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 366,470 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

The DCIT, Central Circle-1, Surat vs. M/S. Balar Exports, Surat

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

ITA 3188/AHD/2011[2008-09]Status: DisposedITAT Surat04 Feb 2020AY 2008-09

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No’S.3188 & 3189/Ahd/2011 िनधा"रण वष"/Assessment Year: 2008-09 1. Deputy Commissioner Of Vs. 1.M/S. Balar Exports, Income Tax, Central Circle-1, Balar Building, Opp. Surat. Panchratna Tower, Lambe Hanuman Road, Surat-395 006. [Pan: Aacfb 4703 H] 2.M/S. Balar Exports, 2. Deputy Commissioner Of Balar Building, Opp. Income Tax, Central Panchratna Tower, Lambe Circle-1, Surat. Hanuman Road, Surat-395 006. [Pan: Aacfb 4703 H] अपीलाथ" Appellant ""यथ"/Respondent िनधा"रती क" ओर से /Assessee By Shri Rasesh Shah - Ca Shri Srinivas T. Bidari - Cit(D.R.) राज"व क" ओर से /Revenue By 11.12.2019 सुनवाई क" तारीख/ Date Of Hearing: उ"ोषणा क" तारीख/Pronouncement On: 04.02.2020 आदेश /O R D E R Per O. P. Meena, Am: 1. The Above Cross Appeals By The Revenue & Assessee Are Directed Against The Order Of Learned Commissioner Of Income Tax (Appeals)-Ii, Ahmedabad (In Short “The Cit (A)”) Dated 19.10.2011 For The Assessment Year 2008-09, Which In Turn Has Arisen From The Assessment Order Passed Under Section 143(3) Dated 31.12.2010 Of Balar Exports V. Dcit-Cc-1-Surat & Vice- Versa /I.T.A.No’S. 3189 & 3188/Ahd/2011/A.Y.2008-09 Page 2 Of 49

Section 133ASection 143(3)Section 69

…turnover comes to Rs.79,74,48,166/-, which worked out less than the declaration made by the assessee. It is well settled principle that whole sales, cannot be added, and only percentage of profit can be added as held in the case of CIT v. President Industries 258 ITR 654 (Gujarat) by the Hon’ble Gujarat High Court. Unless there is concrete, evidence that the assessee has made investment outside books of accounts before receipts of the sale consideration no addition can be made. The assessee has declared the peak investment of the excess stock of polished diamonds at the time of survey, hence, no addition can be m…

Shree Sanand Textile Industries Ltd., Ahmedabad vs. The Dy.CIT, (OSD), Circle-8, Ahmedabad

In the result the appeal filed by the assessee is allowed and the appeal filed by the revenue is dismissed

ITA 995/AHD/2014[1995-96]Status: DisposedITAT Ahmedabad06 Jan 2020AY 1995-96

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed1. आयकर अपील सं./Ita No.995/Ahd/2014 With Co No.167/Ahd/2014 (In Ita No.1166/Ahd/2014) ("नधा"रण वष"/Assessment Year : 1995-96) Shree Sanand Textiles The Dy.Cit (Osd) बनाम/ Industries Ltd. Circle-8 Vs. 10-A, Sattar Taluka Society Ahmedabad B/H. C.U. Shah College Navjivan Press Road Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aamc 8881 G (Appellant & Cross Objector) .. (""यथ" / Respondent) & 2. आयकर अपील सं./Ita No.1166/Ahd/2014 ("नधा"रण वष"/Assessment Year : 1995-96) The Dcit Shree Sanand Textile बनाम/ Circle-8 Industries Ltd., Vs. Ahmedabad Ahmedabad .. (अपीलाथ"/Appellant) (""यथ" / Respondent) Assessee By : Shri Anil R.Shah, Shri Tushar Hemani & Ms.Kinjal Shah, Ars Revenue By : Shri Vidhut Trivedi, Sr.Dr

For Appellant: Shri Anil R.ShahFor Respondent: Shri Vidhut Trivedi, Sr.DR
Section 148Section 68

…ind support and guidance from the with CO No.167/Ahd/2014(By Assessee) & ITA No.1166/Ahd/2014(By Revenue) Shree Sanand Textile Industries Ltd. vs. DCIT Asst.Year – 1995-96 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 part…

