CIT v. President Industries

258 ITR 654High Court2002#148 most cited

What is CIT v. President Industries authority for?

When books of account are rejected and unaccounted sales or receipts are discovered, the income addition is restricted to the net profit element embedded in these undisclosed transactions, not the entire sale proceeds or receipts, especially if corresponding purchases are not proven to be outside the books.

471

judgments rely on this decision, according to BharatTax’s citation analysis of 367,164 Indian tax judgments — from 2008 to 2026.

Also referred to as

CIT v. President Industries · 258 ITR 654 · Gujarat High Court · rejection of books of account · unaccounted sales · undisclosed sales · on-money receipts · profit element · net profit embedded · section 145(3) · section 132 · section 153A

Also reported as

124 Taxmann 654158 CTR 372134 TTJ 129

Sections most often in play

Section 143(3)Section 147Section 132Section 148Section 153ASection 115BBESection 142(1)Section 133A

Issues it is cited on

section 256(1)on money receiptsection 256project completion methodsurrender of incomeon-moneysection 69bsection 292crejection of books of accountloose paperssection 145(3)retracted statement

Judgments citing CIT v. President Industries

Discoveri Media Group, Gurgaon Haryana vs. Income Tax Officer, Ward -1(4), Gurugram, Haryana

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

ITA 2218/DEL/2024[2015-16]Status: DisposedITAT Delhi12 Nov 2024AY 2015-16

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar Us[Assessment Year : 2014-15] Ito, Vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2014-15] Discoveri Media Group Vs Ito, C/O-S.L.Poddar & Co., Ward-1(4), Gokul Apartment, E-3A, Kantichandra Gurugram. Road, Bani Park, Jaipur, Rajasthan-302016. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2015-16] Ito, Vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2015-16] Discoveri Media Group, Vs Ito, 97B, Udyog Vihar, Phase-V, Ward-1(4), Gurgaon-122002. Gurugram. Pan-Aaifd8766G Appellant Respondent

Section 147Section 148Section 250

…ITA No.678/Del/2024 & Others IN THE INCOME TAX APPELLATE TRIBUNAL DELHI “B” BENCH: NEW DELHI BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI YOGESH KUMAR US, JUDICIAL MEMBER [Assessment Year : 2014-15] ITO, vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. PAN-AAIFD8766G APPELLANT RESPONDENT [Assessment Year : 2014-15] Discoveri Media Group vs ITO, C/o-S.L.Poddar & Co., Ward-1(4), Gokul Apartment, E-3A, Kantichandra Gurugram. Road, Bani Park, Jaipur, Rajasthan-302016. PAN-AAIFD8766G APPELLANT RESPONDENT [Assessment Year : 2015-16] ITO, Vs Discoveri Media Group, Gurgaon. 97B,…

Discoveri Media Group, Haryana vs. Income Tax Officer, Ward 1(4) Gurugram, Gurugram

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

ITA 3236/DEL/2023[2014-15]Status: DisposedITAT Delhi12 Nov 2024AY 2014-15

Bench: Shri Pradip Kumar Kedia & Shri Yogesh Kumar Us[Assessment Year : 2014-15] Ito, Vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2014-15] Discoveri Media Group Vs Ito, C/O-S.L.Poddar & Co., Ward-1(4), Gokul Apartment, E-3A, Kantichandra Gurugram. Road, Bani Park, Jaipur, Rajasthan-302016. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2015-16] Ito, Vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. Pan-Aaifd8766G Appellant Respondent [Assessment Year : 2015-16] Discoveri Media Group, Vs Ito, 97B, Udyog Vihar, Phase-V, Ward-1(4), Gurgaon-122002. Gurugram. Pan-Aaifd8766G Appellant Respondent

Section 147Section 148Section 250

…ITA No.678/Del/2024 & Others IN THE INCOME TAX APPELLATE TRIBUNAL DELHI “B” BENCH: NEW DELHI BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI YOGESH KUMAR US, JUDICIAL MEMBER [Assessment Year : 2014-15] ITO, vs Discoveri Media Group, Gurgaon. 97B, Udyog Vihar, Phase-V, Gurgaon-122002. PAN-AAIFD8766G APPELLANT RESPONDENT [Assessment Year : 2014-15] Discoveri Media Group vs ITO, C/o-S.L.Poddar & Co., Ward-1(4), Gokul Apartment, E-3A, Kantichandra Gurugram. Road, Bani Park, Jaipur, Rajasthan-302016. PAN-AAIFD8766G APPELLANT RESPONDENT [Assessment Year : 2015-16] ITO, Vs Discoveri Media Group, Gurgaon. 97B,…

