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

Arvind Nandagopal, Chennai vs. ACIT, CC-3(1), Chennai

In the result, all appeals filed by the assessee are allowed

ITA 2273/CHNY/2024[2017-18]Status: DisposedITAT Chennai07 Nov 2025AY 2017-18

Bench: Shri Aby T. Varkey & Shri S.R.Raghunatha

For Respondent: Mr.M. Murali, CIT
Section 131Section 132

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एबी टी. वक", "ाियक सद" एवं एवं एवं एवं "ी एस. आर. रघुनाथा, लेखा सद" के सम" BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI S.R.RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.2270 to 2274/Chny/2024 िनधा"रण वष"/Assessment Years: 2014-15 to 2018-19 v. Arvind Nandagopal, The ACIT, No.6, 6th Street, Rutland Gate, Central Circle-3(1), Nungambakkam, Greams Road S.O., Chennai. Chennai-600 006. [PAN: AAFPA 6259 G] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" क" ओर से/ Appellant by Mr.B. Ramakrishnan, CA (Virt…

Arvind Nandagopal, Chennai vs. ACIT, CC-3(1), Chennai

In the result, all appeals filed by the assessee are allowed

ITA 2272/CHNY/2024[2016-17]Status: DisposedITAT Chennai07 Nov 2025AY 2016-17

Bench: Shri Aby T. Varkey & Shri S.R.Raghunatha

For Respondent: Mr.M. Murali, CIT
Section 131Section 132

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एबी टी. वक", "ाियक सद" एवं एवं एवं एवं "ी एस. आर. रघुनाथा, लेखा सद" के सम" BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI S.R.RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.2270 to 2274/Chny/2024 िनधा"रण वष"/Assessment Years: 2014-15 to 2018-19 v. Arvind Nandagopal, The ACIT, No.6, 6th Street, Rutland Gate, Central Circle-3(1), Nungambakkam, Greams Road S.O., Chennai. Chennai-600 006. [PAN: AAFPA 6259 G] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" क" ओर से/ Appellant by Mr.B. Ramakrishnan, CA (Virt…

Arvind Nandagopal, Chennai vs. ACIT, CC-3(1), Chennai

In the result, all appeals filed by the assessee are allowed

ITA 2271/CHNY/2024[2015-16]Status: DisposedITAT Chennai07 Nov 2025AY 2015-16

Bench: Shri Aby T. Varkey & Shri S.R.Raghunatha

For Respondent: Mr.M. Murali, CIT
Section 131Section 132

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एबी टी. वक", "ाियक सद" एवं एवं एवं एवं "ी एस. आर. रघुनाथा, लेखा सद" के सम" BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI S.R.RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.2270 to 2274/Chny/2024 िनधा"रण वष"/Assessment Years: 2014-15 to 2018-19 v. Arvind Nandagopal, The ACIT, No.6, 6th Street, Rutland Gate, Central Circle-3(1), Nungambakkam, Greams Road S.O., Chennai. Chennai-600 006. [PAN: AAFPA 6259 G] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" क" ओर से/ Appellant by Mr.B. Ramakrishnan, CA (Virt…

Arvind Nandagopal, Chennai vs. ACIT, CC-3(1), Chennai

In the result, all appeals filed by the assessee are allowed

ITA 2270/CHNY/2024[2014-15]Status: DisposedITAT Chennai07 Nov 2025AY 2014-15

Bench: Shri Aby T. Varkey & Shri S.R.Raghunatha

For Respondent: Mr.M. Murali, CIT
Section 131Section 132

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एबी टी. वक", "ाियक सद" एवं एवं एवं एवं "ी एस. आर. रघुनाथा, लेखा सद" के सम" BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI S.R.RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.2270 to 2274/Chny/2024 िनधा"रण वष"/Assessment Years: 2014-15 to 2018-19 v. Arvind Nandagopal, The ACIT, No.6, 6th Street, Rutland Gate, Central Circle-3(1), Nungambakkam, Greams Road S.O., Chennai. Chennai-600 006. [PAN: AAFPA 6259 G] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" क" ओर से/ Appellant by Mr.B. Ramakrishnan, CA (Virt…

