CIT v. Piramal Spinning and Weaving Mills Ltd.

124 ITR 408Reported decision#9343 most cited

What is CIT v. Piramal Spinning and Weaving Mills Ltd. authority for?

An estimated net profit, if supported by material on record, is a question of fact and does not raise a substantial question of law.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2021 to 2025.

Also referred to as

CIT v. Piramal Spinning and Weaving Mills Ltd. · 124 ITR 408 · estimated net profit · question of fact · substantial question of law · Tribunal's finding

Sections most often in play

Section 115BBESection 132Section 143(3)Section 147Section 153ASection 37(1)Section 68Section 69C

Issues it is cited on

section 153(a)(1)peak credit theorysection 153(a)permanent account numbersection 197section 131(1)section 153a(1)(b)section 65bsection 65paper companyprincipal officercreditworthiness of the creditor

Judgments citing CIT v. Piramal Spinning and Weaving Mills Ltd.

DCIT Central Circle-8(1), Mumbai vs. Shivshankar Ramswaroop Sharma, Mumbai

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

ITA 2730/MUM/2025[2014-15]Status: DisposedITAT Mumbai08 Aug 2025AY 2014-15

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 132Section 132(4)Section 143(3)

…et profit arrived at by the authorities is a question of fact and if the material on record does support the estimate arrived at by the Tribunal then it does not give rise to any substantial question of law (see CIT Vs. Piramal Spinning and Weaving Mills Ltd. 124 ITR 408). In this case, we find that the net profit estimated at 17.08% is a very possible view on the facts found. (g). In the above view, question no. 1 as proposed does not give rise to any substantial question of law. Thus, not entertained.” 49. Hon’ble Gujarat High Court in the case of CIT Vs. President Industries 258 ITR 654 wherein “the Tribunal…

Shri Shiv Shankar Sharma, Mumbai vs. Assistant Commissioner of Income Tax, Central Circle 4(3), Mumbai

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

ITA 2682/MUM/2025[2013-14]Status: DisposedITAT Mumbai08 Aug 2025AY 2013-14

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 132Section 132(4)Section 143(3)

…et profit arrived at by the authorities is a question of fact and if the material on record does support the estimate arrived at by the Tribunal then it does not give rise to any substantial question of law (see CIT Vs. Piramal Spinning and Weaving Mills Ltd. 124 ITR 408). In this case, we find that the net profit estimated at 17.08% is a very possible view on the facts found. (g). In the above view, question no. 1 as proposed does not give rise to any substantial question of law. Thus, not entertained.” 49. Hon’ble Gujarat High Court in the case of CIT Vs. President Industries 258 ITR 654 wherein “the Tribunal…

Shiv Shankar Sharma, Mumbai vs. Assistant Commissioner of Income Tax, Central Circle 4(3), Mumbai

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

ITA 2162/MUM/2025[2019-20]Status: DisposedITAT Mumbai08 Aug 2025AY 2019-20

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 132Section 132(4)Section 143(3)

…et profit arrived at by the authorities is a question of fact and if the material on record does support the estimate arrived at by the Tribunal then it does not give rise to any substantial question of law (see CIT Vs. Piramal Spinning and Weaving Mills Ltd. 124 ITR 408). In this case, we find that the net profit estimated at 17.08% is a very possible view on the facts found. (g). In the above view, question no. 1 as proposed does not give rise to any substantial question of law. Thus, not entertained.” 49. Hon’ble Gujarat High Court in the case of CIT Vs. President Industries 258 ITR 654 wherein “the Tribunal…

Shiv Shankar Sharma, Mumbai vs. Assistant Commissioner of Income Tax, Central Circle 4(3), Mumbai

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

ITA 2161/MUM/2025[2018-19]Status: DisposedITAT Mumbai08 Aug 2025AY 2018-19

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 132Section 132(4)Section 143(3)

…et profit arrived at by the authorities is a question of fact and if the material on record does support the estimate arrived at by the Tribunal then it does not give rise to any substantial question of law (see CIT Vs. Piramal Spinning and Weaving Mills Ltd. 124 ITR 408). In this case, we find that the net profit estimated at 17.08% is a very possible view on the facts found. (g). In the above view, question no. 1 as proposed does not give rise to any substantial question of law. Thus, not entertained.” 49. Hon’ble Gujarat High Court in the case of CIT Vs. President Industries 258 ITR 654 wherein “the Tribunal…

DCIT, Central Circle - 8 (1), Mumbai vs. Shiv Shankar Sharma, Mumbai

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

ITA 1690/MUM/2025[2021-22]Status: DisposedITAT Mumbai08 Aug 2025AY 2021-22

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 132Section 132(4)Section 143(3)

…et profit arrived at by the authorities is a question of fact and if the material on record does support the estimate arrived at by the Tribunal then it does not give rise to any substantial question of law (see CIT Vs. Piramal Spinning and Weaving Mills Ltd. 124 ITR 408). In this case, we find that the net profit estimated at 17.08% is a very possible view on the facts found. (g). In the above view, question no. 1 as proposed does not give rise to any substantial question of law. Thus, not entertained.” 49. Hon’ble Gujarat High Court in the case of CIT Vs. President Industries 258 ITR 654 wherein “the Tribunal…

DCIT, Central Circle-8(1), Mumbai vs. Shiv Shankar Sharma, Mumbai

In the result, all the appeals filed by the revenue are dismissed and the assessee’s appeals are partly allowed

ITA 1689/MUM/2025[2020-21]Status: DisposedITAT Mumbai08 Aug 2025AY 2020-21

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 132Section 132(4)Section 143(3)

