CIT v. Precious Jewels Corporation

124 TTJ 554High Court2009#9973 most cited

What is CIT v. Precious Jewels Corporation authority for?

If purchases from parties are recorded in the books and lead to profits that are taxed, and sales are effected out of these purchases, then the purchases cannot be considered bogus. A finding of bogus sales can only lead to the deletion of the corresponding amount from the assessee's turnover.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2017 to 2024.

Also referred to as

CIT v. Precious Jewels Corporation · 124 TTJ 554 · 205 Taxmann 22 · bogus purchases · bogus sales · turnover deletion · recorded transactions · profit brought to tax

Also reported as

205 Taxmann 22

Issues it is cited on

section 44afsection 262trade creditorsinadequate enquiryrevision u/s 263non application of mindsection 263(1)lack of enquirymalabar industrialsection 194asection 44asection 40a(3)

Judgments citing CIT v. Precious Jewels Corporation

M/S Din Dayal Pursotam Lal, Sirsa vs. Pr.CIT, Rohtak

ITA 148/CHANDI/2021[2016-17]Status: DisposedITAT Chandigarh04 Mar 2024AY 2016-17

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Gautam Jain, Advocate &For Respondent: Shri Rohit Sharma, CIT-DR
Section 147Section 263Section 40A(3)

…Ltd. vi) 256 ITR 134 (Bom) RamanandSagar vs. DCIT vii) 282 ITR 251 (Bom) Babulal C Borana vs. ITO viii) 163 ITR 249 (Guj) CIT vs. M. K. Brothers ix) 276 CTR 89 (Cal) CIT v Manish Enterprises x) 205 Taxman 22 (Raj)(MAG.) CIT vs. Precious Jewels Corporation xi) 124 TTJ 554 (Del) Elnad International (P) Ltd. v DCIT "'5.4 We have considered the facts of the case and rival submissions. From the submissions made before us, it is clear that the transactions of purchase and sale were recorded in the books of account and these transactions led to profit to the assessee, which was brought to tax. If sales have been effecte…

M/S Din Dayal Pursotam Lal, Sirsa vs. Pr.CIT, Rohtak

ITA 147/CHANDI/2021[2015-16]Status: DisposedITAT Chandigarh04 Mar 2024AY 2015-16

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Gautam Jain, Advocate &For Respondent: Shri Rohit Sharma, CIT-DR
Section 147Section 263Section 40A(3)

…Ltd. vi) 256 ITR 134 (Bom) RamanandSagar vs. DCIT vii) 282 ITR 251 (Bom) Babulal C Borana vs. ITO viii) 163 ITR 249 (Guj) CIT vs. M. K. Brothers ix) 276 CTR 89 (Cal) CIT v Manish Enterprises x) 205 Taxman 22 (Raj)(MAG.) CIT vs. Precious Jewels Corporation xi) 124 TTJ 554 (Del) Elnad International (P) Ltd. v DCIT "'5.4 We have considered the facts of the case and rival submissions. From the submissions made before us, it is clear that the transactions of purchase and sale were recorded in the books of account and these transactions led to profit to the assessee, which was brought to tax. If sales have been effecte…

M/S Din Dayal Pursotam Lal, Sirsa vs. Pr.CIT, Rohtak

ITA 146/CHANDI/2021[2011-12]Status: DisposedITAT Chandigarh04 Mar 2024AY 2011-12

Bench: SHRI A.D.JAIN (Vice President), SHRI VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Gautam Jain, Advocate &For Respondent: Shri Rohit Sharma, CIT-DR
Section 147Section 263Section 40A(3)

…Ltd. vi) 256 ITR 134 (Bom) RamanandSagar vs. DCIT vii) 282 ITR 251 (Bom) Babulal C Borana vs. ITO viii) 163 ITR 249 (Guj) CIT vs. M. K. Brothers ix) 276 CTR 89 (Cal) CIT v Manish Enterprises x) 205 Taxman 22 (Raj)(MAG.) CIT vs. Precious Jewels Corporation xi) 124 TTJ 554 (Del) Elnad International (P) Ltd. v DCIT "'5.4 We have considered the facts of the case and rival submissions. From the submissions made before us, it is clear that the transactions of purchase and sale were recorded in the books of account and these transactions led to profit to the assessee, which was brought to tax. If sales have been effecte…

ACIT, Circle- 3, Nagpur vs. M/S Solaries Holding Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 509/NAG/2014[2008-09]Status: DisposedITAT Nagpur28 Jun 2022AY 2008-09

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2008-2009 The Acit Vs. M/S. Solaries Holdings Ltd. Circle-3, Thapar House, 124, Nagpur Janpath, New Delhi Panno.:Aahcs 59040 B Appellant Respondent Revenue By :Shripiyushkolhe (Cit-Dr) Assessee By: Shri K.P. Dewani (Adv.) Date Of Hearing: 18/04/2022 Date Of Pronouncement: 28/06/2022 Order Per: Sandeep Gosain, J.M. This Appeal Has Been Filed By The Department Against The Order Of The Ld. Cit-Ii, Nagpur Dated 01/09/2014 Passed U/S 143(3) Of The Income Tax Act, 1961 For The A.Y. 2008-09 Wherein The Department Has Raised The Following Grounds Of Appeal.