Masilamani Nandagopal, Chennai vs. ACIT, CC-3(1), Chennai

In the result, appeals filed by the assessee(s) are allowed

ITA 2269/CHNY/2024[2018-19]Status: DisposedITAT Chennai07 Nov 2025AY 2018-19

Bench: Shri Aby T. Varkey & Shri S.R.Raghunatha

For Respondent: Mr.M. Murali, CIT
Section 131Section 132Section 132(4)

…Corporation that the " assessee ought to have spent reasonable amount for the purpose of receiving such gross profit' (para 14 of Tax Appeal No 325 of 2000 dt. 16.6.2012). Further, Hon'ble High Court OF Madhya Pradesh held in the case of President Industries 258 ITR 654 that ' entire sale proceeds of the assessee should not be added in his income'. Further, from the judgment in case of Panna Corporation (supra), it is settled proposition that there is no need for the assessee to demonstrate the genuineness of the claim of unaccounted expenditure in the cases of this kind. The underlined logic is that the unaccou…

Laljibhai Dudabhai Bhuva, Rajkot vs. Income Tax Officer, Ward-2(2)(1), Rajkot.

In the result, appeal filed by the assessee is allowed partly in above terms

ITA 501/RJT/2025[2017-18]Status: DisposedITAT Rajkot06 Nov 2025AY 2017-18

Bench: Dr. Arjun Lal Sainiआयकरअपीलसं./ Ita No.501/Rjt/2025 िनधा"रण वष"/Assessment Year : 2017-18

For Appellant: Shri Digant Kyada, Ld. ARFor Respondent: Shri Dheeraj Kumr Gupta, Ld. Sr. DR
Section 142(1)Section 144Section 250Section 69A

…sh deposit in the bank account should be treated as income of the assessee. Therefore, considering the facts and circumstances and by following the decision of the Hon’ble Jurisdictional High Court of Gujarat in the case of CIT v. President Industries, [2002] 258 ITR 654 (Guj), wherein it was held that the entire amount of undisclosed money cannot be treated as income and only estimated profit embedded in these transactions may be taxed. The Hon’ble High Court also held that 30% estimated addition in the case of ‘on money’ is sufficient to protect the interest of the revenue. Therefore, respectfully following the…

Ankur Fine Products, Ahmedabad vs. The ITO, Ward-6(1)(2), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 195/AHD/2025[2017-18]Status: DisposedITAT Ahmedabad06 Nov 2025AY 2017-18

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

For Appellant: Shri Parin Shah, ARFor Respondent: Shri Ravindra, Sr. DR
Section 44A

…ligible 0.33% of total purchases of over Rs. 30 crores, and therefore, could not be considered material or indicating any motive to suppress income by the assessee. The Counsel for the assessee placed reliance on decision of CIT v. President Industries [2002] 258 ITR 654 (Guj.), where it was held that mere variations M/s. Ankur Fine Products vs. ITO Asst.Year –2017-18 - 5– in figures or procedural differences between statutory returns and books cannot justify an addition unless there is evidence of suppression of income. The assessee also relied on ACIT v. Mahavir Dyeing & Printing Mills (P.) Ltd. [2023] 151 taxm…

Jashvantiben Manojbhai Makwana, Rajkot vs. Income Tax Officer, Ward 1(1)(1), Rajkot

In the result, the appeal filed by the assessee is partly allowed in above terms

ITA 500/RJT/2025[2020-21]Status: DisposedITAT Rajkot03 Nov 2025AY 2020-21

Bench: DR. ARJUN LAL SAINI (Accountant Member)

For Appellant: Shri Sunny Mehta, Ld. ARFor Respondent: Shri Dheeraj Kumar Gupta, Ld. Sr. DR
Section 132Section 147Section 148Section 250Section 69

