CIT v. Satyanarayan P. Rathi

351 ITR 150High Court2013#3282 most cited

What is CIT v. Satyanarayan P. Rathi authority for?

When purchases are found to be bogus or from accommodation entry providers, only the profit element embedded within those purchases, not the entire amount, is taxable. The disallowance can be restricted to a percentage representing the profit margin.

36

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2024.

Also referred to as

CIT v. Satyanarayan P. Rathi · section 44af · trade creditors · profit element · purchase disallowance · accommodation entries · percentage of purchase · Gujarat High Court · 351 ITR 150

Sections most often in play

Section 133ASection 143(3)Section 131Section 132Section 132(4)Section 143(1)Section 147Section 148

Issues it is cited on

section 44afsection 262trade creditorsthird party informationinadequate enquiryrevision u/s 263non application of mindsection 263(1)lack of enquirysection 40a(3)malabar industriallive link

Judgments citing CIT v. Satyanarayan P. Rathi

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

…ITA Nos.431 to 435/Bang/2024 M/s. Mukka Proteins Limited, Mangaluru IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI KESHAV DUBEY, JUDICIAL MEMBER ITA Nos.431 to 435/Bang/2024 Assessment Years: 2013-14 to 2017-18 M/s. Mukka Proteins Limited (Formerly known as Mukka Sea Food Industries Ltd.), # 18-2-16/4, DCIT Mukka Corporate House, First Cross Central Circle-1 Vs. N.G. Road, Attavar Mangaluru Mangaluru 575 001 Karnataka PAN NO : AAGCM8310E APPELLANT RESPONDENT Appellant by : Sri Narendra Sharma, A.R. Respondent by : Ms. Neera Malhotra, D.R.…

M/S DIN DAYAL PURSOTAM LAL,SIRSA vs. PR.CIT, ROHTAK

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

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

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

…ses made, that could have been brought to tax, which is exactly what has ITA 146,147 & 148/CHD/2021 A.Y. 2011-12, 2015-16 & 2016-17 27 been done by the AO. To the same effect, under similar facts and circumstances, the decisions in the following cases : i) 351 ITR 150 (Guj) C1T vs. Sathyanarayan P. Rathi ii) ITA No. 2826/Mum/2013 dated 5.11.2014 Shri Ganpatraj A Sanghavi vs. ACIT iii) 221 Taxman 436 (Guj) CIT vs. Pradeep Shantilal Patel (section 44AF) iv) ITA No. 116/Ahd/2011 dated 30.5.2014 Narpat Singh vs. 1TO v) 355 ITR 290 (Guj) CIT vs. Bholanath Poly Fab (P) Ltd. vi) 152 ITD 874 (Ahd) Dineshbhai Dhansukh…

M/S DIN DAYAL PURSOTAM LAL,SIRSA vs. PR.CIT, ROHTAK

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

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

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

…ses made, that could have been brought to tax, which is exactly what has ITA 146,147 & 148/CHD/2021 A.Y. 2011-12, 2015-16 & 2016-17 27 been done by the AO. To the same effect, under similar facts and circumstances, the decisions in the following cases : i) 351 ITR 150 (Guj) C1T vs. Sathyanarayan P. Rathi ii) ITA No. 2826/Mum/2013 dated 5.11.2014 Shri Ganpatraj A Sanghavi vs. ACIT iii) 221 Taxman 436 (Guj) CIT vs. Pradeep Shantilal Patel (section 44AF) iv) ITA No. 116/Ahd/2011 dated 30.5.2014 Narpat Singh vs. 1TO v) 355 ITR 290 (Guj) CIT vs. Bholanath Poly Fab (P) Ltd. vi) 152 ITD 874 (Ahd) Dineshbhai Dhansukh…

M/S DIN DAYAL PURSOTAM LAL,SIRSA vs. PR.CIT, ROHTAK

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

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

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

…ses made, that could have been brought to tax, which is exactly what has ITA 146,147 & 148/CHD/2021 A.Y. 2011-12, 2015-16 & 2016-17 27 been done by the AO. To the same effect, under similar facts and circumstances, the decisions in the following cases : i) 351 ITR 150 (Guj) C1T vs. Sathyanarayan P. Rathi ii) ITA No. 2826/Mum/2013 dated 5.11.2014 Shri Ganpatraj A Sanghavi vs. ACIT iii) 221 Taxman 436 (Guj) CIT vs. Pradeep Shantilal Patel (section 44AF) iv) ITA No. 116/Ahd/2011 dated 30.5.2014 Narpat Singh vs. 1TO v) 355 ITR 290 (Guj) CIT vs. Bholanath Poly Fab (P) Ltd. vi) 152 ITD 874 (Ahd) Dineshbhai Dhansukh…