The DCIT.Circle-8, Ahmedabad vs. Shree Sanand Textile Inds.Ltd., Ahmedabad

In the result the appeal filed by the assessee is allowed and the appeal filed by the revenue is dismissed

ITA 1166/AHD/2014[1995-96]Status: DisposedITAT Ahmedabad06 Jan 2020AY 1995-96

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed1. आयकर अपील सं./Ita No.995/Ahd/2014 With Co No.167/Ahd/2014 (In Ita No.1166/Ahd/2014) ("नधा"रण वष"/Assessment Year : 1995-96) Shree Sanand Textiles The Dy.Cit (Osd) बनाम/ Industries Ltd. Circle-8 Vs. 10-A, Sattar Taluka Society Ahmedabad B/H. C.U. Shah College Navjivan Press Road Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aamc 8881 G (Appellant & Cross Objector) .. (""यथ" / Respondent) & 2. आयकर अपील सं./Ita No.1166/Ahd/2014 ("नधा"रण वष"/Assessment Year : 1995-96) The Dcit Shree Sanand Textile बनाम/ Circle-8 Industries Ltd., Vs. Ahmedabad Ahmedabad .. (अपीलाथ"/Appellant) (""यथ" / Respondent) Assessee By : Shri Anil R.Shah, Shri Tushar Hemani & Ms.Kinjal Shah, Ars Revenue By : Shri Vidhut Trivedi, Sr.Dr

For Appellant: Shri Anil R.ShahFor Respondent: Shri Vidhut Trivedi, Sr.DR
Section 148Section 68

…ind support and guidance from the with CO No.167/Ahd/2014(By Assessee) & ITA No.1166/Ahd/2014(By Revenue) Shree Sanand Textile Industries Ltd. vs. DCIT Asst.Year – 1995-96 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 part…

M/S. Grand Lilly Motels Ltd, Jalandhar vs. The Additional Commissioner of Income-Tax, Range-3, Jalandhar

In the result, appeal of the assessee is allowed for statistical purposes

ITA 669/ASR/2017[2012-13]Status: DisposedITAT Amritsar19 Dec 2019AY 2012-13

Bench: Shri N.K. Choudhry & Shri O.P.Meenaआ.अ.संसंसंसं././././I.T.A Nos.667 To 669 /Asr/2017 िनधा"रणवष"/A.Ys.:2010-11, 2011-12 & 2012-13 िनधा"रणवष" िनधा"रणवष" िनधा"रणवष" M/S. Grand Lilly Motels Limited, Vs. Assistant Commissioner Of 4, Model Town, Jalandhar Income Tax, Pan: Aabcj 4527 E Circle- Iii, Jalandhar अपीलाथ" अपीलाथ"Appellant अपीलाथ" अपीलाथ" ""यथ" ""यथ"/Respondent ""यथ" ""यथ"

…s , which could not be justified as only profit element should have been considered for addition. In support of this contention the counsel has relied on following case laws : Manmohan Sadani v. CIT [2008] 304 ITR 52 (MP), CIT v. President Industries [2002] 258 ITR 654 (Gujarat) , CIT v. Balchnad Ajit Kumar [2003] 263 ITR 610 (MP) 10. Per contra, the Ld. DR relied upon the orders of the lower authorities 11. We have heard the rival submissions and perused the relevant material on record. We find that the AO has estimated sales based on consumption. However, where sale of finish goods sales are estimated, th…

M/S Grand Lilly Limited, Jalandhar vs. Assistant Commissioner of Income Tax, Jalandhar

In the result, appeal of the assessee is allowed for statistical purposes

ITA 667/ASR/2017[2010-11]Status: DisposedITAT Amritsar19 Dec 2019AY 2010-11

Bench: Shri N.K. Choudhry & Shri O.P.Meenaआ.अ.संसंसंसं././././I.T.A Nos.667 To 669 /Asr/2017 िनधा"रणवष"/A.Ys.:2010-11, 2011-12 & 2012-13 िनधा"रणवष" िनधा"रणवष" िनधा"रणवष" M/S. Grand Lilly Motels Limited, Vs. Assistant Commissioner Of 4, Model Town, Jalandhar Income Tax, Pan: Aabcj 4527 E Circle- Iii, Jalandhar अपीलाथ" अपीलाथ"Appellant अपीलाथ" अपीलाथ" ""यथ" ""यथ"/Respondent ""यथ" ""यथ"