For Appellant: Shri K.P. Dewani (Adv.)For Respondent: ShriPiyushKolhe (CIT-DR)
Section 133A(1)(ia)Section 142(1)Section 143(1)Section 143(2)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL, NAGPUR BENCH, NAGPUR BEFORE SHRI SANDEEP GOSAIN, JM & SHRI ARUN KHODPIA, AM Assessment Year: 2008-2009 The ACIT Vs. M/s. Solaries Holdings Ltd. Circle-3, Thapar House, 124, Nagpur Janpath, New Delhi PANNo.:AAHCS 59040 B Appellant Respondent Revenue by :ShriPiyushKolhe (CIT-DR) Assessee by: Shri K.P. Dewani (Adv.) Date of Hearing: 18/04/2022 Date of Pronouncement: 28/06/2022 ORDER PER: SANDEEP GOSAIN, J.M. This appeal has been filed by the Department against the order of the ld. CIT-II, Nagpur dated 01/09/2014 passed u/s 143(3) of the Income Tax Act, 1961 for the A.Y. 2008-09…

Kalaneedhi Jewellers LLP, Patiala vs. DCIT-CC, Patiala

In the result, appeals of both the assesses are allowed

ITA 311/CHANDI/2021[2017-18]Status: DisposedITAT Chandigarh25 Mar 2022AY 2017-18
For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Priyanka Dhar, Sr. DR
Section 143(3)

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ “ए” , च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH “A”, CHANDIGARH (VIRTUAL COURT) "ी एन.के.सैनी, उपा"य" एवं "ी सुधांशु "ीवा"तव, "या"यक सद"य BEFORE: SHRI. N.K.SAINI, VP & SHRI. SUDHANSHU SRIVASTAVA, JM आयकर अपील सं./ ITA No. 310/Chd/2021 "नधा"रण वष" / Assessment Year : 2017-18 Smt Charu Aggarwal बनाम The DCIT H.No. 123-C, Model Town Central Circle Patiala-147001- Punjab Patiala-147001, Punjab "थायी लेखा सं./PAN NO: AAKPA9875F अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue by : Smt. Priyanka…

Ssmt. Charu Aggarwal, Patiala vs. DCIT-CC, Patiala

In the result, appeals of both the assesses are allowed

ITA 310/CHANDI/2021[2017-18]Status: DisposedITAT Chandigarh25 Mar 2022AY 2017-18
For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Priyanka Dhar, Sr. DR
Section 143(3)

…आयकर अपील"य अ"धकरण,च"डीगढ़ "यायपीठ “ए” , च"डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH “A”, CHANDIGARH (VIRTUAL COURT) "ी एन.के.सैनी, उपा"य" एवं "ी सुधांशु "ीवा"तव, "या"यक सद"य BEFORE: SHRI. N.K.SAINI, VP & SHRI. SUDHANSHU SRIVASTAVA, JM आयकर अपील सं./ ITA No. 310/Chd/2021 "नधा"रण वष" / Assessment Year : 2017-18 Smt Charu Aggarwal बनाम The DCIT H.No. 123-C, Model Town Central Circle Patiala-147001- Punjab Patiala-147001, Punjab "थायी लेखा सं./PAN NO: AAKPA9875F अपीलाथ"/Appellant ""यथ"/Respondent "नधा"रती क" ओर से/Assessee by : Shri Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue by : Smt. Priyanka…

Sanjay Sharma, Ghaziabad vs. ACIT Circle-59(1), New Delhi

In the result the appeal of the assessee in ITA No

ITA 3520/DEL/2019[2015-16]Status: DisposedITAT Delhi22 Sept 2020AY 2015-16

Bench: Shri N.K. Billaiya[Assessment Year: 2015-16]

For Appellant: Shri P.C. Yadav, AdvFor Respondent: Shri R.K. Gupta, Sr. DR
Section 133(6)Section 68

…purchases mentioned hereinabove are part of the total purchases. 11. I find that not only the Assessing Officer has accepted the sales figures but has also accepted that total purchases. The two most relevant decisions of the Tribunal need mention here: “124 TTJ 554 (Del) Elnad International (p) Ltd. v DCIT "5.4 we have considered the facts ofthe case and rival submissions. From the submissions made before us, it is clear that the transactions of purchase and sale were recorded in the books of account and these transactions led to profit to the assessee, which was brought to tax, If sales have been effected…