…of Rs. 1,25,000/-, therefore, the profit element of the ‘on-money’ may be added in the hands of the assessee. For that Ld. Counsel for the assessee relied on the judgment of the Jurisdictional High Court of Gujarat in the case of CIT vs. President Industries 258 ITR 654 (Gujarat), wherein it was held that the profit element of the ‘on-money’ may be added in the hands of the assessee. On the other hand, the Ld. DR for the Revenue has primarily reiterated the stand taken by the Assessing Officer, which we have already noted in our earlier para and is not being repeated for the sake of brevity. Page 3 of 4 Jashvan…

Alka Khandaka, Jaipur vs. Income Tax Officer Ward 1(2), Jaipur

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

ITA 1014/JPR/2025[2017-2018]Status: DisposedITAT Jaipur16 Oct 2025AY 2017-2018

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. Sauravh Harsh, AdvFor Respondent: Mrs. Anita Rinesh, JCIT
Section 131Section 142(1)Section 143(2)Section 143(3)Section 44ASection 68

…assessee. He further contended that the notice issued u/s 251 was replied by the assessee despite, the same was not considered by tribunal. 13. Counsel for the appellant has relied upon the decision of Gujarat High Court in CIT v. President Industries [2002] 258 ITR 654/124 Taxman 654 wherein it has been held as under:— 2. The Assessing Officer made the addition of the entire sum of the said undisclosed sales as income of the assessee for the asst. yr. 1994-95. The additions on account of undisclosed sales was affirmed by the CIT(A) to the reduced sum of Rs. 28,35,883. On further appeal the Tribunal found that t…

Sunil Kumar Agarwal, Jaipur vs. Assistant Commissioner of Income Tax, Central Circle-2, Jaipur

ITA 521/JPR/2025[2020-21]Status: DisposedITAT Jaipur14 Oct 2025AY 2020-21

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, \nvk;dj vihy la-@ITA Nos.513 & 519 to 521/JP/2025\nfu/k Zkj.k o\"kZ@Assessment Years : 2016-17 & 2018-19 to 2020-21\n\nSunil Kumar Agarwal\n395, Narnoli Mansion, Outside\nSanganeri Gate, Jaipur\ncuke\nVs.\nACIT,\nCentral Circle-2,\nJaipur\nLFkk;h y s[kk l a-@thvkb Zvkj la-@PAN/GIR No.: ABRPA9601M\nvihykFkhZ@Appellant i zR;Fkh Z@Respondent\n\nvk;dj vihy la-@ITSS No. 03/JP/2025\nfu/k Zkj.k o\"kZ@Assessment Year : 2015-16\

For Appellant: Shri S. L. Poddar, AdvFor Respondent: Mrs. Anita Rinesh, JCIT, Sr-DR
Section 132Section 139Section 153ASection 234B

…rvative. m) Courts have consistently held that when unaccounted stock is found, and sales are inferred therefrom, taxing the gross profit margin (rather than full sales or rotating peaks) is fair and adequate. For instance: CIT v. President Industries [(2002) 258 ITR 654 (Guj.)] - Held that only profit element on unaccounted sales can be taxed, not entire sales. CIT v. N. K. Industries [(2016) 72 taxmann.com 289 (Guj.)] - Allowed GP rate addition where entire cycle of purchase/sale was off the books. CIT v. Sanjay Oilcake Industries [(2009) 316 ITR 274 (Guj.)] -Unaccounted purchases allowed inference of sales; ta…

Sunil Kumar Agarwal, Jaipur vs. ACIT, Cen. Cir-2, Jaipur

In the result the appeal of the assessee in ITA no

ITA 513/JPR/2025[2016-17]Status: DisposedITAT Jaipur14 Oct 2025AY 2016-17
For Appellant: Shri S. L. Poddar, AdvFor Respondent: Mrs. Anita Rinesh, JCIT, Sr-DR
Section 132Section 139Section 153ASection 234B

