CIT v. Simit P. Sheth

ITO Ward - 3(1), Kalyan vs. Bharat Valabhbhai Valiya, Dombivli

In the result, the appeal filed by the revenue is hereby dismissed

Bench: Om Prakash Kant, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No. 593/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2010-11) बिधम/ Ito, Ward – 3(1) Bharat Valabhbhai Valiya 2Nd Floor, Rani Mansion, Prop. Of M/S. Industrial Vs. Murbad Road, Kalyan Switchgear, B-10, Gurudatta (West)-421301. Tower, Pandurangwadi, Manpada Road, Dombivli (E), 421201. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Agbpv1605R (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: None Revenue By: Ms. Bhoomika Patel सुनवाई की तारीख / Date Of Hearing: 02/12/2021 घोषणा की तारीख /Date Of Pronouncement: 31/01/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 26.02.2020 Passed By The Commissioner Of Income Tax (Appeals) -01, Thane [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2010- 11. 2. The Revenue Has Raised The Following Grounds: - “1. On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A)-1, Thane Erred In Deleting The Addition Of Rs. 6,56,771/- Out Of The Total Addition Of Rs. 7,50,595/- Made On Account Of Bogus Purchases, Despite Holding That The Purchases Were Not A.Y.2010-11 Genuine & The Assessee Failed To Prove Genuineness Of The Transactions.

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI BEFORE OM PRAKASH KANT, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No. 593/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2010-11) बिधम/ ITO, Ward – 3(1) Bharat Valabhbhai Valiya 2nd Floor, Rani Mansion, Prop. Of M/s. Industrial Vs. Murbad Road, Kalyan Switchgear, B-10, Gurudatta (West)-421301. Tower, Pandurangwadi, Manpada Road, Dombivli (E), 421201. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AGBPV1605R (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee by: None Revenue by: Ms. Bhoomika Patel सुनवाई की तारीख / Date of Hearing: 02/12/2021 घोषणा क…

ITO WD 3(1), Kalyan vs. Potdar Ajit Krishnaji (HUF, Mumbai

In the result, the appeal filed by the revenue is hereby dismissed

Bench: Om Prakash Kant, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No. 592/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2010-11) बिधम/ Ito, Ward-3(1) Potdar Ajit Krishnaji (Huf) 2Nd Floor, Rani Mansion, V Krishna Steel Trading, Vs. Murbad Road, Kalyan (W) Vijay Baug, Varap Village, 421301. Murbad Road, Kalyan (W)- 421301. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaehp2434D (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Sanjiv Brahme Revenue By: Ms. Bhoomika Patel सुनवाई की तारीख / Date Of Hearing: 02/12/2021 घोषणा की तारीख /Date Of Pronouncement: 31/01/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 03.02.2020 Passed By The Commissioner Of Income Tax (Appeals) -01, Thane [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2010- 11. 2. The Revenue Has Raised The Following Grounds: - “A) Grounds Of Appeal 1. The Learned Income Tai Officer Has Erred In Reopening The Assessment U/S 148. A.Y.2010-11 Without Prejudice To The Above

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI BEFORE OM PRAKASH KANT, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No. 592/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2010-11) बिधम/ ITO, Ward-3(1) Potdar Ajit Krishnaji (HUF) 2nd Floor, Rani Mansion, V Krishna Steel Trading, Vs. Murbad Road, Kalyan (W) Vijay Baug, Varap Village, 421301. Murbad Road, Kalyan (W)- 421301. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAEHP2434D (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee by: Shri Sanjiv Brahme Revenue by: Ms. Bhoomika Patel सुनवाई की तारीख / Date of Hearing: 02/12/2021 घोषणा की तारीख /Date…

Dy CIT, Circle-3, Thane vs. Shri Shibshankar Ghosh, Mumbai

In the result, appeal of the revenue is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…on certain purchases treated as unexplained expenditure. Assessing Officer did not doubt the sales made by the assessee from out of such purchases. Assessing Officer based on the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [356 ITR 451] estimated the profit element in such purchases at 12.5% and by reducing the Gross Profit already declared by the assessee. In the circumstances, we hold that there is no concealment of income or furnishing of inaccurate particulars as the profit element was determined by way of adhoc estimation. Coming to the interest, the assessee furnished com…