DCIT, CC-1(3), Nagpur vs. Radhika Vegetables Oils Pvt. Ltd., Vizianagram

In the result, appeal filed by the assessee is partly allowed

ITA 236/NAG/2023[2021-22]Status: DisposedITAT Nagpur25 Oct 2024AY 2021-22

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Sandipkumar Salunke
Section 132Section 139(1)Section 142(1)Section 143(2)Section 143(3)Section 69A

…and Ajitkumar 263 ITR 610 (MP) Income from Undisclosed sources – Addition – Credit sales not reflected in books of account – Total un-recorded sales cannot be regarded as profit of the assessee – Net Profit rate has to be adopted CIT V/s. President Industries 258 ITR 654 (Guj) It cannot be a matter of an argument that the amount of sales by itself cannot represent the income of the assessee who has not disclosed the sales. The sales only represented the price received by the selller of the goods for the acquisition of which it has already incurred the cost. It is the realization of excess over the cost incurred t…

National Jewels Near New Market, Jagadhri Road, Yamunanagar, Haryana vs. The Income Tax Officer Ward 5 Yamnunnagar, Haryana

ITA 222/CHANDI/2024[2017-2018]Status: DisposedITAT Chandigarh22 Oct 2024AY 2017-2018

Bench: SHRI A. D. JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

For Appellant: Shri Sudhir Sehgal, AdvFor Respondent: Smt. Kusum Bansal, CIT, DR
Section 115BSection 145(3)Section 68

…s as disclosed in the trading account and further the addition of the same amount as confirmed by the CIT(A) is misconceived since it amounts to double addition as per the judgment of Hon'ble Gujarat High Court in the case of President Industries, reported in 258 ITR 654.” 10. That the appellant craves leave to add or amend the grounds of appeal before the appeal is finally heard or disposed-off. 2. The facts, in brief, are that the assessee is engaged in manufacturing and trading in jewellery and trading in bullion i.e. gold bar and gold coins and as per the assessment order, most of the purchases of bullions…

Sankalp Recreation Private Limited, Ahmedabad vs. The Asstt. Commissioner of Income Tax, Central Circle-1(2), Ahmedabad

ITA 576/AHD/2022[2019-20]Status: DisposedITAT Ahmedabad24 Sept 2024AY 2019-20

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokar

For Appellant: Shri Tushar Hemani, Sr.Advocate &For Respondent: Dr. Darsi Suman Ratnam, CIT-DR &
Section 132Section 143(3)Section 145Section 153ASection 36(1)(va)Section 69C

…ith the well-established legal principle that only the real income should be brought to tax. The AR placed reliance on several judicial precedents, including the judgment of Hon’ble Gujarat High Court in case of CIT vs. President Industries reported at (2002) 258 ITR 654. The AR also placed reliance on various judicial precedents which held that the seized material has to be read in its entirety and pick & choose theory cannot be adopted while interpreting such seized material. 11. The Departmental Representative (DR) contended that the assessee was involved in substantial unaccounted cash transactions, which we…

The Asstt. Commissioner of Income Tax, Central Circle-1(2), Ahmedabad vs. Sankalp Recreation Pvt. Ltd., Ahmedabad

ITA 569/AHD/2022[2019-20]Status: DisposedITAT Ahmedabad24 Sept 2024AY 2019-20

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokar

For Appellant: Shri Tushar Hemani, Sr.Advocate &For Respondent: Dr. Darsi Suman Ratnam, CIT-DR &
Section 132Section 143(3)Section 145Section 153ASection 36(1)(va)Section 69C

…ith the well-established legal principle that only the real income should be brought to tax. The AR placed reliance on several judicial precedents, including the judgment of Hon’ble Gujarat High Court in case of CIT vs. President Industries reported at (2002) 258 ITR 654. The AR also placed reliance on various judicial precedents which held that the seized material has to be read in its entirety and pick & choose theory cannot be adopted while interpreting such seized material. 11. The Departmental Representative (DR) contended that the assessee was involved in substantial unaccounted cash transactions, which we…