…s , which could not be justified as only profit element should have been considered for addition. In support of this contention the counsel has relied on following case laws : Manmohan Sadani v. CIT [2008] 304 ITR 52 (MP), CIT v. President Industries [2002] 258 ITR 654 (Gujarat) , CIT v. Balchnad Ajit Kumar [2003] 263 ITR 610 (MP) 10. Per contra, the Ld. DR relied upon the orders of the lower authorities 11. We have heard the rival submissions and perused the relevant material on record. We find that the AO has estimated sales based on consumption. However, where sale of finish goods sales are estimated, th…

The Dy. Commissioner of Income Tax, Central Circle-4, Surat vs. M/S. Anupam Organiser, Surat

In the result, Ground No.1 of the Revenue is dismissed

ITA 2036/AHD/2016[2013-14]Status: DisposedITAT Surat13 Dec 2019AY 2013-14

Bench: Shri Sandeep Gosain & Shri O.P.Meenaआ.अ.सं./I.T.A No.2036/Ahd/2016 "नधा"रण वष"/Assessment Year: 2013-14 Deputy Commissioner Of V Anupam Organiser, Income Tax, S. F.P.No.12/13, Tp No.37, Central Circle-4, Surat. Nr. Bhumi Residency, Althan, Surat. [Pan: Aarfa 6954 C] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Rajesh Upadhyay –Ar राज"वक"ओरसे /Revenue By Shri Sreenivas T.Bidari - Cit-Dr

Section 132Section 132(4)Section 133ASection 143(3)

…Further, the said view is also supported by end number of judgments. Few of them are listed below: a. CIT vs Gurubachhan Singh J. Juneja [2008] 302 ITR 63 (GUJ.) b. CIT vs. Samir Synthetics Mill [2010] 326 ITR 410 (GUJ.) c. CIT v. President Industries [2002] 258 ITR 654 (Guj.) d. Dy. CIT vs. Panna Corporation [2012] 74 DTR 89 (Guj-HC) e. CIT vs. Balchand Ajit Kumar [MP HC] 263 ITR 610. f. CIT vs. Samir Synthetics Mill [2010] 326 ITR 410 (Guj) g. CIT vs. President Industries (Guj HC), 258 ITR h. Mohan Sadhani Vs. CIT 304 ITR 52 (MP) i. Agrawal Motors Vs ACIT68 ITD 407 (Jab), j. Sharda Real Estate Pnt.Ltd., ... vs…

Satya Prakash Sharma, Kolkata vs. Pr.CIT, Kolkata - 12, Kolkata

In the result, all the appeals of the assessee are allowed

ITA 2576/KOL/2018[2011-12]Status: DisposedITAT Kolkata22 Nov 2019AY 2011-12

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am]

Section 133(6)Section 143(3)Section 147Section 263

…e. 11.96% and making an addition of Rs.9,97,170/- in the facts and circumstances of the case is a plausible view. In order to take the aforesaid action the AO has relied on the decisions of the Hon’ble Gujarat High Court in CIT Vs. President Industries (2002) 258 ITR 654 (Guj)(HC) and the decision of Hon”ble Madhya Pradesh High Court in the case of CIT Vs. Balchand Ajit Kumar (2003) 263 ITR 610 (MP). Moreover, the AO, before coming to the conclusion of adding the 2.25% GP in respect of the alleged bogus purchase, had considered whether to make the addition which is to be restricted to the gross profit or the enti…

Satya Prakash Sharma, Kolkata vs. Pr.CIT, Kolkata - 12, Kolkata

In the result, all the appeals of the assessee are allowed

ITA 2575/KOL/2018[2010-11]Status: DisposedITAT Kolkata22 Nov 2019AY 2010-11

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am]

Section 133(6)Section 143(3)Section 147Section 263

…e. 11.96% and making an addition of Rs.9,97,170/- in the facts and circumstances of the case is a plausible view. In order to take the aforesaid action the AO has relied on the decisions of the Hon’ble Gujarat High Court in CIT Vs. President Industries (2002) 258 ITR 654 (Guj)(HC) and the decision of Hon”ble Madhya Pradesh High Court in the case of CIT Vs. Balchand Ajit Kumar (2003) 263 ITR 610 (MP). Moreover, the AO, before coming to the conclusion of adding the 2.25% GP in respect of the alleged bogus purchase, had considered whether to make the addition which is to be restricted to the gross profit or the enti…

