot be concluded that the transactions in question are bogus. In CIT vs. Nikunj Exim enterprises P. Ltd.(2015 372 ITR 619) Mumbai, the Hon’ble Jurisdiction High court of Mumbai has dismissed the appeal of the revenue holding as under: “We have considered the submission on behalf of the revenue. However, from the order of the Tribunal dated 30.04.2010, we find that the Tribunal has deleted the additions on account of bogus purchases not only on the basis of stock sta…

ACIT Cen Cir 33, Mumbai vs. Ronak Gems P.Ltd, Mumbai

In the result, the appeal filed by the department is dismissed

Bench: Shri B.R.Baskaran (Am) & Shri Ram Lal Negi (Jm)

…e establishes that the transactions in question are not bogus and in the absence of any cogent evidence to demolish the version of the assessee it cannot be concluded that the transactions in question are bogus. In CIT vs. Nikunj Exim enterprises P. Ltd.(2015 372 ITR 619) Mumbai, the Hon’ble Jurisdiction High court of Mumbai has dismissed the appeal of the revenue holding as under: “We have considered the submission on behalf of the revenue. However, from the order of the Tribunal dated 30.04.2010, we find that the Tribunal has deleted the additions on account of bogus purchases not only on the basis of stock sta…

Mohammad Taufiq Navlakhiya, Mumbai vs. ITO 20(2)(2), Mumbai

In the result, appeal filed by the assessee is allowed

Bench: Shri B.R.Baskaran & Shri Pawan Singhassessment Year: 2007-08 Shri Mohammad Taufiq Navlakhiya, Ito Ward 20(2)(2) 401, June Apartment, Gautam Lane Piramal Chambers, Lalbaug, Vs. 2, Andheri (W), Mumbai-400058 Mumbai-400012 Pan: Acqpn5792A (Appellant) (Respondent)

…ee further argued that mere none- appearance of the parties before the AO cannot be made a ground for making opinion that purchase were bogus and relied upon the judgment of jurisdictional High Court in CIT vs. Nikunj Eximp Enterprises Pvt. Ltd. reported vide 372 ITR 619, Bombay. 8. We have carefully considered the contention of the AR of the assessee and perused the order of AO and CIT(A) and find that the assessee has produced sufficient material including of ledger account of M/s Cellnet, details invoices about the purchase of material and the statement of bank account and the details of the cash payment made…

Hiralal Chunilal Jain, Mumbai vs. ITO WD 14(1)(4), Mumbai

…आयकर आयकर आयकर अपीलीय आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, , , , “एच अिधकरण एच एच” ” ” ” खंडपीठ एच खंडपीठ खंडपीठ मुंबई खंडपीठ मुंबई मुंबई मुंबई INCOME TAX APPELLATE TRIBUNAL,MUMBAI-“H”,BENCH सव"ी राजे"", लेखा सद"य एवं एवं संदीप गोसांई, "याियक सद"य एवं एवं Before S/Sh. Rajendra,Accountant Member & Sandeep Gosain,Judicial Member आयकर अपील अपील संसंसंसं/.ITA No.4547/Mum/2014 िनधा"रण िनधा"रण वष" वष"/Assessment Year-2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Shri Hiralal Chunilal Jain Income tax Officer RoomNo.46,3rdFloor,J.M.Compound, v/s. Ward 14(1)(4) 42/46,VithaldasBuilding,3rdBhoiwada,…

DCIT 9(1), Mumbai vs. Aspee Agro Equipment P.Ltd, Mumbai

…आयकर अपीलीय अिधकरण,” ए” खंडपीठ मुंबई INCOME TAX APPELLATE TRIBUNAL,MUMBAI-A,BENCH सव"ी जोिग"दर"सह , "याियक सद"य एवं एवं राजे"", लेखा सद"य एवं एवं Before S/Sh. Joginder Singh,Judicial Member & Rajendra,Accountant Member आयकर आयकर अपील अपील संसंसंसं/.ITA/4065/Mum/2014,िनधा"रण िनधा"रण वष" वष"/Assessment Year :2010-11 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Dy. CIT-9(1) M/s. Aspee Agro Equipment Pvt. Room No.223, Aayakar Bhavan Ltd. M.K. Road Vs Aspee House, B.J. Patel Road Mumbai-400 020. Malad (W) Mumbai-400 064. PAN:AAACA 8980 G (अपीलाथ" /Appellant) (""यथ" / Respondent) िनधा"रती िनधा"रती ओर ओर सेसेसेसे/A…

DCIT, Cir-22(1), Mumbai vs. Ashish S. Jobanputra, Mumbai

…at FAA had accepted the purchases with regard to Rs.2.90 crores,that she had restricted the disallowance to Rs.1.05 crores only, he referred to the pages Nos.24 to 50 and 186-203 of the paper book and relied upon the case of Nikunj Exim enterprises Pvt. Ltd. (372 ITR 619), Liakat Ali M.Saddiq (81 TTJ 769) and E-Land International P.Ltd.(supra).He further argued that the gross profit for the year was 2.04% as compared to 0.39% and 0.47% for the earlier two A.Ys., that the AO had not rejected the books of account, that if the contention of the AO were to be accepted the gross profit would be 7.42%.Departmental Repr…