ITO-19(3)(1), Mumbai vs. Thana Ram Mangi Lal Choudhary, Mumbai

In the result, the appeal is partly allowed

ITA 2698/MUM/2024[2009-10]Status: DisposedITAT Mumbai29 Aug 2024AY 2009-10

Bench: Shri Amarjit Singh, Hon’Ble & Shri Anikesh Banerjee, Hon’Bleassessment Year: 2009-10 Ito-19(3)(1), Mumbai Thana Ram Mangi Lal Choudhary Vs 33/36, Prabhu Shree Ram Mandir, 4Th Kumbharwada, Maharashtra-400004. Pan: Afepc 1898 P (Appellant) (Respondent)

For Appellant: NoneFor Respondent: Shri P.D. Chougule Addl. CIT/ Sr. DR
Section 142(1)Section 145(3)Section 147Section 148

…stion whether entire purchases should be disallowed or addition should be restricted to the profits embodied on sale proceeds 7 Thana Ram Mangi Lal Choudhary A.Y. 2009-10 was answered by Hon’ble Gujarat High Court in the case of CIT Vs. President Industries (258 ITR 654) and Hon’ble Madhya Pradesh High Court in the case of CIT Vs. Balchand Ajit Kumar (263 ITR 610). 6.8 Considering the above decisions, and a catena of recent decisions passed by the Tribunals relying on the aforesaid decisions, only the profits embodied on sale proceeds should be taxed instead of addition on account of entire purchases. Looking t…

Income Tax Officer, Ward-1(3), Ludhiana vs. Shree Balaji Processors, Ludhiana

In the result, appeal of the Revenue is dismissed whereas, the 29

ITA 499/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh20 Aug 2024AY 2017-18

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 499/Chd/2023 "नधा"रण वष" / Assessment Year : 2017-18 The Ito, Vs. Shree Balaji Processors, बनाम Ward-1(3), Tajpur Road, Ludhiana Opp. Central Jail, Ludhiana 141010 "थायी लेखा सं./Pan No: Actfs8428B अपीलाथ"/ Appellant ""यथ"/ Repsondent & C.O. No. 09/Chd/2024 ( In आयकर अपील सं./ Ita No. 499/Chd/2023) "नधा"रण वष" / Assessment Year : 2017-18 Shree Balaji Processors, Vs. The Ito, बनाम Tajpur Road, Ward-1(3), Opp. Central Jail, Ludhiana Ludhiana 141010 "थायी लेखा सं./Pan No: Actfs8428B अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Physical Hearing ) "नधा"रती क" ओर से/Assessee By : Shri Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 26.06.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 20.08.2024

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Kusum Bansal, CIT DR
Section 143(3)Section 145(3)Section 69A

…sessee than making addition of the same under section 68/69 of the act is prohibited, as the same shall amount to double taxation. Reliance is being placed on the following judgment of Hon'ble Gujarat High Court in the case of President Industries reported in 258 ITR 654, wherein, it was held as under:- "The amount of sales by itself cannot represent the income of the assessee who has not disclosed the sales. The sales only represent the price received by the seller of the goods for the acquisition of which it has already incurred the cost. It is the realisation of excess over the cost incurred that only forms p…

M/S. Atri Developers, Ahmedabad vs. The Dy. Commissioner of Income Tax, Circle-3(3), Ahmedabad

Appeal is dismissed

ITA 2859/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad23 Jul 2024AY 2013-14

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarassessment Year : 2013-14 The Dcit, Cir.3(3) M/S.Atri Developers Ahmedabad. Vs 19, Ambalal House Mayur Park Society Satellite Road Ahmedabad. Pan : Aatfa 1086 D Assessment Year : 2013-14 M/S.Atri Developers The Dcit, Cir.3(3) 19, Ambalal House Vs Ahmedabad. Mayur Park Society Satellite Road Ahmedabad. Pan : Aatfa 1086 D

For Appellant: Shri Mohit Balani, ARFor Respondent: Shri Prateek Sharma, Sr.DR
Section 133ASection 250

…nt has further contended that even in the case of alleged receipt of On-Money what can be taxed is only the net profit and not the entire amount of alleged receipts. For this proposition, the Appellant has further relied upon following decisions: Industries - 258 ITR 654 (Guj) (ii) CIT v. Balchand Ajit Kumar - 263 ITR 610 (MP) (iii) Man Mohan Sadani v. CIT-304 ITR 52 (MP) (iv) Kishor Mohanlal Telwala V. ACIT. 64 TTJ 543 (Ahd.) I have gone through the above decision in reference to case before me. The Appellant has further relied upon following decisions of Ahmedabad Tribunal, wherein it has been held that where i…