Satya Prakash Sharma, Kolkata vs. Pr.CIT, Kolkata - 12, Kolkata

In the result, all the appeals of the assessee are allowed

ITA 2574/KOL/2018[2009-10]Status: DisposedITAT Kolkata22 Nov 2019AY 2009-10

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am]

Section 133(6)Section 143(3)Section 147Section 263

…e. 11.96% and making an addition of Rs.9,97,170/- in the facts and circumstances of the case is a plausible view. In order to take the aforesaid action the AO has relied on the decisions of the Hon’ble Gujarat High Court in CIT Vs. President Industries (2002) 258 ITR 654 (Guj)(HC) and the decision of Hon”ble Madhya Pradesh High Court in the case of CIT Vs. Balchand Ajit Kumar (2003) 263 ITR 610 (MP). Moreover, the AO, before coming to the conclusion of adding the 2.25% GP in respect of the alleged bogus purchase, had considered whether to make the addition which is to be restricted to the gross profit or the enti…

M/S. Shiv Pujan Developers, Kalol vs. The Income Tax Officer, Ward-3, Mehsana

In the result, appeal of the assessee is partly allowed

ITA 399/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad01 Oct 2019AY 2012-13

Bench: Shri Rajpal Yadav & Shri Amarjit Singh"नधा"रण वष"/ Asstt.Year: 2012-13 M/S.Shiv Pujan Develpers Ito, Ward-3 Mehsana. C/O. Jigneshkuamr Purushottambhai Vs. Patel, Abf-12, First Floor, Shivam Plaza Borisana Three Road Opp: Borisana Petrol Pump Kalol (N.G.)-382 721. Pan : Abtfs 2833 H

For Appellant: Shri Tushar Hemani, ARFor Respondent: Shri Alok Singh, CIT-DR
Section 133ASection 143(2)

…entire receipt believing the it was only the income embedded in such receipt which can be subjected to tax. 10. As pointed out by the counsel for the respondent, this Court in the case of Commissioner of Income Tax v. President Industries, reported in (2002) 258 ITR 654 had taken a similar view. In the said case, during the course of survey conducted on the premises of the assessee, from the excise records found, an inference was drawn by the Assessing Officer that sales accounting to Rs.29 lakhs and odd had not been disclosed in the books of account. The Assessing Officer made addition of the entire sum of the…

Income Tax Officer-11(3)(4), Mumbai vs. Western Imaginary Transcon Private Limited, Mumbai

In the result, appeal of the Revenue in ITA No

ITA 4929/MUM/2017[2011-12]Status: DisposedITAT Mumbai20 Aug 2019AY 2011-12

Bench: Shri Sandeep Gosain & Shri Ramit Kochar

For Appellant: Shri. Bhavesh P. ShahFor Respondent: Shri. Satyanathan Raju (Sr. AR)
Section 143(3)Section 68

…hat the ledger confirmation from the creditor were duly submitted before the AO and there is a reconciliation wherein sales were backed by purchases. The assessee also relied upon certain case laws , detailed hereunder:- (i) CIT v. President Industries (2002) 258 ITR 654 (Guj.) (HC) (655) (ii) CIT v. Balachand Ajit Kumar (2003) 263 ITR 610 (MP) (HC) (612-613) (iii) Sanjeev Woolen Mills v. CIT (2005) 279 ITR 434 (SC) It was also submitted that these purchases were duly accounted for in the books of accounts of the assessee and payments were made through banking channel. The assessee relied upon decision of ITAT, A…

ITO, Muzaffarnagar vs. Sh Waseem Ahmad, Muzaffarnagar

ITA 5215/DEL/2012[2009-10]Status: DisposedITAT Delhi26 Jul 2019AY 2009-10

Bench: Shri R.K. Panda & Shri Kuldip Singh

For Appellant: Shri Ankit Gupta, AdvocateFor Respondent: Smt. Naina Soin Kapila, Senior DR
Section 133Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘D’ : NEW DELHI) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER and SHRI KULDIP SINGH, JUDICIAL MEMBER ITA No.5215/Del./2012 (ASSESSMENT YEAR : 2009-10) ITO, Ward 2 (1), vs. Shri Waseem Ahmad, Muzaffarnagar. S/o Shri Rais Ahmad, 854, Kareem Nagar, Near Minocha Nursing Home, Muzaffarnagar. (PAN : AFYPA9578G) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Ankit Gupta, Advocate REVENUE BY : Smt. Naina Soin Kapila, Senior DR Date of Hearing : 22.07.2019 Date of Order : 26.07.2019 O R D E R PER KULDIP SINGH, JUDICIAL MEMBER : Appellant, ITO, Ward 2 (1), Muzaffarnagar (…

Pernod Ricard India Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the recalled matter of the appeal in ITA No

ITA 914/DEL/2015[2011-12]Status: DisposedITAT Delhi10 Jul 2019AY 2011-12

Bench: Shri Amit Shukla & Shri O.P. Kant

Section 144C(13)Section 194HSection 40

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘I-1’, NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER ITA Nos.910 to 914/Del/2015 Assessment Years:2007-08 to 2011-12 M/s. Pernod Ricard India Pvt. Vs. DCIT, Ltd. (Formerly known as Central Circle-31, New Delhi Seagram India Pvt. Ltd.), 104, Ashoka Estate, Barakhamba Road, New Delhi PAN :AAACS4781P (Appellant) (Respondent) Appellant by Sh. Deepak Chopra, Adv. Sh. Yujit Pareek, Adv.; and Ms. Rashi Khanna, Adv. Respondent by Sh. Sanjay I. Bara, CIT(DR) Date of hearing 01.07.2019 Date of pronouncement 10.07.2019 ORDER PER O.…

Pernod Ricard India Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the recalled matter of the appeal in ITA No

ITA 912/DEL/2015[2009-10]Status: DisposedITAT Delhi10 Jul 2019AY 2009-10

Bench: Shri Amit Shukla & Shri O.P. Kant

Section 144C(13)Section 194HSection 40

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘I-1’, NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER ITA Nos.910 to 914/Del/2015 Assessment Years:2007-08 to 2011-12 M/s. Pernod Ricard India Pvt. Vs. DCIT, Ltd. (Formerly known as Central Circle-31, New Delhi Seagram India Pvt. Ltd.), 104, Ashoka Estate, Barakhamba Road, New Delhi PAN :AAACS4781P (Appellant) (Respondent) Appellant by Sh. Deepak Chopra, Adv. Sh. Yujit Pareek, Adv.; and Ms. Rashi Khanna, Adv. Respondent by Sh. Sanjay I. Bara, CIT(DR) Date of hearing 01.07.2019 Date of pronouncement 10.07.2019 ORDER PER O.…

Pernod Ricard India Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the recalled matter of the appeal in ITA No

ITA 911/DEL/2015[2008-09]Status: DisposedITAT Delhi10 Jul 2019AY 2008-09

Bench: Shri Amit Shukla & Shri O.P. Kant

Section 144C(13)Section 194HSection 40

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘I-1’, NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER ITA Nos.910 to 914/Del/2015 Assessment Years:2007-08 to 2011-12 M/s. Pernod Ricard India Pvt. Vs. DCIT, Ltd. (Formerly known as Central Circle-31, New Delhi Seagram India Pvt. Ltd.), 104, Ashoka Estate, Barakhamba Road, New Delhi PAN :AAACS4781P (Appellant) (Respondent) Appellant by Sh. Deepak Chopra, Adv. Sh. Yujit Pareek, Adv.; and Ms. Rashi Khanna, Adv. Respondent by Sh. Sanjay I. Bara, CIT(DR) Date of hearing 01.07.2019 Date of pronouncement 10.07.2019 ORDER PER O.…

M/S. Krishna Developers, Jamnagar vs. The Dy. Commr. of Income Tax, Cen. Cir.2, Rajkot-Gujarat

In the result the appeal of the assessee is partly allowed

ITA 459/RJT/2015[2012-13]Status: DisposedITAT Rajkot25 Jun 2019AY 2012-13

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita Nos.458-459/Rjt/2015 िनधा"रण वष"/Asstt. Years: 2011-2012 & 2012-2013 M/S. Krishna Developers, D.C.I.T, 402, 4Th Floor, Oscar Apartment, Vs. Central Circle-2, Limda Lane, Rajkot. Jamnagar.

For Appellant: Shri M.J. Ranpura, A.RFor Respondent: Shri B.B. Rajendra Prasad, CIT. DR
Section 153C

…f the assessee unless it is extablished that the assessee has claimed the corresponding expenses against such income. In this regard, we find support and guidance from the judgement 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 part…

M/S. Krishna Developers, Jamnagar vs. The Dy. Commr. of Income Tax, Cen. Cir.2, Rajkot-Gujarat

In the result the appeal of the assessee is partly allowed

ITA 458/RJT/2015[2011-12]Status: DisposedITAT Rajkot25 Jun 2019AY 2011-12

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita Nos.458-459/Rjt/2015 िनधा"रण वष"/Asstt. Years: 2011-2012 & 2012-2013 M/S. Krishna Developers, D.C.I.T, 402, 4Th Floor, Oscar Apartment, Vs. Central Circle-2, Limda Lane, Rajkot. Jamnagar.

For Appellant: Shri M.J. Ranpura, A.RFor Respondent: Shri B.B. Rajendra Prasad, CIT. DR
Section 153C

…f the assessee unless it is extablished that the assessee has claimed the corresponding expenses against such income. In this regard, we find support and guidance from the judgement 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 part…

Assistant Commissioner of Income Tax, Central Circle-3, Jaipur vs. M/S. Kedia Real Estate LLP, Jaipur

In the result, appeals of the revenue are dismissed whereas appeals of the assessee are allowed in part

ITA 289/JPR/2019[2017-18]Status: DisposedITAT Jaipur03 Jun 2019AY 2017-18
For Appellant: Shri Vijay Goyal (FCA) &For Respondent: Shri Varinder Mehta (CIT-DR)
Section 132(1)Section 143(3)Section 153A

…ef of Rs. 12,07,770 (twelve lakhs seven thousand seven hundred seventy) from the order of AO. Thus, ground Nos. 1 and 2 are partly allowed in favour of the Department.” c) Further, Hon’ble Gujarat High Court in the case of CIT vs. President Industries, (2002) 258 ITR 654 (Guj.), held that the entire sales could not be added as income of the assessee but addition could be made only to the extent of estimated profits embedded in sales. Hon’ble ITAT Ahmedabad Bench in the case of M/s Rameshwar Textile Mills Ltd vs JCIT, Range 4, Surat has 2015 (1) TMI 508 has taken similar view and followed the above decision of Hon…

Nitin Kedia, Jaipur vs. Deputy Commissioner of Income Tax, Central Circle-3, Jaipur

In the result, appeals of the revenue are dismissed whereas appeals of the assessee are allowed in part

ITA 128/JPR/2019[2015-16]Status: DisposedITAT Jaipur03 Jun 2019AY 2015-16
For Appellant: Shri Vijay Goyal (FCA) &For Respondent: Shri Varinder Mehta (CIT-DR)
Section 132(1)Section 143(3)Section 153A

…ef of Rs. 12,07,770 (twelve lakhs seven thousand seven hundred seventy) from the order of AO. Thus, ground Nos. 1 and 2 are partly allowed in favour of the Department.” c) Further, Hon’ble Gujarat High Court in the case of CIT vs. President Industries, (2002) 258 ITR 654 (Guj.), held that the entire sales could not be added as income of the assessee but addition could be made only to the extent of estimated profits embedded in sales. Hon’ble ITAT Ahmedabad Bench in the case of M/s Rameshwar Textile Mills Ltd vs JCIT, Range 4, Surat has 2015 (1) TMI 508 has taken similar view and followed the above decision of Hon…

M/S. Kedia Real Estate LLP, Jaipur vs. Deputy Commissioner of Income Tax, Central Circle-3, Jaipur

In the result, appeals of the revenue are dismissed whereas appeals of the assessee are allowed in part

ITA 127/JPR/2019[2017-18]Status: DisposedITAT Jaipur03 Jun 2019AY 2017-18
For Appellant: Shri Vijay Goyal (FCA) &For Respondent: Shri Varinder Mehta (CIT-DR)
Section 132(1)Section 143(3)Section 153A

…ef of Rs. 12,07,770 (twelve lakhs seven thousand seven hundred seventy) from the order of AO. Thus, ground Nos. 1 and 2 are partly allowed in favour of the Department.” c) Further, Hon’ble Gujarat High Court in the case of CIT vs. President Industries, (2002) 258 ITR 654 (Guj.), held that the entire sales could not be added as income of the assessee but addition could be made only to the extent of estimated profits embedded in sales. Hon’ble ITAT Ahmedabad Bench in the case of M/s Rameshwar Textile Mills Ltd vs JCIT, Range 4, Surat has 2015 (1) TMI 508 has taken similar view and followed the above decision of Hon…