Jurisdictional ITO -31(1)(1), Mumbai vs. Gopalbhai Shamjibhai Kalsaria, Mumbai

In the result, the appeal filed by the revenue is hereby dismissed

Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.439/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2009-10) Ito-31(1)(1) बिधम/ Gopalbhai Shamjibhai Kalsaria Room No.603, 6Th Floor, 122/10, Jawahar Nagar, Road Vs. Kautilya Bhavan, Bandra No.10 Goregaon (W), Mumbai- Kurla Complex, „G‟ Block, 400062. Bandra (E), Mumbai- 400051. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagpk6469B (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Prasoon Kabra Assessee By: None सुनवाई की तारीख / Date Of Hearing: 25/11/2021 घोषणा की तारीख /Date Of Pronouncement: 21/12/2021 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 21.01.2020 Passed By The Commissioner Of Income Tax (Appeals) -42 Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2009- 10. 2. The Revenue Has Raised The Following Grounds: - "On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Erred In Estimating The Profit To 12.5% Of Bogus Purchases Against 100% Addition Made By The Ao. A.Y.2009-10 On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Erred, In Not Considering That The Addition Was Made On The Basis Of Information Received From Dgit(Inv.) & Sales Tax Department Maharashtra With Regard To Bogus Purchases Made By The Assessee From Dealers Without Supply Of Actual Goods. On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Erred, In Not Considering That The Hawala Operators Have Admitted On Oath Before The Sales Tax Authorities That They Have Not Sold Any Material To Anybody. On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Erred, In Not Considering That The Assessee Could Not Prove The Genuineness & Creditworthiness Of Purchase Transactions During The Course Of Assessment Proceedings.

…isclosed parties in the grey market at lower rates and purchases were shown as being made from the impugned parties to suppress its profits. In such a situation, the various Courts including the Hon'ble Gujarat High Court in the case of CIT vs Simit P. Sheth, 356 ITR 451 have held that not the entire purchases but only the profit element embedded in these purchases was to be disallowed. The Hon'ble Gujrat High Court in this case has held that profit margin of 12.5% of the bogus purchases 5 A.Y.2009-10 will be reasonable. Respectfully following the Order in the case of Simit P. Sheth the addition is restricted to…

Dy CIT - 26(1), Mumbai vs. M/S. Vijay Engg. Works., Mumbai

In the result, the appeal filed by the revenue is hereby dismissed

Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.469/Mum/2021 (निर्धारण वर्ा / Assessment Year: 2009-10) Dcit-26(1) बिधम/ M/S. Vijay Engineering Room No.623, 6Th Floor, Works, Vs. Kautilya Bhavan, Bandra Unit No.11, Kamaldeep Kurla Complex, Bandra (E), Industrial Estate Sonawala Mumbai-400051. Cross Road No.2, Goregaon East, Mumbai-400063. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaafv1227E (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Prasoon Kabra Assessee By: None सुनवाई की तारीख / Date Of Hearing: 25/11/2021 घोषणा की तारीख /Date Of Pronouncement: 17/12/2021 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 22.01.2020 Passed By The Commissioner Of Income Tax (Appeals) -42 Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2009- 10. 2. The Revenue Has Raised The Following Grounds: - "On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Has Erred In Deleting Addition Of Rs.1,09,659/- For Ay 2007-08 On Account Of Bogus Purchases?" A.Y.2009-10 On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Has Erred In Not Considering That The Addition Was Made On The Basis Of Information Received From Dgit(Lnv.) & Sales Tax Department, Maharashtra With Regard To Bogus Purchase Made By The Assessee From Dealers Without Supply Of Actual Goods."

…es from undisclosed parties in the grey market at lower rates and purchases shown as being made from the impugned parties to suppress its profits. In such a situation the various Courts including the Hon'ble Gujarat High Court in the case of CIT vs Smit Sheth 356 ITR 451 have held that not the entire purchases but only the profit element embedded in these purchases was to be disallowed. The Hon'ble Gujrat High Court in this case has held that profit margin of 12.5% of the bogus purchases will be reasonable. Respectfully following the Order in the case of Simit P. Sheth the addition 12.5% of the bogus purchases is…

Asstt. CIT - 32, Mumbai vs. Shri Dharmesh P. Bhatt, Mumbai

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

…on certain purchases treated as unexplained expenditure. Assessing Officer did not doubt the sales made by the assessee from out of such purchases. Assessing Officer based on the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [356 ITR 451] estimated the profit element in such purchases at 12.5% and by reducing the Gross Profit already declared by the assessee. In the circumstances, we hold that there is no concealment of income or furnishing of inaccurate particulars as the profit element was determined by way of adhoc estimation. Coming to the interest, the assessee furnished com…

Asstt. CIT-32(1), Mumbai vs. Shri Dharmesh P. Bhatt, Mumbai

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble

…on certain purchases treated as unexplained expenditure. Assessing Officer did not doubt the sales made by the assessee from out of such purchases. Assessing Officer based on the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Seth [356 ITR 451] estimated the profit element in such purchases at 12.5% and by reducing the Gross Profit already declared by the assessee. In the circumstances, we hold that there is no concealment of income or furnishing of inaccurate particulars as the profit element was determined by way of adhoc estimation. Coming to the interest, the assessee furnished com…

ACIT Cir. 15(1)(1), Mumbai vs. M/S Excelhone Manufacturing Pvt Ltd., Navi Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble & Acit – Circle – 15(1)(1) V. M/S. Excelhone Manufacturing Pvt. Ltd., 304, Building No. 6 Room No. 470, 4Th Floor Millennium Business Park Aayakar Bhavan, M.K. Road Koparkhairne, Navi Mumbai - 400709 Mumbai - 400020 Pan: Aabce6882C (Appellant) (Respondent) Assessee By : None Department By Shri Vijay Kumar Menon

…list beneficiaries. Accordingly, the Ld. AO treated the amoutn of ₹.31,92,913/- as bogus purchases and added the same to the total income of the appellant. 2.4.2 Under similar circumstances the Hon’ble High Court of Gujarat in the case of Simit P Seth, 2013 (356 ITR 451) had on occasion to deliver its judgment by confirming the decision of the ITAT which has estimated the disallowance at 12.5% of the disputed bogus purchases to meet the end of Justice. The headnote of the decision is reproduced as under 5 M/s. Excelhone Manufacturing Pvt. Ltd., “Section 145 of the Income-Tax Act, 1961 Method of Accounting Estima…

ITO 32(1)(3), Mumbai vs. Shri Bhavik Jayant Gandhi, Mumbai

Bench: Shri Mahavir Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…ect of the matter elaborately with reference to the submissions of the assessee and the averments in the Assessment Order along with various judicial pronouncements including the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Sheth [356 ITR 451] and also following assessee’s own case for the A.Y. 2011-12 in ITA.No. 1653/Mum/2016 dated 06.04.2017 restricted the disallowance to 12.5% of the non-genuine purchases. Ld.CIT(A) further considering the Gross Profit furnished by the assessee for the A.Y. 2009-10 and 2012-13 being 2.8% and 1.18% respectively, restricted the disallowance 9.7% and…

ITO 32(1)(3), Mumbai vs. Shri Bhavik Jayant Gandhi, Mumbai

Bench: Shri Mahavir Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…ect of the matter elaborately with reference to the submissions of the assessee and the averments in the Assessment Order along with various judicial pronouncements including the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Sheth [356 ITR 451] and also following assessee’s own case for the A.Y. 2011-12 in ITA.No. 1653/Mum/2016 dated 06.04.2017 restricted the disallowance to 12.5% of the non-genuine purchases. Ld.CIT(A) further considering the Gross Profit furnished by the assessee for the A.Y. 2009-10 and 2012-13 being 2.8% and 1.18% respectively, restricted the disallowance 9.7% and…

ITO 32(1)(3), Mumbai vs. Shri Bhavik Jayant Gandhi, Mumbai

Bench: Shri Mahavir Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…ect of the matter elaborately with reference to the submissions of the assessee and the averments in the Assessment Order along with various judicial pronouncements including the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Sheth [356 ITR 451] and also following assessee’s own case for the A.Y. 2011-12 in ITA.No. 1653/Mum/2016 dated 06.04.2017 restricted the disallowance to 12.5% of the non-genuine purchases. Ld.CIT(A) further considering the Gross Profit furnished by the assessee for the A.Y. 2009-10 and 2012-13 being 2.8% and 1.18% respectively, restricted the disallowance 9.7% and…

Kamlesh T. Bhansali, Mumbai vs. ITO Ward-19(2)(2), Mumbai

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

Bench: Shri C.N. Prasad, Hon'Ble

…Deep Metal and ₹.1797276/- from Navratan Impex totaling to ₹.31,09,750/- as non-genuine. However, following the 4 ITA NOs. 1591 & 1592/MUM/2020 (A.Y: 2009-10) Kamlesh T. Basnsali decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Sheth [356 ITR 451] Assessing Officer estimated the profit element from such purchases at 12.5% and disallowed ₹.3,88,719/-. On appeal the Ld.CIT(A) sustained the action of the Assessing Officer in estimating the Gross Profit at 12.5% for the A.Y:2009-10. Against this order of the Ld.CIT(A) assessee is in appeal. 5. Ld. Counsel for the assessee reiterated the subm…

Kamlesh T. Bhansali, Mumbai vs. ITO Ward 19(2)(2), Mumbai

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

Bench: Shri C.N. Prasad, Hon'Ble

…Deep Metal and ₹.1797276/- from Navratan Impex totaling to ₹.31,09,750/- as non-genuine. However, following the 4 ITA NOs. 1591 & 1592/MUM/2020 (A.Y: 2009-10) Kamlesh T. Basnsali decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Sheth [356 ITR 451] Assessing Officer estimated the profit element from such purchases at 12.5% and disallowed ₹.3,88,719/-. On appeal the Ld.CIT(A) sustained the action of the Assessing Officer in estimating the Gross Profit at 12.5% for the A.Y:2009-10. Against this order of the Ld.CIT(A) assessee is in appeal. 5. Ld. Counsel for the assessee reiterated the subm…

ITO 27 (1)(4), Mumbai vs. M/S Inka Engineers, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri C.N. Prasad, Hon'Bleincome Tax Officer – 27(1)(4) V. M/S. Inka Engineers Room No.409, 4Th Floor Unit No. A 15A Tower No. 6 Ghatkopar Industrial Estate Vashi Railway Station Complex Lbs Marg, Ghatkopar (W) Vashi, Navi Mumbai - 400703 Mumbai - 400086 Pan: Aaaf12286A (Appellant) (Respondent) Assessee By : Dinkel Hariya Department By : Abdul Hakkem

…he Ld.CIT(A), I do not find any valid reason to interfere with the finding of the Ld.CIT(A) in estimating the profit element at 12.5% as the Ld.CIT(A) following the decision of the Hon'ble Gujarat High Court in the case of following the CIT v. Simit P. Sheth [356 ITR 451] estimated the profit element at 12.5%. Grounds raised by the revenue are dismissed. The decision relied on by the Ld.DR in the case of Pratibha Pipes and Structural Ltd., v. DCIT in ITA.Nos. 3874, 3875, 3876/Mum/2015 and ITA.No. 7120/Mum/2016 dated 10.04.2019 are distinguishable on facts. Grounds raised by the revenue are dismissed. 6. In the r…

Neon Metals Impex Private Limited, Mumbai vs. Principal Commissioner of Income Tax - 5, Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2011-12 Assessment Year: 2011-12

…hase bills, bank statements, challans etc. The AO finally, after following the decision of Hon’ble Gujarat High Court in the case of CIT vs. Bolanath Polyfab Pvt. Ltd. (2013) 355 ITR 390 (Guj.) and also another decision in the case of CIT vs. Simit P. Sheth – 356 ITR 451 (Guj.), applied a rate of 12.5% on the bogus purchases of Rs.1,05,98,219/- and thus added a sum of Rs.13,24,777/- to the income of the assessee in the assessment framed under section 143(3) read with section 147 of the Act vide order dated 18.03.2016. The Ld. A.R. submitted that the AO has taken a reasonable possible view of the matter after taki…

ACIT_3(1)(1), Mumbai vs. M/S Bhoir Offshore P. Ltd., Mumbai

In the result, the appeal filed by the revenue is dismissed

Bench: Shri M Balaganesh & Shri Pavan Kumar Gadaleacit – 3(1)(1) Vs. M/S Bhoir Offshore Co. Room No. 607, 6Th Pvt Ltd., Floor, Aayakar Bhavan, 318, Maker Chambers Mk Road, Mumbai – V, Nariman Point, 400020. Mumbai – 400021. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacb5167A Appellant .. Respondent Appellant By : Shri. Sanjiv K Jain. Dr Respondent By : Shri. Y.P.Trivedi. Ar Date Of Hearing 17.11.2021 Date Of Pronouncement 22.11.2021 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals)-8 Mumbai, Passed U/S 143(3) & 250 Of The Income Tax Act, 1961. The Revenue Has Raised The Following Grounds Of Appeal.

…appellant in term of VAT charge, transportation etc. 7.2.9 Now, / find that the AO has disallowed 100% of alleged bogus purchases of Rs. 34,93,041/-, which I restrict to 12.5% of alleged bogus purchases relying upon the case of CIT vs. Simit P. Sheth (2013) 356 ITR 451 (Guj. HC) and High Court of Bombay in the case of Pooja Paper Trading Co (P) Ltd (Supra) which, in my opinion, is just and fair in given circumstances to take care of any leakage of revenue. Hence, the disallowance M/s Bhoir Offshore Pvt Ltd., Mumbai. in principle is upheld but restricted to 12.5% of the purchases from suspicious hawala dealers.…

ACIT-3(1)(1), Mumbai vs. M/S Bhoir Dredging Co. Pvt. Ltd., Mumbai

In the result, the appeal filed by the revenue is dismissed

Bench: Shri M Balaganesh & Shri Pavan Kumar Gadaleacit – 3(1)(1) Vs. M/S Bhoir Dredging Room No. 607, 6Th Co. Pvt Ltd., Floor, Aayakar Bhavan, 318, Maker Chambers Mk Road, Mumbai – V, Nariman Point, 400020. Mumbai – 400021. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacb0473D Appellant .. Respondent Appellant By : Shri Y.P Trivedi. Adv Respondent By : Shri Sanjiv K. Jain Date Of Hearing 17.11.2021 Date Of Pronouncement 22.11.2021 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals)-8 Mumbai, Passed U/S 143(3) & 250 Of The Income Tax Act, 1961. The Revenue Has Raised The Following Grounds Of Appeal.

…appellant in term of VAT charge, transportation etc. 7.2.9 Now, / find that the AO has disallowed 100% of alleged bogus purchases of Rs. 34,93,041/-, which I restrict to 12.5% of alleged bogus purchases relying upon the case of CIT vs. Simit P. Sheth (2013) 356 ITR 451 (Guj. HC) and High Court of Bombay in the case of Pooja Paper Trading Co (P) Ltd (Supra) which, in my opinion, is just and fair in given circumstances to take care of any leakage of revenue. Hence, the disallowance in principle is upheld but restricted to 12.5% of the purchases from suspicious hawala dealers. Therefore these grounds of appeal are…

Jurisdiction ITO-31(1)(1), Mumbai vs. Vikas Ravilal Gala, Mumbai

In the result, appeals of the Revenue are dismissed

Bench: Shri C.N. Prasad, Hon'Ble

…IT(A), I find that Ld.CIT(A) considered this aspect of the matter elaborately with reference to the submissions of the assessee and the averments in the Assessment Order along the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Sheth[356 ITR 451] restricted the disallowance to 12.5% of the non-genuine purchases. While holding so, the Ld.CIT(A) for the A.Y. 2009-10 observed as under: - “7.1 I have considered the submission of the appellant, carefully gone through the order of the AO, perused the material on record, and referred to the case laws relied upon by the appellant and the AO. 7.2…

Jurisdiction ITO-31(1)(1), Mumbai vs. Vikas Ravilal Gala, Mumbai

In the result, appeals of the Revenue are dismissed

Bench: Shri C.N. Prasad, Hon'Ble

…IT(A), I find that Ld.CIT(A) considered this aspect of the matter elaborately with reference to the submissions of the assessee and the averments in the Assessment Order along the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Sheth[356 ITR 451] restricted the disallowance to 12.5% of the non-genuine purchases. While holding so, the Ld.CIT(A) for the A.Y. 2009-10 observed as under: - “7.1 I have considered the submission of the appellant, carefully gone through the order of the AO, perused the material on record, and referred to the case laws relied upon by the appellant and the AO. 7.2…

Jurisdiction ITO-31(1)(1), Mumbai vs. Vikas Ravilal Gala, Mumbai

In the result, appeals of the Revenue are dismissed

Bench: Shri C.N. Prasad, Hon'Ble

…IT(A), I find that Ld.CIT(A) considered this aspect of the matter elaborately with reference to the submissions of the assessee and the averments in the Assessment Order along the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P. Sheth[356 ITR 451] restricted the disallowance to 12.5% of the non-genuine purchases. While holding so, the Ld.CIT(A) for the A.Y. 2009-10 observed as under: - “7.1 I have considered the submission of the appellant, carefully gone through the order of the AO, perused the material on record, and referred to the case laws relied upon by the appellant and the AO. 7.2…