M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

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

ITA 66/BANG/2023[2017-18]Status: DisposedITAT Bangalore01 Sept 2023AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shi V. Srinivasan, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 131Section 132(4)Section 133ASection 143Section 143(1)Section 143(3)Section 147Section 148

…ITA Nos.62 to 66/Bang/2023 M/s. Yashaswi Fish Meal and Oil Company, Udupi IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA Nos.62 to 66/Bang/2023 Assessment Years: 2012-13 to 2015-16 & 2017-18 respectively M/s. Yashaswi Fish Meal and Oil Company 1, Pithrody Village Deputy Udayvara Commissioner of Vs. Udupi 574 118 Income-tax Karnataka Central Circle-1 Mangalore PAN NO : AAAFY6841M APPELLANT RESPONDENT Appellant by : Shi V. Srinivasan, A.R. Respondent by : Shri D.K. Mishra, D.R. Date of Hearing : 17.07.2023 D…

M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

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

ITA 65/BANG/2023[2015-16]Status: DisposedITAT Bangalore01 Sept 2023AY 2015-16

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shi V. Srinivasan, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 131Section 132(4)Section 133ASection 143Section 143(1)Section 143(3)Section 147Section 148

…ITA Nos.62 to 66/Bang/2023 M/s. Yashaswi Fish Meal and Oil Company, Udupi IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA Nos.62 to 66/Bang/2023 Assessment Years: 2012-13 to 2015-16 & 2017-18 respectively M/s. Yashaswi Fish Meal and Oil Company 1, Pithrody Village Deputy Udayvara Commissioner of Vs. Udupi 574 118 Income-tax Karnataka Central Circle-1 Mangalore PAN NO : AAAFY6841M APPELLANT RESPONDENT Appellant by : Shi V. Srinivasan, A.R. Respondent by : Shri D.K. Mishra, D.R. Date of Hearing : 17.07.2023 D…

M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

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

ITA 64/BANG/2023[2014-15]Status: DisposedITAT Bangalore01 Sept 2023AY 2014-15

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shi V. Srinivasan, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 131Section 132(4)Section 133ASection 143Section 143(1)Section 143(3)Section 147Section 148

…ITA Nos.62 to 66/Bang/2023 M/s. Yashaswi Fish Meal and Oil Company, Udupi IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA Nos.62 to 66/Bang/2023 Assessment Years: 2012-13 to 2015-16 & 2017-18 respectively M/s. Yashaswi Fish Meal and Oil Company 1, Pithrody Village Deputy Udayvara Commissioner of Vs. Udupi 574 118 Income-tax Karnataka Central Circle-1 Mangalore PAN NO : AAAFY6841M APPELLANT RESPONDENT Appellant by : Shi V. Srinivasan, A.R. Respondent by : Shri D.K. Mishra, D.R. Date of Hearing : 17.07.2023 D…

M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

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

ITA 63/BANG/2023[2013-14]Status: DisposedITAT Bangalore01 Sept 2023AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shi V. Srinivasan, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 131Section 132(4)Section 133ASection 143Section 143(1)Section 143(3)Section 147Section 148

…ITA Nos.62 to 66/Bang/2023 M/s. Yashaswi Fish Meal and Oil Company, Udupi IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA Nos.62 to 66/Bang/2023 Assessment Years: 2012-13 to 2015-16 & 2017-18 respectively M/s. Yashaswi Fish Meal and Oil Company 1, Pithrody Village Deputy Udayvara Commissioner of Vs. Udupi 574 118 Income-tax Karnataka Central Circle-1 Mangalore PAN NO : AAAFY6841M APPELLANT RESPONDENT Appellant by : Shi V. Srinivasan, A.R. Respondent by : Shri D.K. Mishra, D.R. Date of Hearing : 17.07.2023 D…

M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

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

ITA 62/BANG/2023[2012-13]Status: DisposedITAT Bangalore01 Sept 2023AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shi V. Srinivasan, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 131Section 132(4)Section 133ASection 143Section 143(1)Section 143(3)Section 147Section 148

…ITA Nos.62 to 66/Bang/2023 M/s. Yashaswi Fish Meal and Oil Company, Udupi IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA Nos.62 to 66/Bang/2023 Assessment Years: 2012-13 to 2015-16 & 2017-18 respectively M/s. Yashaswi Fish Meal and Oil Company 1, Pithrody Village Deputy Udayvara Commissioner of Vs. Udupi 574 118 Income-tax Karnataka Central Circle-1 Mangalore PAN NO : AAAFY6841M APPELLANT RESPONDENT Appellant by : Shi V. Srinivasan, A.R. Respondent by : Shri D.K. Mishra, D.R. Date of Hearing : 17.07.2023 D…

M/S. SPR SPIRITS PRIVATE LIMITED (FORMERLY KNOWN AS SPR GROUP HOLDINGS PRIVATE LIMITED),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

In the result, the appeals of the assessee are partly allowed for statistical purposes

ITA 134/BANG/2023[2011-12]Status: DisposedITAT Bangalore24 Jul 2023AY 2011-12

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Bharath L., A.RFor Respondent: Ms. Neera Malhotra, D.R

…ITA Nos.131 to 134/Bang/2023, M/s. SPR Spirits Pvt. Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA No.131 to 134/Bang/2023 Assessment Years: 2008-09 to 2011-12 M/s. SPR Spirits Pvt. Ltd. (Formerly known as SPR Group Holdings Pvt. Ltd.) Deputy Commissioner of F 113, 2CD, Central Chambers Income-tax 2nd Floor, 2nd Main, Vs. Central Circle-1(3) Gandhinagar Bangalore Bengaluru 560 009 PAN NO : AAECS2377M APPELLANT RESPONDENT Appellant by : Shri Bharath L., A.R. Respondent by : Ms. Neera Malhot…

M/S. SPR SPIRITS PRIVATE LIMITED (FORMERLY KNOWN AS SPR GROUP HOLDINGS PRIVATE LIMITED),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

In the result, the appeals of the assessee are partly allowed for statistical purposes

ITA 133/BANG/2023[2010-11]Status: DisposedITAT Bangalore24 Jul 2023AY 2010-11

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Bharath L., A.RFor Respondent: Ms. Neera Malhotra, D.R

…ITA Nos.131 to 134/Bang/2023, M/s. SPR Spirits Pvt. Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA No.131 to 134/Bang/2023 Assessment Years: 2008-09 to 2011-12 M/s. SPR Spirits Pvt. Ltd. (Formerly known as SPR Group Holdings Pvt. Ltd.) Deputy Commissioner of F 113, 2CD, Central Chambers Income-tax 2nd Floor, 2nd Main, Vs. Central Circle-1(3) Gandhinagar Bangalore Bengaluru 560 009 PAN NO : AAECS2377M APPELLANT RESPONDENT Appellant by : Shri Bharath L., A.R. Respondent by : Ms. Neera Malhot…

M/S. SPR SPIRITS PRIVATE LIMITED (FORMERLY KNOWN AS SPR GROUP HOLDINGS PRIVATE LIMITED),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

In the result, the appeals of the assessee are partly allowed for statistical purposes

ITA 132/BANG/2023[2009-2010]Status: DisposedITAT Bangalore24 Jul 2023AY 2009-2010

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Bharath L., A.RFor Respondent: Ms. Neera Malhotra, D.R

…ITA Nos.131 to 134/Bang/2023, M/s. SPR Spirits Pvt. Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA No.131 to 134/Bang/2023 Assessment Years: 2008-09 to 2011-12 M/s. SPR Spirits Pvt. Ltd. (Formerly known as SPR Group Holdings Pvt. Ltd.) Deputy Commissioner of F 113, 2CD, Central Chambers Income-tax 2nd Floor, 2nd Main, Vs. Central Circle-1(3) Gandhinagar Bangalore Bengaluru 560 009 PAN NO : AAECS2377M APPELLANT RESPONDENT Appellant by : Shri Bharath L., A.R. Respondent by : Ms. Neera Malhot…

M/S. SPR SPIRITS PRIVATE LIMITED (FORMERLY KNOWN AS SPR GROUP HOLDINGS PRIVATE LIMITED),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

In the result, the appeals of the assessee are partly allowed for statistical purposes

ITA 131/BANG/2023[2008-2009]Status: DisposedITAT Bangalore24 Jul 2023AY 2008-2009