The Dy. Commissioner of Income Tax Circle-3(3), Ahmedabad vs. M/S. Atri Developers, Ahmedabad

Appeal is dismissed

ITA 2855/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad23 Jul 2024AY 2013-14

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarassessment Year : 2013-14 The Dcit, Cir.3(3) M/S.Atri Developers Ahmedabad. Vs 19, Ambalal House Mayur Park Society Satellite Road Ahmedabad. Pan : Aatfa 1086 D Assessment Year : 2013-14 M/S.Atri Developers The Dcit, Cir.3(3) 19, Ambalal House Vs Ahmedabad. Mayur Park Society Satellite Road Ahmedabad. Pan : Aatfa 1086 D

For Appellant: Shri Mohit Balani, ARFor Respondent: Shri Prateek Sharma, Sr.DR
Section 133ASection 250

…nt has further contended that even in the case of alleged receipt of On-Money what can be taxed is only the net profit and not the entire amount of alleged receipts. For this proposition, the Appellant has further relied upon following decisions: Industries - 258 ITR 654 (Guj) (ii) CIT v. Balchand Ajit Kumar - 263 ITR 610 (MP) (iii) Man Mohan Sadani v. CIT-304 ITR 52 (MP) (iv) Kishor Mohanlal Telwala V. ACIT. 64 TTJ 543 (Ahd.) I have gone through the above decision in reference to case before me. The Appellant has further relied upon following decisions of Ahmedabad Tribunal, wherein it has been held that where i…

Pongianna Gounder Mani Gounder, Erode vs. Assistant Commissioner of Income Tax, Central Circle-2(4), Bangalore

In the result, the appeal of the assessee is partly allowed

ITA 761/BANG/2024[2016-17]Status: DisposedITAT Bangalore04 Jul 2024AY 2016-17

Bench: Shri Waseem Ahmed & Shri Prakash Chand Yadavassessment Year: 2016-17

For Appellant: Shri Sreedhar, AdvocateFor Respondent: Shri Chinmay Aanad Jain, JCIT (DR)
Section 132Section 132(4)Section 142(1)Section 153C

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER AND SHRI PRAKASH CHAND YADAV, JUDICIAL MEMBER Assessment Year: 2016-17 Pongianna Gounder, Vs. The Asst. Commissioner of Mani Gounder, Income Tax, 39, Chinnamuthu 3rd Street, Central Circle- 2(4), E.K Valasu, Bengaluru. Erode-638 004. PAN – BNPPM 2743 B APPELLANT RESPONDENT Assessee by : Shri Sreedhar, Advocate Revenue by : Shri Chinmay Aanad Jain, JCIT (DR) Date of hearing : 01.07.2024 Date of Pronouncement : 04.07.2024 O R D E R PER WASEEM AHMED, ACCOUNTANT MEMBER: This is an appeal filed by the assessee…

M/S. Mukka Proteins Limited (Formerly Know As Mukka Sea Food Industries Ltd., Mangalore vs. Deputy Commissioner of Income Tax, Central Circle-1, Mangaluru

In the result, appeals of the assessee in ITA Nos

ITA 431/BANG/2024[2013-14]Status: DisposedITAT Bangalore03 Jul 2024AY 2013-14

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Sri Narendra Sharma, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 132Section 132(4)Section 153ASection 153DSection 234A

…ainst the assessee in relation to the questions at the instance of the assessee, and in favour of the assessee and against the Revenue in relation to the questions at the instance of the Revenue.” 5.14 In the case of CIT Vs. President Industries, reported in 258 ITR 654, the Hon’ble Gujarat High Court held as under: “In the course of survey conducted in the premises of assessee, excise records were found which disclosed godown sales not disclosed in the books of account of the assessee. The Assessing Officer made addition of undisclosed income of the entire sale proceeds thereof. The Commissioner affirmed the ad…

Harisons Steel Limited, Wada Thane vs. Dy CIT 12(2)(2), Mumbai

In the result, the appeal of the assessee vide ITA No

ITA 3957/MUM/2023[2013-14]Status: DisposedITAT Mumbai10 Jun 2024AY 2013-14

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

For Appellant: Mani JainFor Respondent: Biswanath Das
Section 143(3)Section 147Section 148

…stances in the present case. Moreover, the question whether entire purchases should be disallowed or addition should be restricted to the profits embodied on sale proceeds was answered by Hon'ble Gujarat High Court in the case of CIT Vs. President Industries (258 ITR 654)and Hon'ble Madhya Pradesh High Court in the case of CIT Vs. Balchand Ajit Kumar (263 ITR 610). Considering the above decisions, it is clear that only the profits embodied on sale proceeds should be taxed instead of addition on account of entire purchases. Looking to the circumstantial evidence in the present case, it is evident that impugned pur…

Harisons Steel Ltd, Wada Thane vs. DCIT 12(2)(2), Mumbai

In the result, the appeal of the assessee vide ITA No

ITA 3943/MUM/2023[AY 2011-12]Status: DisposedITAT Mumbai10 Jun 2024

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

For Appellant: Mani JainFor Respondent: Biswanath Das
Section 143(3)Section 147Section 148

…stances in the present case. Moreover, the question whether entire purchases should be disallowed or addition should be restricted to the profits embodied on sale proceeds was answered by Hon'ble Gujarat High Court in the case of CIT Vs. President Industries (258 ITR 654)and Hon'ble Madhya Pradesh High Court in the case of CIT Vs. Balchand Ajit Kumar (263 ITR 610). Considering the above decisions, it is clear that only the profits embodied on sale proceeds should be taxed instead of addition on account of entire purchases. Looking to the circumstantial evidence in the present case, it is evident that impugned pur…

DCIT-CC-4(2), Mumbai vs. Rubberwala Realty, Mumbai

In the result, all the appeals of the assessee for AYs 2015-16 to

ITA 3531/MUM/2023[2018-19]Status: DisposedITAT Mumbai07 Jun 2024AY 2018-19

Bench: We Advert To The Grounds Taken In The Cross Appeals, It Would First Be Relevant To Cull Out The Basic Facts Of The Case & Effect Of Law In Brief In Respect Of Certain Ays. Search U/S 132 Of The Income Tax Act, 1961 (Hereinafter Referred To As "The Act") Was Conducted Against The Rubberwala Group, On 17-03-2021 Thereby Triggering Section 153A Of The Act. Prior To The Date Of Search, The Income-Tax Assessments For Ays 2015-16 To 2019-20 Were Either Completed U/S 143(1)/143(3) Of The Act And/Or The Time Limit For Issue Of Notice U/S 143(2) Of The Act Had Expired. Accordingly, The Income-Tax 3

For Respondent: Shri Sanyogita Nagpal, CIT
Section 132Section 133(6)Section 143(1)Section 143(2)Section 153ASection 68Section 69C

…rious judgments relied on above it has been categorically held that on- money receipts are in the nature of sale price and not income per se. In the case of CIT vs. President Industries 53 ITA No.3443 & Ors/Mum/2023 A.Ys. 2015-16 to 2021-22 Rubberwala Realty [258 ITR 654 (Guj)] it has been held that the entire sum of undisclosed sale proceeds cannot be treated as income. Similar view has been taken by the Honble Bombay High Court in the case of CIT vs. Hariram Bhambhani in ITXA No. 313 of 2013. Further in the case of Guruprerna Enterprises (supra) relying on Abhishek Corporation vs. DCIT [63 TTJ (Ahd) 651] it has…

DCIT-CC-4(2), Mumbai vs. Rubberwala Housing and Infrastructure Limited, Mumbai

In the result, all the appeals of the assessee stands allowed and

ITA 3508/MUM/2023[2015-16]Status: DisposedITAT Mumbai07 Jun 2024AY 2015-16

Bench: Shri Br Baskaran, Am & Shri Aby T Varkey, Jm आयकर अपील सं/ I.T. A. No. 3448/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3447/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3446/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3445/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3444/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2019-20) & आयकर अपील सं/ I.T. A. No. 3459/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2020-21) & आयकर अपील सं/ I.T. A. No. 3432/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2021-22) Rubberwala Housing & Infrastructure Ltd. Ground Floor, Rubberwala House, Dr. A Nair Road, Agripada, Mumbai-400011. बनाम / Vs. Dcit, Central Circle-4(2) 19Th Floor, Air India Building, Nariman Point, Mumbai-400021. आयकर अपील सं/ I.T. A. No. 3508/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3505/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3504/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3549/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3503/Mum/2023

For Appellant: Shri Mani Jain FCAFor Respondent: Smt Sanyogita Nagpal
Section 132Section 143(1)Section 143(2)Section 153ASection 68Section 69C