…et profit arrived at by the authorities is a question of fact and if the material on record does support the estimate arrived at by the Tribunal then it does not give rise to any substantial question of law (see CIT Vs. Piramal Spinning and Weaving Mills Ltd. 124 ITR 408). In this case, we find that the net profit estimated at 17.08% is a very possible view on the facts found. (g). In the above view, question no. 1 as proposed does not give rise to any substantial question of law. Thus, not entertained.” 49. Hon’ble Gujarat High Court in the case of CIT Vs. President Industries 258 ITR 654 wherein “the Tribunal…

ITO 22 (3)(2), Mumbai vs. M/S Sai Everest Builders & Developers, Mumbai

In the result, appeals of revenue for the A

ITA 6490/MUM/2019[2012-13]Status: DisposedITAT Mumbai18 May 2022AY 2012-13

Bench: Shri Vijay Pal Rao & Shri Gagan Goyal

For Appellant: Sh. Hoshang B. Irani, DRFor Respondent: Sh. Prakash Jhunjhunwala
Section 133ASection 143(1)Section 148Section 68

…et profit arrived at by the authorities is a question of fact and if the material on record does support the estimate arrived at by the Tribunal then it does not give rise to any substantial question of law (see CIT v/s Piramal Spinning and Weaving Mills Ltd. 124 ITR 408). In this case, we find that the net profit estimated at 17.08% is a very possible view of the facts founds” In the case of Wall Street Construction Ltd. vs. Dy. CIT reported in 71 ITD 47 Hon’ble ITAT decided that: “While, the application of the rates of 12 per cent on the unrecorded turnover has to be upheld, we are of the opinion that the resul…

ITO 22 (3)(2), Mumbai vs. M/S Sai Everest Builders & Developers, Mumbai

In the result, appeals of revenue for the A

ITA 6489/MUM/2019[2011-12]Status: DisposedITAT Mumbai18 May 2022AY 2011-12

Bench: Shri Vijay Pal Rao & Shri Gagan Goyal

For Appellant: Sh. Hoshang B. Irani, DRFor Respondent: Sh. Prakash Jhunjhunwala
Section 133ASection 143(1)Section 148Section 68

…et profit arrived at by the authorities is a question of fact and if the material on record does support the estimate arrived at by the Tribunal then it does not give rise to any substantial question of law (see CIT v/s Piramal Spinning and Weaving Mills Ltd. 124 ITR 408). In this case, we find that the net profit estimated at 17.08% is a very possible view of the facts founds” In the case of Wall Street Construction Ltd. vs. Dy. CIT reported in 71 ITD 47 Hon’ble ITAT decided that: “While, the application of the rates of 12 per cent on the unrecorded turnover has to be upheld, we are of the opinion that the resul…

ACIT 22(3), Mumbai vs. Sai Everest Builders $ Developers, Mumbai

In the result, appeals of revenue for the A

ITA 4105/MUM/2019[2013-14]Status: DisposedITAT Mumbai18 May 2022AY 2013-14

Bench: Shri Vijay Pal Rao & Shri Gagan Goyal

For Appellant: Sh. Hoshang B. Irani, DRFor Respondent: Sh. Prakash Jhunjhunwala
Section 133ASection 143(1)Section 148Section 68

…et profit arrived at by the authorities is a question of fact and if the material on record does support the estimate arrived at by the Tribunal then it does not give rise to any substantial question of law (see CIT v/s Piramal Spinning and Weaving Mills Ltd. 124 ITR 408). In this case, we find that the net profit estimated at 17.08% is a very possible view of the facts founds” In the case of Wall Street Construction Ltd. vs. Dy. CIT reported in 71 ITD 47 Hon’ble ITAT decided that: “While, the application of the rates of 12 per cent on the unrecorded turnover has to be upheld, we are of the opinion that the resul…

ITO-22(3)(2), Mumbai vs. Sai Everest Builders & Developers, Mumbai

In the result, appeals of revenue for the A

ITA 4096/MUM/2019[2014-15]Status: DisposedITAT Mumbai18 May 2022AY 2014-15

Bench: Shri Vijay Pal Rao & Shri Gagan Goyal

For Appellant: Sh. Hoshang B. Irani, DRFor Respondent: Sh. Prakash Jhunjhunwala
Section 133ASection 143(1)Section 148Section 68

…et profit arrived at by the authorities is a question of fact and if the material on record does support the estimate arrived at by the Tribunal then it does not give rise to any substantial question of law (see CIT v/s Piramal Spinning and Weaving Mills Ltd. 124 ITR 408). In this case, we find that the net profit estimated at 17.08% is a very possible view of the facts founds” In the case of Wall Street Construction Ltd. vs. Dy. CIT reported in 71 ITD 47 Hon’ble ITAT decided that: “While, the application of the rates of 12 per cent on the unrecorded turnover has to be upheld, we are of the opinion that the resul…

M/S Ekta Housing Pvt. Ltd., Mumbai vs. Dy. CIT Central Circle-6(2), Mumbai

The appeal of the revenue is dismissed

ITA 1732/MUM/2019[2013-14]Status: DisposedITAT Mumbai24 May 2021AY 2013-14

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood ()

…et profit arrived at by the authorities is a question of fact and if the material on record does support the estimate arrived at by the Tribunal then it does not give rise to any substantial question of law (see CIT Vs. Piramal Spinning and Weaving Mills Ltd. 124 ITR 408). In this case, we find that the net profit estimated at 17.08% is a very possible view on the facts found. (g). In the above view, question no. 1 as proposed does not give rise to any substantial question of law. Thus, not entertained.” Therefore, the percentage of profit has to be estimated on case to case depending on the facts and circumstanc…

CIT v. Piramal Spinning and Weaving Mills Ltd. (124 ITR 408) — Cited in 11 Judgments | BharatTax