Aggarwal Associates (Promoters) Ltd., Delhi vs. DCIT, Ghaziabad

In the result the ground No

ITA 787/DEL/2016[2009-10]Status: DisposedITAT Delhi09 Jul 2019AY 2009-10

Bench: Shri H.S. Sidhu & Shri B.R.R. Kumaraggarwal Associates Vs Dcit, Central Circle, (Promoters) Ltd., Ghaziabad 10, New Rajdhani Enclave, Vikas Marg, Delhi- 92 (Pan: Aaaca2789D)

Section 132Section 143(2)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘G’ : NEW DELHI) BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER AGGARWAL ASSOCIATES VS DCIT, CENTRAL CIRCLE, (PROMOTERS) LTD., GHAZIABAD 10, NEW RAJDHANI ENCLAVE, VIKAS MARG, DELHI- 92 (PAN: AAACA2789D) Assessee By SH. NIPPEN MITTAL, CA Revenue By SH. S.S. RANA, CIT(DR) ORDER PER H.S. SIDHU, JM Assessee has filed this appeal against the impugned order dated 22.12.2015 passed by Ld. CIT(A), Ghaziabad on the following grounds:- 1. On the facts and circumstances of the case and in law, the CIT(A) has erred in confirming the add…

M/S. Mansarovar Infratech Pvt. Ltd., Tehri Garhwal vs. ACIT, Haridwar

In the result the ground No

ITA 7022/DEL/2014[2008-09]Status: DisposedITAT Delhi29 Apr 2019AY 2008-09

Bench: Shri Bhavnesh Saini & Shri O.P. Kantassessment Year: 2008-09 M/S. Mansarovar Infratech Vs. Asstt. Commissioner Of Pvt. Ltd. (Formerly Known As Income Tax, Garhwal Mandal Sales Pvt. Circle Haridwar Ltd.), Dhalwala, Tehsil Narendera Nagar, Tehri Garhwal Pan :Aaacg5220B (Appellant) (Respondent) Appellant By Shri Gautam Jain, Advocate & Shri Lalit Mohan, Ca Respondent By Ms. Rinku Singh, Sr.Dr

Section 147Section 234B

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: “E”, NEW DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2008-09 M/s. Mansarovar Infratech Vs. Asstt. Commissioner of Pvt. Ltd. (Formerly known as Income Tax, Garhwal Mandal Sales Pvt. Circle Haridwar Ltd.), Dhalwala, Tehsil Narendera Nagar, Tehri Garhwal PAN :AAACG5220B (Appellant) (Respondent) Appellant by Shri Gautam Jain, Advocate & Shri Lalit Mohan, CA Respondent by Ms. Rinku Singh, Sr.DR Date of hearing 28.03.2019 Date of pronouncement 29.04.2019 ORDER PER O.P. KANT, A.M.: This appeal by the assessee…

Shankar Jhalani, Jaipur vs. ITO, Jaipur

In the result, appeal of the assessee is dismissed

ITA 1053/JPR/2016[2011-12]Status: DisposedITAT Jaipur19 Feb 2018AY 2011-12

Bench: The Itat By Taking Following

For Appellant: Shri P.C. Parwal (CA)For Respondent: Shri R.A. Verma (Addl.CIT)
Section 144Section 40

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh fot; iky jko] U;kf;d lnL; ,oa Jh Hkkxpan] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI BHAGCHAND, AM vk;dj vihy la-@ITA No. 1053/JP/2016 fu/kZkj.k o"kZ@Assessment Year : 2011-12 cuke Shankar Jhalani, Income Tax Officer, Vs. B-3, Lalji Ka Bagh, Moti Lal Atal Ward 3(2), Road, Jaipur. Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: ABTPJ 9902 E vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri P.C. Parwal (CA) jktLo dh vksj ls@ Revenue by : Shri R.A. Verma (Addl.CI…

ITO, New Delhi vs. M/S Ganpati Hydro Power Pvt. Ltd., New Delhi

In the result the ground No

ITA 5629/DEL/2012[2009-10]Status: DisposedITAT Delhi30 Nov 2017AY 2009-10

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

Section 143(2)

…In the Income-Tax Appellate Tribunal, Delhi Bench ‘C’, New Delhi Before : Shri H.S. Sidhu, Judicial Member And Shri L.P. Sahu, Accountant Member ITA No. 5629/Del./2012 Assessment Year: 2009-10 Income-tax Officer, vs. M/s. Ganpati Hydro Power Pvt. Ltd. Ward 12(1), New Delhi. (formerly Ganpati Retails Pvt. Ltd.) 63, Ring Road, Lajpat Nagar, New Delhi (PAN-AACCG9937F) (Appellant) (Respondent) Appellant by Shri Naveen Chandra, Sr. DR Respondent by Shri Salil Kapoor, Advocate Date of Hearing 12.10.2017 Date of Pronouncement 30.11.2017 ORDER Per L.P. Sahu, A.M.: This is an appeal filed by the Revenue against t…

CIT v. Precious Jewels Corporation (124 TTJ 554) — Cited in 11 Judgments | BharatTax