CIT v. Simit P. Sheth

356 ITR 451High Court2013#27 most cited

What is CIT v. Simit P. Sheth authority for?

Additions for alleged bogus purchases should be restricted to the profit element, not the entire turnover. The profit element is often estimated at 12.5% of the purported bogus purchases.

1,465

judgments rely on this decision, according to BharatTax’s citation analysis of 367,302 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. Simit P. Sheth · section 69C · bogus purchases · undisclosed income · addition on profit element · gross profit · net profit · reassessment · assessment procedure

Also reported as

38 Taxmann 385

Sections most often in play

Section 143(3)Section 147Section 148Section 132Section 131Section 69CSection 133(6)Section 143(2)

Issues it is cited on

section 69csection 131section 133(6)reassessment proceedingsundisclosed incomesearch and seizuresection 69section 132section 13section 148businesssection 147

Judgments citing CIT v. Simit P. Sheth

M/S. Becon Constructions Pvt. Ltd., New Delhi vs. ACIT, New Delhi

The appeal is partly allowed

ITA 5034/DEL/2016[2012-13]Status: DisposedITAT Delhi24 Dec 2020AY 2012-13

Bench: Shri H.S. Sidhu & Shri Anil Chaturvedi(Through Video Conference) A.Y. : 2012-13

Section 132Section 139(1)Section 143(2)Section 143(3)Section 153Section 153ASection 251(2)

…of bogus purchases, if they are not written off or reduced from the closing stock then, necessarily in the sale price the same is included and therefore, only gross profit on the same can be added. We find that the above arguments also supported by relying on 356 ITR 451 in the case of CIT vs. Simit P. Sheth of the Hon’ble Gujarat High Court as well as the several judicial precedents of the Coordinate Benches. The assessee has shown that in the year ending March, 2012, the gross profit ratio of the assessee is 9.25%. In view of this, we direct the Ld. Assessing Officer to retain the addition @9.25% of Rs. 2.44 cr…

Tanaya Enterprises P.Ltd, Mumbai vs. ITO11(3)(1), Mumbai

In the result, appeal of the assessee is dismissed

ITA 2519/MUM/2019[2013-14]Status: DisposedITAT Mumbai18 Dec 2020AY 2013-14

Bench: Shri C.N. Prasad, Jm & Shri M.Balaganesh, Am M/S. Tanaya Enterprises Pvt. Ltd., Vs. Acit-11(3)(1), D-14, Ansa Industrial Estate, Aayakar Bhavan Saki Vihar Road, Saki Naka, Mumbai – 400 020 Andheri (E), Mumbai 400072 Pan/Gir No.Aadct0488P (Appellant) .. (Respondent)

Section 132Section 132(4)Section 133(6)Section 143(3)Section 288

…ase, it would be just and reasonable to estimate only the profit element embedded in such disputed purchases and bring to tax the same. We find 6 M/s. Tanaya Enterprises Pvt. Ltd., that the Hon’ble Gujarat High Court in the case of Simit P Sheth reported in 356 ITR 451 had estimated the profit percentage to be at 12.5%. We also find that in series of decisions rendered by this Tribunal the very same profit percentage of 12.5% has been considered for the similar line of industry in which assessee is engaged in. Hence, we hold that the ld. CIT(A) had rightly estimated the profit percentage at 12.5% on value of al…

Esp (Asia) Pvt. Ltd., Mumbai vs. A.C.I.T. - 15(1)(1), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 6188/MUM/2017[2009-10]Status: DisposedITAT Mumbai18 Dec 2020AY 2009-10

Bench: Shri C.N. Prasad, Jm & Shri M.Balaganesh, Am M/S. Esp (Asia) Pvt. Ltd., Vs. Acit-15(1)(1) 10, 1St Floor, Room No.470, 4Th Floor Neco Chambers, Aayakar Bhavan Plot No.48, M.K.Road, Cbd Belapur Road, New Marine Lines Navi Mumbai-400615 Mumbai – 400 020 Pan/Gir No. Aabce6484C (Appellant) .. (Respondent) Assessee By None Revenue By Shri Vijay Kumar Menon Date Of Hearing 17/12/2020 Date Of Pronouncement 18/12/2020

Section 143(3)

…m the grey market in order to have some savings in indirect taxes and incidental profits thereon. We find that this Tribunal in series of decisions by placing reliance on the decision of the Hon’ble Gujarat High Court in the case of Simit P. Sheth reported in 356 ITR 451 had categorically held that profit percentage of disputed purchases for the persons engaged in similar line of industry in which assessee is engaged in should be reasonably estimated at 12.5% of value of disputed purchases. Respectfully following the same, we direct the ld. AO to restrict the disallowance made on account of bogus purchases to 12.…

ACIT Circle-22(1), Mumbai vs. M/S Flowtech Industries LLP, Mumbai

In the result, appeal of the revenue is dismissed

ITA 2643/MUM/2019[2009-10]Status: DisposedITAT Mumbai16 Dec 2020AY 2009-10

Bench: Shri C.N. Prasad, Jm & Shri M.Balaganesh, Am Acit Circle-22(1) Vs. M/S. Flowtech Industries Ltd., Room No.322, 3Rd Floor 177, Vidyanagar Marg Income Tax Office Kalina, Santacruz (E) Piramal Chambers Mumbai – 400 098 Lalbaug, Parel Mumbai – 400 012 Pan/Gir No.Aaaff0573D (Appellant) .. (Respondent)

Section 143(3)

…thereon at 27.91% and made disallowance of Rs. 7,28,564/- on account of bogus purchases and completed the re-assessment. We find that the ld. CIT(A) by placing reliance on the decision of the Hon’ble Gujarat High Court in the case of Smit P Sheth reported in 356 ITR 461, restricted the profit percentage to 12.5% on disputed purchases as against 27.19% added by the ld. AO. 3.1. We find that the ld. DR had filed a detailed written submission on 15/11/2020 by email reiterating the observations of the ld. AO. It is not in dispute that assessee had made purchases from a party listed to be a tainted dealer in the web…

Dhanera Metal Supply Corporation, Mumbai vs. ACIT-Circle- 19 (1), Mumbai

In the result, appeal by the assessee is partly allowed for statistical purpose

ITA 2294/MUM/2019[2010-11]Status: DisposedITAT Mumbai16 Dec 2020AY 2010-11

Bench: Shri Vikas Awasthyआअसं. 2294/मुं/2019 ("न.व.2010-11) M/S.Dhanera Metal Supply Corporation, 424, 4Th Floor, B-Wing, Plaza Panchshil, N.S.Patkar Marg, Gamdevi, Grant Road, Mumbai 400 007 : अपीलाथ"/ Appellant Pan: Aaafd3399K बनाम/ Vs.

For Appellant: NoneFor Respondent: Shri Ajay Pratap Singh
Section 143(1)Section 143(3)

…आयकर अपील"य अ"धकरण मुंबई पीठ “एस एम सी” IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI "ी "वकास अव"थी, "या"यक सद"य के सम" BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER आअसं. 2294/मुं/2019 ("न.व.2010-11) M/s.Dhanera Metal Supply Corporation, 424, 4th Floor, B-Wing, Plaza Panchshil, N.S.Patkar Marg, Gamdevi, Grant Road, Mumbai 400 007 : अपीलाथ"/ Appellant PAN: AAAFD3399K बनाम/ Vs. The Asstt. Commissioner of Income-tax- 19(1), Room No.203, 2nd Floor, Matru Mandir, Mumbai 400 007 : ""थ"/ Respondent Assessee by : None Revenue by : Shri Ajay Pratap Singh सुनवाई की तारीख/ : 12/10/2020 Date of Hear…

Mukesh H Sanghvi, Mumbai vs. ITO Ward- 15 (2)(2), Mumbai

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 5917/MUM/2018[2011-12]Status: DisposedITAT Mumbai15 Dec 2020AY 2011-12

Bench: Shri Vikas Awasthy & Shri Rajesh Kumarassessment Year: 2011-12 Mr. Mukesh H. Sanghvi, Ito Ward 15(2)(2), 105/106, Gagangiri Matrumandir, Tower, Mumbai – 400 004 Vs. 25/29, Dr. Deshmukh Lane, Mumbai – 400 004 Pan: Aagps 1251H (Appellant) (Respondent) Assessment Year: 2011-12 Ito Ward 19(2)(3), Mr. Mukesh Hirachand Room No.218, Sanghvi, Income Tax Office, Prop. M/S. Raymond Matru Mandir, Tubes, Vs. Tardeo Road, 51, Kapol Niwas, Grant Road, Ground Floor, Mumbai – 400 007 1St Carpenter Street, Mumbai – 400 004 Pan: Aagps 1251H (Appellant) (Respondent)

For Appellant: NoneFor Respondent: Shri Vijay Jaiswal, D.R
Section 133(6)Section 143(1)Section 69C

…der section 69C of the Act vide order dated 21.03.2014. 5. In the appellate proceedings, the Ld. CIT(A) applied a GP rate of 12.5% on the said bogus purchases by following the decision of Hon’ble Gujarat High Court in the case of CIT vs. Simit P. Sheth (2013) 356 ITR 451 (Guj) and thus partly allowed the appeal of the assessee. 6. Aggrieved by the order of Ld. CIT(A) the assessee as well as Revenue is in appeal before us. 7. After hearing the Ld. D.R. and perusing the material on record, we observe that in this case the assessee is a dealer in ferrous and non ferrous metal items. Undisputed facts are that the a…

ACIT Circle- 15 (1)(2), Mumbai vs. M/S D G Infrastructure Pvt. Ltd, Mumbai

In the result, both the appeals of the Revenue are dismissed

ITA 1773/MUM/2019[2010-11]Status: DisposedITAT Mumbai14 Dec 2020AY 2010-11

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2010-11 Acit, M/S. D.G. Infrastructure Circle -15(1)(2), Pvt. Ltd., Room No.483A, 4Th Floor, A-207 Punit Industrial Aayakar Bhavan, Premises Chs, Vs. M.K. Road, Plot No.D-11, Mumbai - 400020 Thane Belapur Road, Turbhe Navi Mumbai, Mumbai – 400 705 Pan: Aaccd0745L (Appellant) (Respondent) Assessment Year: 2012-13 Acit -12(2)(1), M/S. Disha Dynamic Room No.142F/262, Buildwell Pvt. Ltd., 1St Floor, D-6, Surjit Sangam Aayakar Bhavan, Vs. Chsl, Churchgate, Mathuradas Road, Mumbai - 400020 Kandivali West, Mumbai - 400067 Pan: Aadcd9697E (Appellant) (Respondent) Present For: Assessee By : None Revenue By : Shri Manpreet Singh Duggal, D.R. Date Of Hearing : 09.11.2020 Date Of Pronouncement : 14.12.2020 O R D E R

For Appellant: NoneFor Respondent: Shri Manpreet Singh Duggal, D.R
Section 143(3)Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER Assessment Year: 2010-11 ACIT, M/s. D.G. Infrastructure Circle -15(1)(2), Pvt. Ltd., Room No.483A, 4th Floor, A-207 Punit Industrial Aayakar Bhavan, Premises CHS, Vs. M.K. Road, Plot No.D-11, Mumbai - 400020 Thane Belapur Road, Turbhe Navi Mumbai, Mumbai – 400 705 PAN: AACCD0745L (Appellant) (Respondent) Assessment Year: 2012-13 ACIT -12(2)(1), M/s. Disha Dynamic Room No.142F/262, Buildwell Pvt. Ltd., 1st Floor, D-6, Surjit Sangam Aayakar Bhavan, Vs. CHSL, Churchgate,…

ACIT - 18 (1), Mumbai vs. Deepa P. Manshani, Mumbai

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

ITA 5639/MUM/2018[2009-10]Status: DisposedITAT Mumbai09 Dec 2020AY 2009-10

Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. Nos.5639/M/2018 & 5640/M/2018 (निर्धारण वर्ा / Assessment Years: 2009-10 & 2010-11) Acit-18(1) बिधम/ Deepa P. Manshani Room No.202, 2Nd Floor, 76/78, Dwarakadas Bldg, Vs. Earnest House, Nariman Mangaldas Road, Lohar Point, Mumbai-400021. Chawl, Mumbai-400002. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Altpm2676G (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri O. P. Meena (Sr. Dr) Assessee By: None सुनवाई की तारीख / Date Of Hearing: 05/10/2020 घोषणा की तारीख /Date Of Pronouncement: 09/12/2020 आदेश / O R D E R Per Amarjit Singh, Jm: The Above Mentioned Appeals Have Been Filed By The Revenue Against The Different Order Passed By The Commissioner Of Income Tax (Appeals)- 29, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Ys.2009-10 & 2010-11. Ita. No.5639/M/2018:- 2. The Revenue Has Filed The Present Appeal Against The Order Dated 19.07.2018 Passed By The Commissioner Of Income Tax (Appeals)-29, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2009- 10. Ita. Nos.5639 & 5640/M/2018 A.Ys. 2009-10 & 2010-11

For Appellant: NoneFor Respondent: Shri O. P. Meena (Sr. DR)
Section 133(6)Section 143(1)Section 69C

…rd made it possible for the recipients not being traceable for the purpose of inquiry as to whether the payment made by the assessee had been actually received by the apparent sellers. 4.3.2 Recently in the case of Commissioner of Income Tax V. Simit P. Sheth 356 ITR 451 (Guj), the Hon’ble Court has given a finding that estimation of rate of profit return must necessarily vary with the nature of business and no uniform yardstick could be adopted and finally confirmed the action of the ITAT in determining 12.5% of the bogus purchases as the profit embedded in such transaction. The head note is as under: Income fro…

ITO 29(3)(1), Mumbai vs. Shri. Sanjay Ramchandra Shah, Mumbai

In the result, appeal by the Revenue is dismissed

ITA 4022/MUM/2019[2010-11]Status: DisposedITAT Mumbai03 Dec 2020AY 2010-11

Bench: Shri Vikas Awasthyआअसं. 4022/मुं/2019 ("न.व.2010-11) Income Tax Officer – 29(2)(1), 433, 4Th Floor, Kautilya Bhavan, : अपीलाथ"/ Appellant Bkc, Bandra, Mumbai 400 051 बनाम/ Vs.

For Appellant: Shri Sanjay R. Shah (Assessee in person)For Respondent: Shri Sanjay J. