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 Income Tax Officer, Jammu vs. Sh. Sudershan Kumar Sharma, Jammu

In the result, the Revenue’s appeal is allowed for statistical purposes

ITA 194/ASR/2016[2011-12]Status: DisposedITAT Amritsar28 May 2019AY 2011-12

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi. T. A. No. 194/Asr/2016 Assessment Year: 2011-12

For Appellant: Sh. Charan Dass (Sr. D.R.)For Respondent: Sh. Parveen Jain (Adv.)
Section 143(3)

…t, again, as contended, eight per cent. (8%) thereof, even as held by the Tribunal in Sarwan Kumar Sharma v. ITO (in ITA No. 2302/Ahd/2011). 3. Before us, it was argued by the ld. counsel for the assessee, Sh. Jain, relying CIT v. President Industries [2002] 258 ITR 654 (Guj) and CIT v. Balchand Ajit Kumar [2003] 263 ITR 610 (MP) that the entire receipt could not be regarded as undisclosed income, and that it is only the profit embedded in the sale receipt which could be regarded as income and subject to tax, and toward which the first 3 ITO v. Sudershan Kumar Sharma appellate authority had made a reasonable e…

Shri Khanchand D. Dodeja, Akola vs. I.T.O. Ward -1, Akola

In the result, the appeal of assessee is dismissed being devoid of any merit

ITA 335/NAG/2017[2005-2006]Status: DisposedITAT Nagpur24 May 2019AY 2005-2006

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri C.J. ThakarFor Respondent: Shri R.K. Baral
Section 133ASection 142(1)Section 144Section 148Section 68

…At the most the addition of profit segment could have been made by the authorities below. The ld. AR in support of his contentions placed reliance on the following decisions : i. CIT Vs. Balchand Ajit Kumar, 263 ITR 610 (MP); ii. CIT Vs. President Industries, 258 ITR 654 (Guj.); iii. G.N. Mohan Raju Vs. I.T.O., 217 ITR 4 (Gauhati); iv. Prabhudas Jagjiwandas Vs. I.T.O., 55 ITR 1 (Guj.). 4. On the other hand Shri R.K. Baral representing the Department vehemently defended the impugned order. The ld. DR submitted that the assessee did not co-operate with Assessing Officer during assessment proceedings and failed to…

Grow More Ceramics Pvt. Ltd., Gandhinagar vs. The ACIT, Mehsana Circle, Mehsana

In the result both the appeals filed by the assessee are allowed

ITA 2204/AHD/2017[2009-10]Status: DisposedITAT Ahmedabad21 May 2019AY 2009-10

Bench: Shri Mahavir Prasad & Shri Amarjit Singh)

For Appellant: Shri Parimal Singh Parmar, ARFor Respondent: Shri Kamlesh Makwana, Sr. D.R
Section 143Section 143(1)Section 143(3)Section 145Section 145(3)Section 147Section 148Section 234B

…he assessee's contention to make addition to the extent of the Net Profit worked out on undervaluation! and clandestine removal of goods is not acceptable. However, Having regard to the Hon'ble High Court of Gujarat in the case of CIT Vs President Industries, 258 ITR 654, the element of G.P. is considered on these issues. 12.0 Apart from this it is also pertinent to mention here that vide this office letter dated 08/05/2015, the assessee was asked to furnish the details relative to the comparative figures of G.P. for the F.Y. 2008-09, F.Y. 2007-08, F.Y. 2006-07,: along with the justification of any variation, if…

Jitendra Roopraj Mehta, Pune vs. Income Tax Officer, Pune

In the result, all the three appeals of assessee are

ITA 442/PUN/2017[2011-12]Status: DisposedITAT Pune22 Mar 2019AY 2011-12

Bench: Shri Anil Chaturvedi

For Appellant: Shri Pramod ShingteFor Respondent: Shri M.K. Verma
Section 143(1)Section 143(3)Section 147Section 148

…be generalized in all cases. 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 us 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 p…

Jitendra Roopraj Mehta, Pune vs. Income Tax Officer, Pune

In the result, all the three appeals of assessee are

ITA 441/PUN/2017[2010-11]Status: DisposedITAT Pune22 Mar 2019AY 2010-11

Bench: Shri Anil Chaturvedi

For Appellant: Shri Pramod ShingteFor Respondent: Shri M.K. Verma
Section 143(1)Section 143(3)Section 147Section 148

…be generalized in all cases. 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 us 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 p…

Jitendra Roopraj Mehta, Pune vs. Income Tax Officer, Pune

In the result, all the three appeals of assessee are

ITA 440/PUN/2017[2009-10]Status: DisposedITAT Pune22 Mar 2019AY 2009-10

Bench: Shri Anil Chaturvedi

For Appellant: Shri Pramod ShingteFor Respondent: Shri M.K. Verma
Section 143(1)Section 143(3)Section 147Section 148

…be generalized in all cases. 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 us 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 p…

M/S G. D. Enterprise, Kolkata vs. ACIT, Cir-40, Kolkata

In the result, we dismiss both the appeal of the assessee as well of Revenue

ITA 585/KOL/2016[2012-2013]Status: DisposedITAT Kolkata15 Mar 2019AY 2012-2013

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2012-13 M/S G.D. Enterprise V/S. Acit, Circle-40 1/H/1, Raja Janmenjoy 3, Government Place Road, Kolkata-700010 (West), Kolkat- [Pan No.Aacfg 4533 A] 700001 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri J.M. Thard, Advocate अपीलाथ" क" ओर से/By Appellant Shri Sourav Kumar, Addl. Cit-Sr-Dr ""यथ" क" ओर से/By Respondent 14-01-2019 सुनवाई क" तार"ख/Date Of Hearing 15-03-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal For Assessment Year 2012-13 Arises Against The Commissioner Of Income Tax (Appeals)-13, Kolkata’S Order Dated 31.12.2015, Passed In Case No.1046/Cit(A)-13/Kol/Cir-45/2014-15, Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties Case File Perused. 2. The Assessee’S Sole Substantive Ground Seeks To Reverse Both The Lower Authorities’ Action Treating Its Purchases Amounting To ₹3,39,04,027/- As Bogus In Assessment As Affirmed In Lower Appellate Proceedings. The Cit(A)’S Detailed Discussion To This Effect Reads As Under:- “5. Decision 5.1 Appellant'S Submission & Facts Available On Record Is Carefully Considered. The Assessee Has Argued That It Had Made All Payments Through Account Payee Cheque & From Your Petitioner Site There Is No Mistake As Per Law & Income Tax Act. So The Disallowance Of Purchase Against Payment Through Account Payee Cheque Would Not Be False & It May Be Accepted

Section 143(3)

…it is required to the presumed that there is a corresponding purchase against each such sale and moreover, in impugned case, there is a direct nexus of sales with the purchases. [38 Taxmann.com 385 (Guj), 355 ITR 290 (Guj), 263 ITR 610 (MP), 304 ITR 52 (MP), 258 ITR 654 (Gu)); As per comparative chart of sales vis-a-vis purchase (copy enclosed), it is evident that each purchase corresponds to the sales. For example : The purchase of 257 pairs of footwear made vide bill no 16 on 17th September, 2009 aggregating to Rs. 126,333 from Deep Enterprises were sold on 23rd September, 2009 at Rs. 1,44,273/-. 1.5 The appel…

M/S Mgm Tradelink Pvt. Ltd., Gandhidham vs. The Additional Commissioner of Income Tax, Gandhidham Circle, Gandhidham

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

ITA 974/RJT/2010[2005-06]Status: DisposedITAT Rajkot12 Mar 2019AY 2005-06

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No. 974/Rjt/2010 िनधा"रण वष"/Asstt. Year: 2005-2006

For Appellant: Shri Vimal Desai, A.RFor Respondent: Shri Praveen Verma, Sr. DR
Section 143(3)Section 14A(3)Section 40A(3)

…will be reasonable to estimate the gross profit at the rate of 6% of the turnover to put an end to the dispute. Regarding this we find support and guidance from the judgment of Hon’ble Gujarat High Court in the case of president industries v/s CIT reported in 258 ITR 654 wherein it was held as under: “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 represen…

Saaken Alloys Pvt. Ltd., Ahmedabad vs. The Income Tax Officer, Ward-8(1), Ahmedabad

In the result, both appeals of the assessee are dismissed

ITA 2180/AHD/2016[2008-09]Status: DisposedITAT Ahmedabad06 Mar 2019AY 2008-09

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediaआयकर अपील सं./ Ita No. 2179 & 2180/Ahd/2016 "नधा"रण वष"/Assessment Year: 2007-08 & 2008-09

For Appellant: Shri M.J. Shah, ARFor Respondent: Shri Virendra Singh, Sr.DR
Section 143(3)Section 148

…A) ought to have upheld the addition to the extent of 5.4% of the unaccounted sales determined by the AO in both the years. For buttressing his contentions, he relied upon the judgment of Hon’ble Gujarat High Court in the case of CIT Vs. President Industries, 258 ITR 654 (Guj) and in the case of CIT Vs. Gurubachhan Singh J. Juneja, 302 ITR 63 (Guj). He took us through both these decisions. On the other hand, the ld.DR relied upon the finding of the ld.CIT(A) recorded in para 5.4 extracted (supra). 9. We have duly considered rival contentions and gone through the record carefully. The contention of the ld.counsel…

Saaken Alloys Pvt. Ltd., Ahmedabad vs. The Income Tax Officer, Ward-8(1), Ahmedabad

In the result, both appeals of the assessee are dismissed

ITA 2179/AHD/2016[2007-08]Status: DisposedITAT Ahmedabad06 Mar 2019AY 2007-08

Bench: Shri Rajpal Yadav & Shri Pradip Kumar Kediaआयकर अपील सं./ Ita No. 2179 & 2180/Ahd/2016 "नधा"रण वष"/Assessment Year: 2007-08 & 2008-09

For Appellant: Shri M.J. Shah, ARFor Respondent: Shri Virendra Singh, Sr.DR
Section 143(3)Section 148

…A) ought to have upheld the addition to the extent of 5.4% of the unaccounted sales determined by the AO in both the years. For buttressing his contentions, he relied upon the judgment of Hon’ble Gujarat High Court in the case of CIT Vs. President Industries, 258 ITR 654 (Guj) and in the case of CIT Vs. Gurubachhan Singh J. Juneja, 302 ITR 63 (Guj). He took us through both these decisions. On the other hand, the ld.DR relied upon the finding of the ld.CIT(A) recorded in para 5.4 extracted (supra). 9. We have duly considered rival contentions and gone through the record carefully. The contention of the ld.counsel…

Smt. Shashi Devi Gulati, Bhilai vs. Income Tax Officer-1(5), Bhilai

In the result, appeal of the assessee in ITA No

ITA 73/RPR/2018[2011-12]Status: DisposedITAT Raipur18 Jan 2019AY 2011-12

Bench: Shri Anil Chaturvedi, Am & Shri Partha Sarathi Chaudhury, Jm (Stay Application Nos. 11 To 13/Rpr/2018) (Arising Out Of Ita Nos. 71 To 73/Rpr/2018 धनधाारण वषा / Assessment Years : 2009-10 To 2011-12

For Appellant: Shri R.B. DoshiFor Respondent: Shri R.P. Namdeo
Section 148Section 69

…आयकर अपीलीय अधधकरण न्यायपीठ रायपुर में । IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR BEFORE SHRI ANIL CHATURVEDI, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM (Stay Application Nos. 11 to 13/RPR/2018) (Arising out of ITA Nos. 71 to 73/RPR/2018 धनधाारण वषा / Assessment Years : 2009-10 to 2011-12 Shashi Devi Gulati, Prop. M/s. Gulati Udyog, 120, Light Industrial Area, Bhilai-490026 (CG) PAN : ADBPG2508B ..…………………. Applicant बनाम / V/s. The Income Tax Officer 1(5), Bhilai (CG). ……….……प्रत्यथी / Respondent आयकर अपील सं. / ITA Nos. 71 to 73/RPR/2018 धनधाारण वषा / Assessment Years : 2009-10 to 2011-12 S…

Smt. Shashi Devi Gulati, Bhilai vs. Income Tax Officer-1(5), Bhilai

In the result, appeal of the assessee in ITA No

ITA 72/RPR/2018[2010-11]Status: DisposedITAT Raipur18 Jan 2019AY 2010-11

Bench: Shri Anil Chaturvedi, Am & Shri Partha Sarathi Chaudhury, Jm (Stay Application Nos. 11 To 13/Rpr/2018) (Arising Out Of Ita Nos. 71 To 73/Rpr/2018 धनधाारण वषा / Assessment Years : 2009-10 To 2011-12

For Appellant: Shri R.B. DoshiFor Respondent: Shri R.P. Namdeo
Section 148Section 69

…आयकर अपीलीय अधधकरण न्यायपीठ रायपुर में । IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR BEFORE SHRI ANIL CHATURVEDI, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM (Stay Application Nos. 11 to 13/RPR/2018) (Arising out of ITA Nos. 71 to 73/RPR/2018 धनधाारण वषा / Assessment Years : 2009-10 to 2011-12 Shashi Devi Gulati, Prop. M/s. Gulati Udyog, 120, Light Industrial Area, Bhilai-490026 (CG) PAN : ADBPG2508B ..…………………. Applicant बनाम / V/s. The Income Tax Officer 1(5), Bhilai (CG). ……….……प्रत्यथी / Respondent आयकर अपील सं. / ITA Nos. 71 to 73/RPR/2018 धनधाारण वषा / Assessment Years : 2009-10 to 2011-12 S…

Smt. Shashi Devi Gulati, Bhilai vs. Income Tax Officer-1(5), Bhilai

In the result, appeal of the assessee in ITA No

ITA 71/RPR/2018[2009-10]Status: DisposedITAT Raipur18 Jan 2019AY 2009-10

Bench: Shri Anil Chaturvedi, Am & Shri Partha Sarathi Chaudhury, Jm (Stay Application Nos. 11 To 13/Rpr/2018) (Arising Out Of Ita Nos. 71 To 73/Rpr/2018 धनधाारण वषा / Assessment Years : 2009-10 To 2011-12

For Appellant: Shri R.B. DoshiFor Respondent: Shri R.P. Namdeo
Section 148Section 69

…आयकर अपीलीय अधधकरण न्यायपीठ रायपुर में । IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR BEFORE SHRI ANIL CHATURVEDI, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM (Stay Application Nos. 11 to 13/RPR/2018) (Arising out of ITA Nos. 71 to 73/RPR/2018 धनधाारण वषा / Assessment Years : 2009-10 to 2011-12 Shashi Devi Gulati, Prop. M/s. Gulati Udyog, 120, Light Industrial Area, Bhilai-490026 (CG) PAN : ADBPG2508B ..…………………. Applicant बनाम / V/s. The Income Tax Officer 1(5), Bhilai (CG). ……….……प्रत्यथी / Respondent आयकर अपील सं. / ITA Nos. 71 to 73/RPR/2018 धनधाारण वषा / Assessment Years : 2009-10 to 2011-12 S…

ACIT, Kota vs. Kaizen Enterprises Pvt. Ltd, Kota

In the result, the appeal of the Revenue and the cross-objection of the assessee is allowed for statistical purposes

ITA 1042/JPR/2016[2013-14]Status: DisposedITAT Jaipur18 Jan 2019AY 2013-14
For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Shri Varinder Mehta (CIT)
Section 132Section 132(4)Section 143(3)Section 153A

…me but only a reasonable g.p. rate on such on-money/ sales can be assessed as income:- • Jay Builders Vs. ACIT 215 Taxman 50 (Guj.) • ITO Vs. Anand Builders 265 ITR 37 (St.) (SC) • Abhishek Corporation Vs. DCIT 63 TTJ 651 (Ahd.) • CIT Vs. President Industries 258 ITR 654 (Guj.) • Mohan SadhaniVs. CIT 304 ITR 52 (MP) • CIT Vs. Balchand Ajit Kumar 263 ITR 610 (MP) • Agrawal Motors Vs ACIT 68 ITD 407 (Jab) • ITO V. Gurubachan Singh J. Juneja 216 ITR 99 (Ahd) The principles laid down in these cases are equally applicable in case of assessee and therefore, the Ld. CIT(A) has rightly held that the on- money receipt as…

Shri Tejas Arvindbhai Raval, Ahmedabad vs. The Income Tax Officer (OSD) Ward-7(1), Now Ward-3(3)(5), Ahmedabad

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

ITA 336/AHD/2016[2008-09]Status: DisposedITAT Ahmedabad01 Jan 2019AY 2008-09

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./I.T.A. No. 336/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2008-09) Shri Tejas Arvindbhai Raval, Ito(Osd), बनाम/ 803, Anand Hari Tower, Ward – 7(1), Vs. Opp. Chanakya Tower Ahmedabad. Bodakdev, Ahmedabad – 380 015. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Afupr 7933 J .. (अपीलाथ"/Appellant) (""यथ" / Respondent) Shri S.N. Divatia, A.R. अपीलाथ" ओर से/ Appellant By : ""यथ" क" ओर से/Respondent By: Shri N. J. Vyas, Sr. D.R.

For Respondent: Shri N. J. Vyas, Sr. D.R
Section 250Section 68

…lh* अहमदाबाद । आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘,l ,l ,l-,e ,l ,e ,e-lh ,e lhlh IN THE INCOME TAX APPELLATE TRIBUNAL “ SMC ” BENCH, AHMEDABAD LoZJh LoZJh egkohj LoZJh LoZJh egkohj egkohj izlkn] U; egkohj izlkn] U; izlkn] U;kfkfkfkf;d lnL; , izlkn] U; ;d lnL; , ;d lnL; ,oaoaoaoa olhe ;d lnL; , olhe olhe vgen] ys[kk olhe vgen] ys[kk vgen] ys[kk lnL; ds le{kA vgen] ys[kk lnL; ds le{kA lnL; ds le{kA lnL; ds le{kA BEFORE SHRI MAHAVIR PRASAD, JUDICIAL MEMBER And SHRI WASEEM AHMED, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 336/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2008-09) Shri Tejas Arvindbhai Raval, ITO(OSD…

The DCIT, Central Circle-3, Surat vs. Shri Mehul T. Desai, Surat

In the result, appeal of the Revenue is dismissed

ITA 350/AHD/2017[2014-15]Status: DisposedITAT Surat13 Dec 2018AY 2014-15

Bench: Shri Rajpal Yadav & Shri Amarjit Singh"नधा"रणवष"/Asstt. Year: 2014-15

For Appellant: Shri Rasesh Shah, CAFor Respondent: Smt.Smitha V. Nair, Sr.DR
Section 132Section 133ASection 145

…IN THE INCOME TAX APPELLATE TRIBUNAL SURAT– BENCH ‘SURAT’ BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER "नधा"रणवष"/Asstt. Year: 2014-15 DCIT, cent.Cir.3 Vs. Shri Mehul T. Desai Surat. (Prop. Of Yash Clinical Laboratory) U-11 to 13, Trade Centre Opp: SBI, Nanpura, Surat. PAN : ABWPD 2707 L (Applicant) (Respondent) Revenue by : Smt.Smitha V. Nair, Sr.DR Assessee by : Shri Rasesh Shah, CA सुनवाईक"तार"ख/Date of Hearing : 13/11/2018 घोषणाक"तार"ख/Date of Pronouncement: 13/12/2018 आदेश/O R D E R PER RAJPAL YADAV, JUDICIAL MEMBER: Revenue is in appeal before the Tribunal against…

ACIT, New Delhi vs. M/S. Latex Chemicals (P) Ltd., Kanpur

Appeal is partly allowed

ITA 5014/DEL/2014[2007-08]Status: DisposedITAT Delhi29 Nov 2018AY 2007-08

Bench: Shri R. K. Panda & Ms Suchitra Kamble

Section 132Section 132(1)Section 143(3)Section 145ASection 153A

…naccounted turnover, only addition of profit embedded therein can be made as held by the Hon’ble MP High Court in the case of CIT vs. Balchand Ajit Kumar [2003] 263 ITR 610 (MP) and Hon’ble Gujarat High Court in the case of CIT vs. President Industries [2002] 258 ITR 654 (Guj). Further, it has been held by the Hon’ble Calcutta High Court in the case of CIT vs. S.M. Omer (1993) 201 ITR 608 (Cal) that in such circumstances AO cannot take resort to Section 69 of the IT Act, 1961, and only net profit rate has to be applied. So far as the rejection of books of accounts and estimation of GP rate is concerned, 5 the Ld…

Shri Vinod Kumar Jain, Kota vs. Pr. Commissioner of Income Tax, Kota

In the result, appeal of the assessee is allowed

ITA 726/JPR/2018[2008-09]Status: DisposedITAT Jaipur25 Sept 2018AY 2008-09
For Appellant: Shri Shravan Kr. Gupta (Adv)For Respondent: Shri K.C. Meena (Addl.CIT)
Section 143(3)Section 147Section 148Section 263Section 263(1)

…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 foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 726/JP/2018 fu/kZkj.k o"kZ@Assessment Year :2008-09 cuke Shri Vinod Kumar Jain, Pr.C.I.T., Vs. 320, Transport Nagar, Anantpura, Kota. Kota. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: ABLPJ 8219 Q vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Shravan Kr. Gupta (Adv) jktLo dh vksj ls@ Revenue by : Shri K.C. Meena (Addl.CIT) l…

Shri Mehul Rohitkumar Bhartia, Valsad vs. The Income Tax Officer, Ward-2, Vapi

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

ITA 1040/AHD/2015[2006-07]Status: DisposedITAT Surat10 Aug 2018AY 2006-07

Bench: C .M. Garg, Jm & O. P. Meena, Am आ.अ.सं./I.T.A No. 1040Ahd/2015: िनधा"रण वष"/Assessment Year: 2006-07 Shri Mehul Rohitkumar Bhartia, V. Income Tax Officer Balahadi, Station Road, Taluka Ward-2, Vapi. Pardi, Valsad : Pan:Ahrpb 3944L अपीलाथ" Appellant ""यथ"/Respondent िनधा"रती क" ओर से Assessee By Shri Sapnesh Sheth, Ca राज"व क" ओर से Revenue By Smt. Smitha V. Nair Sr. D.R. सुनवाई क" तारीख Date Of Hearing 21.08.2018 उ"ोषणा क" तारीख Date Of Pronouncement 18.09.2018 आदेश /Order Per O. P. Meena, Am 1. This Appeal At The Instance Of The Assessee Is Directed Against An Order Dated

Section 148Section 44A

…nt indicates that the assessee has done business activity on small scale. In such a situation, addition can be made of profit and not the entire sales. The learned Counsel has placed reliance in support of his plea in the case of CIT v. President Industries 158 CTR 372 (Gujarat) of Hon’ble Gujarat High Court, and claimed that the addition ought to have Mehul Rohitkumar Bhartia v. ITO Wd-2 Vapi/I.T.A. No.1040/Ahd/2015/A.Y.06-07 Page 3 of 4 been made @5% of turnover as per provision of section 44AF of the Act. Without prejudice to above, the learned counsel for the assessee further submitted that addition if a…

Sri Sri Gruhanirman India Private Limited, Hyderabad vs. Asst. Commissioner of Income Tax, Central Circle-2(3), Hyderabad

In the result, all the appeals of Revenue are dismissed

ITA 2241/HYD/2017[2014-15]Status: DisposedITAT Hyderabad27 Jul 2018AY 2014-15

Bench: Shri B. Ramakotaiah & Shri V. Durga Rao

For Appellant: Shri K.A. Sai Prasad, ARFor Respondent: Smt. Pallavi Agarwal, DR
Section 153ASection 40

…oses. Revenue appeals: 9. Revenue is contesting that the entire suppressed turnover should have been treated as income by the Ld.CIT(A). This argument of the Revenue cannot be accepted. Hon'ble Gujarat High Court in the case of CIT Vs. President Industries [258 ITR 654] (Gujarat HC) has held that it cannot be the matter of an argument that the amount of sales by itself cannot represent the income of assessee. It is the realization of excess over the cost incurred that only forms part of the profit included in the configuration of sale. Similar view was taken in the case of CIT Vs. Gurubachhan Singh J. Juneja [2…