…en facts of the present case that, the amount of receipts/ sales by itself would represent the income of the assessee. For this, we gainfully rely on the following findings rendered by the Hon'ble Gujarat High Court in the case of CIT Vs President Industries (258 ITR 654). "3. Having perused the assessment order made by the Assessing Officer, the order made by the Commissioner (Appeals) and the Tribunal, we are satisfied that the Tribunal was justified in rejecting the application under section 256(1). It cannot be a matter of an argument that the amount of sales by itself cannot represent the income of the asses…

Rubberwala Housing and Infrastructure Limited, Mumbai vs. DCIT CC-4(2), Mumbai

In the result, all the appeals of the assessee stands allowed and

ITA 3448/MUM/2023[2015-16]Status: DisposedITAT Mumbai07 Jun 2024AY 2015-16

Bench: Shri Br Baskaran, Am & Shri Aby T Varkey, Jm आयकर अपील सं/ I.T. A. No. 3448/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3447/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3446/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3445/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3444/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2019-20) & आयकर अपील सं/ I.T. A. No. 3459/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2020-21) & आयकर अपील सं/ I.T. A. No. 3432/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2021-22) Rubberwala Housing & Infrastructure Ltd. Ground Floor, Rubberwala House, Dr. A Nair Road, Agripada, Mumbai-400011. बनाम / Vs. Dcit, Central Circle-4(2) 19Th Floor, Air India Building, Nariman Point, Mumbai-400021. आयकर अपील सं/ I.T. A. No. 3508/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3505/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3504/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3549/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3503/Mum/2023 2

For Appellant: Shri Mani Jain FCAFor Respondent: Smt Sanyogita Nagpa
Section 132Section 143(1)Section 143(2)Section 153ASection 68Section 69ASection 69C

…en facts of the present case that, the amount of receipts/ sales by itself would represent the income of the assessee. For this, we gainfully rely on the following findings rendered by the Hon'ble Gujarat High Court in the case of CIT Vs President Industries (258 ITR 654). "3. Having perused the assessment order made by the Assessing Officer, the order made by the Commissioner (Appeals) and the Tribunal, we are satisfied that the Tribunal was justified in rejecting the application under section 256(1). It cannot be a matter of an argument that the amount of sales by itself cannot represent the income of the asses…

Parmanand & Sons Food Product Pvt. Ltd, Delhi vs. DCIT, Central Circle-20

In the result, the appeals are disposed of as follows:

ITA 981/DEL/2022[2018-19]Status: DisposedITAT Delhi30 May 2024AY 2018-19

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…e profit element embedded therein which would be subject to tax. It would be appropriate to restrict the disallowance made in this regard to 25 per cent of the cost of such purchases in each year.” (v) In the case of CIT Vs. President Industries, reported in 258 ITR 654, the Hon’ble Gujarat High Court held as under: “In the course of survey conducted in the premises of assessee, excise records were found which disclosed godown sales not disclosed in the books of account of the assessee. The Assessing Officer made addition of undisclosed income of the entire sale proceeds thereof. The Commissioner affirmed the…

Parmanand & Sons Food Product Pvt. Ltd, Delhi vs. DCIT, Central Circle-20

In the result, the appeals are disposed of as follows:

ITA 980/DEL/2022[2017-18]Status: DisposedITAT Delhi30 May 2024AY 2017-18

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…e profit element embedded therein which would be subject to tax. It would be appropriate to restrict the disallowance made in this regard to 25 per cent of the cost of such purchases in each year.” (v) In the case of CIT Vs. President Industries, reported in 258 ITR 654, the Hon’ble Gujarat High Court held as under: “In the course of survey conducted in the premises of assessee, excise records were found which disclosed godown sales not disclosed in the books of account of the assessee. The Assessing Officer made addition of undisclosed income of the entire sale proceeds thereof. The Commissioner affirmed the…

DCIT, Central Circle-20, New Delhi vs. Devesh Mittal, Delhi

In the result, the appeals are disposed of as follows:

ITA 944/DEL/2022[2017--18]Status: DisposedITAT Delhi30 May 2024

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…e profit element embedded therein which would be subject to tax. It would be appropriate to restrict the disallowance made in this regard to 25 per cent of the cost of such purchases in each year.” (v) In the case of CIT Vs. President Industries, reported in 258 ITR 654, the Hon’ble Gujarat High Court held as under: “In the course of survey conducted in the premises of assessee, excise records were found which disclosed godown sales not disclosed in the books of account of the assessee. The Assessing Officer made addition of undisclosed income of the entire sale proceeds thereof. The Commissioner affirmed the…