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri Bharath L., A.RFor Respondent: Ms. Neera Malhotra, D.R

…ITA Nos.131 to 134/Bang/2023, M/s. SPR Spirits Pvt. Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA No.131 to 134/Bang/2023 Assessment Years: 2008-09 to 2011-12 M/s. SPR Spirits Pvt. Ltd. (Formerly known as SPR Group Holdings Pvt. Ltd.) Deputy Commissioner of F 113, 2CD, Central Chambers Income-tax 2nd Floor, 2nd Main, Vs. Central Circle-1(3) Gandhinagar Bangalore Bengaluru 560 009 PAN NO : AAECS2377M APPELLANT RESPONDENT Appellant by : Shri Bharath L., A.R. Respondent by : Ms. Neera Malhot…

INCOME TAX OFFICER, WARD-2(3)(8), SURAT, SURAT vs. SANJAYKUMAR DEVKISHAN PANWAR,, SURAT

In the result the ground No

ITA 588/SRT/2019[2008-09]Status: DisposedITAT Surat22 Feb 2023AY 2008-09

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.569/Srt/2019 Assessment Year: (2008-09) (Physical Court Hearing) Sanjaykumar Devkishan Panwar, Vs. The Ito, Ward-2(3)(8), 207, 2Nd Floor, 6/2060/61 Vedant Surat. Building Bojabhai Ni Sheri, Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aovpp8989A (Revenue)/(Appellant) (Assessee)/(Respondent) आयकर अपील सं./Ita No.588/Srt/2019 Assessment Year: (2008-09) The Ito, Ward-2(3)(8), Vs. Sanjaykumar Devkishan Panwar, 207, 2Nd Floor, 6/2060/61 Vedant Surat. Building Bojabhai Ni Sheri, Mahidharpura, Surat – 395003 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aovpp8989A (Revenue)/(Appellant) (Assessee)/(Respondent) Assessee By Shri Rohit Vijayvargia, Ca Shri Ritesh Mishra, Cit(Dr) Respondent By Date Of Hearing 03/02/2023 Date Of Pronouncement 20/02/2023

Section 143(3)Section 147Section 148

…decided by restricting the disallowance to either 5% or 12.5% based on the GP/NP disclosed by the appellant, nature of trade etc. While arriving at that conclusion the binding decisions of Hon'ble Jurisdictional High Courts such as Satyanaraya P. Rathi (2013) 351 ITR 150, President Industries 258 ITR 654, Sum.it P Seth 2013 356 ITR 451, Bholanath Poly fab (2013) 355 ITR 290, Mayank Diamonds TA No. 200 of 2003 dated 07.11.2011 etc. where in it was held that only a percentage of the purchase representing element of profit may be taxed. Guidance was also drawn from the various decisions of Hon ITAT in the cases of b…

SANJAYKUMAR DEVKISHAN PANWAR,,SURAT vs. INCOME TAX OFFICER, WARD-2(3)(8), SURAT, SURAT

In the result the ground No

ITA 569/SRT/2019[2008-09]Status: DisposedITAT Surat22 Feb 2023AY 2008-09

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.569/Srt/2019 Assessment Year: (2008-09) (Physical Court Hearing) Sanjaykumar Devkishan Panwar, Vs. The Ito, Ward-2(3)(8), 207, 2Nd Floor, 6/2060/61 Vedant Surat. Building Bojabhai Ni Sheri, Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aovpp8989A (Revenue)/(Appellant) (Assessee)/(Respondent) आयकर अपील सं./Ita No.588/Srt/2019 Assessment Year: (2008-09) The Ito, Ward-2(3)(8), Vs. Sanjaykumar Devkishan Panwar, 207, 2Nd Floor, 6/2060/61 Vedant Surat. Building Bojabhai Ni Sheri, Mahidharpura, Surat – 395003 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aovpp8989A (Revenue)/(Appellant) (Assessee)/(Respondent) Assessee By Shri Rohit Vijayvargia, Ca Shri Ritesh Mishra, Cit(Dr) Respondent By Date Of Hearing 03/02/2023 Date Of Pronouncement 20/02/2023

Section 143(3)Section 147Section 148

…decided by restricting the disallowance to either 5% or 12.5% based on the GP/NP disclosed by the appellant, nature of trade etc. While arriving at that conclusion the binding decisions of Hon'ble Jurisdictional High Courts such as Satyanaraya P. Rathi (2013) 351 ITR 150, President Industries 258 ITR 654, Sum.it P Seth 2013 356 ITR 451, Bholanath Poly fab (2013) 355 ITR 290, Mayank Diamonds TA No. 200 of 2003 dated 07.11.2011 etc. where in it was held that only a percentage of the purchase representing element of profit may be taxed. Guidance was also drawn from the various decisions of Hon ITAT in the cases of b…

LATE SHRI BHIMSEN DARBARILAL ARORA,,SURAT vs. THE ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-5,, SURAT

In the result, ground no.4 raised by assessee is allowed for statistical purposes

ITA 1706/AHD/2016[2010-11]Status: DisposedITAT Surat22 Feb 2023AY 2010-11

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.1706/Ahd/2016 "नधा"रणवष"/Assessment Year: (2010-11) (Physical Court Hearing) Bhimsen Darbarilal Arora Through, Vs. The Acit, Circle-5, L/H. Rajat Bhimsen Arora, Surat. Smt. Mamta Bhimsen Arora, A-201, Madhulika Apartment, Bhatar Road, Surat. (Appellant) (Respondent) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Acaps9230L

Section 133ASection 143(3)Section 145(3)Section 68

…ameshchandra I. Gandhi 2003-04 CAS-II/TFR/126/13-14 24.02.2014 (e) M/s. Sundry Exports Ltd. 2003-04 CAS-II/49/TFRD/12-13 24.12.2012 10.9 It is pertinent to refer to the decisions of jurisdictional High Court in the case of GIT Vs. Sathyanarayan P. Rathi (Guj) 351 ITR 150 & CIT Vs. Bholanath Poly Fab Pvt. Ltd. (2013) 355 ITR 290 (Guj) wherein it was held that based on facts on record, the Hon'ble ITAT came to right conclusion that the assessee did purchases goods & sold them, therefore, as a natural corollary, not the entire amount covered under such purchases but the profit element embedded therein would be subje…

ACIT, CENTRAL CIRCLE1(3), MUMBAI vs. M/S. PENINSULA LAND LIMITED , MUMBAI

In the result the appeal filed by the revenue is dismissed

ITA 5632/MUM/2019[2009-10]Status: DisposedITAT Mumbai29 Jul 2022AY 2009-10

Bench: Shri Pavan Kumar Gadale & Shri S Rifaur Rahaman, Accountat Member Ita No. 5632 & 5633/Mum/2019 (A.Y: 2009-10 & 2010-11) Acit, Cc – 1(3) Vs. M/S Peninsula Land 905, 9Th Floor, Pratistha Ltd., Bhavan, Old Cgo Bldg, No. 2, Peninsula (Annexe), M.K .Road, Spenta, Mathuradas Mumbai – 400020. Mill Compound, Senapati Bapat Marg, Parel, Mumbai- 400013. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaact5173A Appellant .. Respondent Appellant By : Shri. Aditya Rai. Dr Respondent By : Shri. Vijay Mehta.Ar Date Of Hearing 24.06.2022 Date Of Pronouncement 28.07.2022 आदेश / O R D E R Per Pavan Kumar Gadale, Jm: These Are The Two Appeals Filed The By The Revenue Against The Common Order Of The Commissioner Of Income Tax (Appeals)-47, Mumbai Passed U/S 153A R.W.S 143(3) & 250 Of The Act.

For Appellant: Shri. Aditya Rai. DRFor Respondent: Shri. Vijay Mehta.AR
Section 115JSection 132Section 143(2)Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & SHRI S RIFAUR RAHAMAN, ACCOUNTAT MEMBER ITA No. 5632 & 5633/Mum/2019 (A.Y: 2009-10 & 2010-11) ACIT, CC – 1(3) Vs. M/s Peninsula Land 905, 9th Floor, Pratistha Ltd., Bhavan, Old CGO Bldg, No. 2, Peninsula (Annexe), M.K .Road, Spenta, Mathuradas Mumbai – 400020. Mill Compound, Senapati Bapat Marg, Parel, Mumbai- 400013. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACT5173A Appellant .. Respondent Appellant by : Shri. Aditya Rai. DR Respondent by : Shri. Vijay Mehta.AR Date of Hearing 24.06.2022 Date of Pronounce…

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3(3), SURAT vs. DIRGH DIAMOND, SURAT

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

ITA 764/SRT/2018[2014-15]Status: DisposedITAT Surat04 Mar 2022AY 2014-15

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Hearing In Virtual Court) The Dy. Cit, M/S Dirgh Diamond, Circle-3(3), 53-54, Plot No. 4, Vs Surat. Matawadi, Varachha Road, Surat. Pan: Aahfd1949C Appellant/ Revenue Respondent/ Assessee

Section 133(6)

…b Pvt. Ltd. in ITA No. 137/Ahd/2009 dated 26.07.2011 and decision of M/s 6 Dirgh Diamond Mayank Diamond Pvt. Ltd. reported in 2014(11) TMI 812 (Guj). The ld. CIT(A) further held that the Hon’ble jurisdictional High Court in case of Satyanaraya P. Rathi (2013)351 ITR 150, President Industries 258 ITR 654, Samit P. Seth (2013) 356 ITR 451 and Bholanath Poly Fab (2013) 355 ITR 290 held that only percentage of purchase represent of profit may be taxed. On the basis of the aforesaid decisions, the ld. CIT(A) concluded that fact of the present appeal are identical to Gagnani Impex and accordingly restricted addition t…

SRI SUKHAMAYA DAS,BHUBANESWAR vs. DCIT, CIRCLE-3(1), BHUBANESWAR

In the result, appeal of the assessee is partly allowed

ITA 232/CTK/2020[2013-14]Status: DisposedITAT Cuttack14 Jun 2021AY 2013-14

Bench: Shri Shri Chandra Mohan Garg, Judicialassessment Year : 2013-14 Sri Sukhmaya Das, Sri Sukhmaya Das, At-N/3/69, Vs. Dcit, Circle -3(1), 3(1), Irc Irc Village, Village, Nayapalli, Nayapalli, Bhubaneswar. Bhubaneswar Pan/Gir No. Aeppd 2993 A Aeppd 2993 A (Appellant) (Appellant .. ( Respondent Respondent) Assessee By : Shri J.M.Pattnaik, Ar , Ar Revenue By : Shri S.C. Mohanty, Dr Dr Date Of Hearing : 28/05/ 2021 1 Date Of Pronouncement : 14 /06/20 /2021 O R D E R

For Appellant: Shri J.M.Pattnaik, ARFor Respondent: Shri S.C. Mohanty, DR
Section 68Section 80C

…has to be given credit of the amount incurred for purchase of goods which was sold by him against receipt of sale consideration. To support of this, ld A.R. relied on the decision of Hon’ble Gujarat High Court in the case of CIT vs. P. Sathyanarayan P.Rathi, 351 ITR 150 (Guj), wherein, it has been held that only the profit element and not the entire amount of the purchases can be added to the income of the assessee. 16. Considering the totality of facts and circumstances and respectfully following the ration laid down by Hon’ble Gujarat High Court in the case of P. Sathyanarayan P.Rathi,(supra), as vehemently re…

ACIT, CIRCLE- 34(1), NEW DELHI vs. MADHUR JAIN, DELHI

In the result, the solitary ground of appeal of the learned AO is dismissed

ITA 176/DEL/2018[2013-14]Status: DisposedITAT Delhi27 May 2021AY 2013-14

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing) Acit, Madhur Jain, Vs. Circle-34(1), C-2/4, Community Centre- New Delhi I, Ashok Vihar, Phase-Ii, New Delhi Pan: Agrpj0254C (Appellant) (Respondent)

For Appellant: Shri Gautam Jain, AdvFor Respondent: Shri S. S. Negi, Sr. DR
Section 142Section 143

…ire amount, but the profit margin embedded in such amount would be subjected to tax. Hon‗ble Gujarat High court held as below: ….. 10.21. Reliance is also placed on the decision of the Hon‗ble Gujarat High Court in the case of CIT vs. Sathyanarayan P. Rathi, 351 ITR 150(Guj) Wherein it was held that: …… 10.22 In yet Another decision CIT vs. Simit P. Sheth, 356 ITR 451 (Guj) the Hon‗ble Gujarat High Court held as under on almost similar facts: ….. 10.23 Further in the case of ACIT vs. M/s Jaipur Jewels in ITA No. 1699/Mum/2017 dated September 13, 2017 for AY 2007-08, it is held by the Hon‗ble Tribunal, Mumbai a…

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CIT v. Satyanarayan P. Rathi (351 ITR 150) — Cited in 36 Judgments | BharatTax