…rvative. m) Courts have consistently held that when unaccounted stock is found, and sales are inferred therefrom, taxing the gross profit margin (rather than full sales or rotating peaks) is fair and adequate. For instance: CIT v. President Industries [(2002) 258 ITR 654 (Guj.)] - Held that only profit element on unaccounted sales can be taxed, not entire sales. CIT v. N. K. Industries [(2016) 72 taxmann.com 289 (Guj.)] - Allowed GP rate addition where entire cycle of purchase/sale was off the books. CIT v. Sanjay Oilcake Industries [(2009) 316 ITR 274 (Guj.)] -Unaccounted purchases allowed inference of sales; ta…

Balbir Gurnani, Mumbai vs. I.T.O., Ward-2(5), Kalyan

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

ITA 3124/MUM/2024[2016-17]Status: DisposedITAT Mumbai30 Sept 2025AY 2016-17

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2016-17

For Appellant: Ms. Vinita NaraFor Respondent: 14/08/2025
Section 143(2)Section 44ASection 68

…ing the said undisclosed sales. isclosed sales. 6.8 The Hon’ble Gujarat High Court in the case of The Hon’ble Gujarat High Court in the case of Commissioner of Income-tax tax vs. vs. President President Industries Industries (Gujarat (Gujarat High High Court)258 ITR 654 (Guj) (Guj) held that where the books of account are here the books of account are rejected and unaccounted sales are found, but the corresponding rejected and unaccounted sales are found, but the correspon rejected and unaccounted sales are found, but the correspon purchases are not proved to be outside the books, the addition purchases are not…

Hiren Ashokkumar Bardoliya, Surat vs. ITO, Ward 2(2)(2), Surat

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

ITA 27/SRT/2025[2017-18]Status: DisposedITAT Surat26 Sept 2025AY 2017-18

Bench: Shri Dinesh Mohan Sinha & Shri Bijayananda Prusethआयकर अपील सं./Ita No.27/Srt/2025 Assessment Year: 2017-18 (Hybrid Hearing) Hiren Ashokkumar Bardoliya Income Tax Officer Ward-2(2)(2), बनाम/ Flat No.L/801, Rameshwaram Surat, Room No. 625, 6Th Floor, Vs. Green Opp. D-Mart, Bamroli, Aaykar Bhawan, Majura Gate, Althan Road, Surat- 395 007 Surat-395 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Apxpb 4857 J (अपीलाथ"/Appellant) (""थ" /Respondent) िनधा"रती की ओर से /Appellant By Shri Sapnesh R Sheth, Ca राज" की ओर से /Respondent By Shri Ajay Uke, Sr-Dr सुनवाई की तारीख/Date Of Hearing 22/07/2025 उद्घोषणा की तारीख/Date Of Pronouncement 26/09/2025

Section 115BSection 142(1)Section 143(2)Section 143(3)Section 250Section 44ASection 69C

…it element only and not treat gross sales as income. This principle has been authoritatively laid down by the Hon’ble jurisdictional High Court in CIT v. President Industries [(2000) 158 CTR ITA No.27/Srt/2025 A.Y 17-18 Hiren A Baridoliya (Guj) 372; (2002) 258 ITR 654], where the Hon’ble Court held that when goods sold are shown to have been acquired and there is no finding of suppression of investment, the amount of sales cannot ipso facto be taken as income and the profit element alone can be added. Applying the above principle to the facts, it is seen that the assessee has placed on record (i) credit-card s…

Anil Radheshyam Sharma, Surat vs. ITO, Ward 2(3)(1), Surat

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

ITA 888/SRT/2024[2011-12]Status: DisposedITAT Surat26 Sept 2025AY 2011-12

Bench: Shri Siddhartha Nautiyal & Shri Bijayananda Prusethआयकर अपील सं./Ita No.888/Srt/2024 Assessment Year: 2011-12 (Hybrid Hearing) Anil Radheshyam Sharma, Income Tax Officer, Ward – बनाम/ 73, Shyamal Dham Row 2(3)(1), Surat Vs. House, Godadara, Surat – 395 012 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Bdhps8135D (""थ"/Respondent) (अपीलाथ"/Appellant)

Section 139(1)Section 143(2)Section 143(3)Section 148Section 250Section 44A

…from Maharashtra with deposit charges, filing of earlier years’ ITRs establishing continuity of business, return for AY 2011-12, though filed in response to notice u/s.148 of the Act. 8.2 The Hon’ble jurisdictional High Court in CIT vs. President Industries (258 ITR 654) held that the amount of sales by itself cannot represent the ITA No.888/Srt/2024 A.Y 11-12 Anil R Sharma income of the assessee who had 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 incu…

Shreyansh Anilkumar Shah, Na vs. Arivs.Income Tax Officer, Ward - 5, Navsari

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

ITA 727/SRT/2023[2010-11]Status: DisposedITAT Surat26 Sept 2025AY 2010-11

Bench: Shri Dinesh Mohan Sinha & Shri Bijayananda Prusethआयकर अपील सं./Ita No.727/Srt/2023 Assessment Year: 2010-11 (Hybrid Hearing) Shreyansh Anilkumar Shah Income Tax Officer, Ward-5, बनाम/ 504, Rushabh Residency, Navsari, Income T Ax Office, Vs. Maneklal Road, Near Charpool, Awabaug, Navsari-396 Telephone Exchange, Navsari- 445 396 445 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aiqps 6441 P (अपीलाथ"/Appellant) (""थ" /Respondent) "नधा"रती क" ओर से /Appellant By Shri Rasesh Shah, Ca राज"व क" ओर से /Respondent By Shri Ajay Uke, Sr-Dr सुनवाई क" तार"ख/Date Of Hearing 22/07/2025 उ"घोषणा क" तार"ख/Date Of Pronouncement 26/09/2025 आदेश / O R D E R Per Bijayananda Pruseth, Am: This Appeal By The Assessee Emanates From The Order Passed Under Section 250 Of The Income-Tax Act, 1961 (In Short, 'The Act’) Dated 26.07.2023 By The National Faceless Appeal Centre (Nfac), Delhi/Commissioner Of Income-Tax Appeal [In Short, The ‘Cit(A)’] For The Assessment Year (Ay) 2010-11, Which In Turn Arises Out Of Assessment Order Passed By The Assessing Officer (In Short, ‘Ao’) U/S 143(3) R.W.S. 147 Of The Act On 27.10.2017. 2. Grounds Of Appeal Raised By The Assessee For The Appeal Are As Under: “1. On The Facts & Circumstances Of The Case As Well As Law On The Subject, The Ld. Ao Has Erred In Reopening Assessment U/S.147 By Issuing Notice U/S.148 Of The It Act, 1961. 2. On The Facts & Circumstances Of The Case As Well As Law On The Subject, The Ld. Cit(A) Has Erred In Confirming The Action Of Ao In Making Addition Of Rs.32,53,637/- U/S 68 Of The Act On Account Of Alleged Unexplained Cash Credits.

Section 133(6)Section 143(2)Section 143(3)Section 147Section 148Section 226(3)Section 250Section 68

…ase of unaccounted business transactions or collection activities, only reasonable profit element can be taxed, not the entire turnover. Reference is drawn to the decision given by Hon’ble jurisdictional High Court in the case of CIT vs. President Industries [258 ITR 654 (Guj.)], wherein Hon’ble Gujarat High Court observed – “…….. 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 represent the price received by the seller of the goods for the acquisition of which it has already incurred the cost. It…

Dy.Commissioner of Income Tax, CC-2, Kanpur vs. Shri.Mohammad Asfand Akhtar, Kanpur

In the result, the appeal of Revenue in ITA

ITA 144/LKW/2022[2018-19]Status: DisposedITAT Lucknow26 Sept 2025AY 2018-19

Bench: Shri Sudhanshu Srivastava & Shri Anadee Nath Misshraassessment Year: 2018-19 Dcit, Cc-2 V. Shri Mohammad Asfand Laxmi Niwas, 10/503, Akhtar Allenganj, Kanpur-208001. Plot No.02, Block-B, Scheme-39, Ram Rai Ki Sarai, Jajmau, Kanpur Nagar-208010. Tan/Pan: Aempa0823R (Appellant) (Respondent) Assessment Year: 2018-19 Shri Mohammad Asfand Akhtar V. Dcit, Central Circle-Ii Plot No.02, Block-B, Scheme-39, 10/503, Allenganj, Kanpur- Ram Rai Ki Sarai, Jajmau, 208001. Kanpur Nagar-208010. Tan/Pan: Aempa0823R (Appellant) (Respondent) Appellant By: Shri Ashish Jaiswal, Advocate Respondent By: Shri R. K. Agarwal, Cit(Dr) O R D E R

For Appellant: Shri Ashish Jaiswal, AdvocateFor Respondent: Shri R. K. Agarwal, CIT(DR)
Section 143(3)Section 36(1)(va)Section 37Section 41Section 41(1)Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH “A”, LUCKNOW BEFORE SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER Assessment Year: 2018-19 DCIT, CC-2 v. Shri Mohammad Asfand Laxmi Niwas, 10/503, Akhtar Allenganj, Kanpur-208001. Plot No.02, Block-B, Scheme-39, Ram Rai Ki Sarai, Jajmau, Kanpur Nagar-208010. TAN/PAN: AEMPA0823R (Appellant) (Respondent) Assessment Year: 2018-19 Shri Mohammad Asfand Akhtar v. DCIT, Central Circle-II Plot No.02, Block-B, Scheme-39, 10/503, Allenganj, Kanpur- Ram Rai Ki Sarai, Jajmau, 208001. Kanpur Nagar-208010. TAN/PAN: AEMPA0823R (Appel…

Mohd. Asfand Akhtar, Kanpur vs. Deputi Commissioner of Income Tax CC-2, Kanpur

In the result, the appeal of Revenue in ITA

ITA 139/LKW/2022[2018-19]Status: DisposedITAT Lucknow26 Sept 2025AY 2018-19

Bench: Shri Sudhanshu Srivastava & Shri Anadee Nath Misshraassessment Year: 2018-19 Dcit, Cc-2 V. Shri Mohammad Asfand Laxmi Niwas, 10/503, Akhtar Allenganj, Kanpur-208001. Plot No.02, Block-B, Scheme-39, Ram Rai Ki Sarai, Jajmau, Kanpur Nagar-208010. Tan/Pan: Aempa0823R (Appellant) (Respondent) Assessment Year: 2018-19 Shri Mohammad Asfand Akhtar V. Dcit, Central Circle-Ii Plot No.02, Block-B, Scheme-39, 10/503, Allenganj, Kanpur- Ram Rai Ki Sarai, Jajmau, 208001. Kanpur Nagar-208010. Tan/Pan: Aempa0823R (Appellant) (Respondent) Appellant By: Shri Ashish Jaiswal, Advocate Respondent By: Shri R. K. Agarwal, Cit(Dr) O R D E R

For Appellant: Shri Ashish Jaiswal, AdvocateFor Respondent: Shri R. K. Agarwal, CIT(DR)
Section 143(3)Section 36(1)(va)Section 37Section 41Section 41(1)Section 68Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH “A”, LUCKNOW BEFORE SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER Assessment Year: 2018-19 DCIT, CC-2 v. Shri Mohammad Asfand Laxmi Niwas, 10/503, Akhtar Allenganj, Kanpur-208001. Plot No.02, Block-B, Scheme-39, Ram Rai Ki Sarai, Jajmau, Kanpur Nagar-208010. TAN/PAN: AEMPA0823R (Appellant) (Respondent) Assessment Year: 2018-19 Shri Mohammad Asfand Akhtar v. DCIT, Central Circle-II Plot No.02, Block-B, Scheme-39, 10/503, Allenganj, Kanpur- Ram Rai Ki Sarai, Jajmau, 208001. Kanpur Nagar-208010. TAN/PAN: AEMPA0823R (Appel…

Late Shri Mahabir Prasad(Legal Heir Ms. Parul Kansaria), Bengaluru vs. Deputy Commissioner of Income Tax, Central Circle-1(3), Bengaluru

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

ITA 412/BANG/2024[2020-21]Status: DisposedITAT Bangalore26 Sept 2025AY 2020-21

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

Section 132Section 143(3)Section 144Section 153CSection 153D

…ITA Nos.410-412-169-170- CO 6/Bang/2024 Page 1 of 40 IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, Bengaluru BEFORE SHRI PRASHANT MAHARISHI, VICE PRESIDENT AND SHRI KESHAV DUBEY, JUDICIAL MEMBER ITA Nos. By Assessee & AY ITA No 411/Bengaluru/2024 (AY 2019-20) Co No 6/Bengaluru/2024 (AY 2017-18) BY Assessing Officer ITA no 170/Bengaluru/2024 (AY 2018-19) Assessee Late Shri Mahabir Prasad Through his Legal heir Mrs Parul Kansaria No 11186, Prestige Shantiniketan ITPL, Main Road, Whitefield, Bengaluru PAN AGYPP1344G Assessing Officer The Deputy Commissioner of Income Tax Central Circle 1 (3), Bengaluru Third…

Late Shri Mahabir Prasad(Legal Heir Ms. Parul Kansaria), Bengaluru vs. Deputy Commissioner of Income Tax, Central Circle - 1(3), Bengaluru

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

ITA 411/BANG/2024[2019-20]Status: DisposedITAT Bangalore26 Sept 2025AY 2019-20

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

Section 132Section 143(3)Section 144Section 153CSection 153D

…ITA Nos.410-412-169-170- CO 6/Bang/2024 Page 1 of 40 IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, Bengaluru BEFORE SHRI PRASHANT MAHARISHI, VICE PRESIDENT AND SHRI KESHAV DUBEY, JUDICIAL MEMBER ITA Nos. By Assessee & AY ITA No 411/Bengaluru/2024 (AY 2019-20) Co No 6/Bengaluru/2024 (AY 2017-18) BY Assessing Officer ITA no 170/Bengaluru/2024 (AY 2018-19) Assessee Late Shri Mahabir Prasad Through his Legal heir Mrs Parul Kansaria No 11186, Prestige Shantiniketan ITPL, Main Road, Whitefield, Bengaluru PAN AGYPP1344G Assessing Officer The Deputy Commissioner of Income Tax Central Circle 1 (3), Bengaluru Third…

Late Shri Mahabir Prasad(Legal Heir Ms. Parul Kansaria), Bengaluru vs. Deputy Commissioner of Income Tax, Central Circle-1(3), Bengaluru

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

ITA 410/BANG/2024[2018-19]Status: DisposedITAT Bangalore26 Sept 2025AY 2018-19

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

Section 132Section 143(3)Section 144Section 153CSection 153D

…ITA Nos.410-412-169-170- CO 6/Bang/2024 Page 1 of 40 IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, Bengaluru BEFORE SHRI PRASHANT MAHARISHI, VICE PRESIDENT AND SHRI KESHAV DUBEY, JUDICIAL MEMBER ITA Nos. By Assessee & AY ITA No 411/Bengaluru/2024 (AY 2019-20) Co No 6/Bengaluru/2024 (AY 2017-18) BY Assessing Officer ITA no 170/Bengaluru/2024 (AY 2018-19) Assessee Late Shri Mahabir Prasad Through his Legal heir Mrs Parul Kansaria No 11186, Prestige Shantiniketan ITPL, Main Road, Whitefield, Bengaluru PAN AGYPP1344G Assessing Officer The Deputy Commissioner of Income Tax Central Circle 1 (3), Bengaluru Third…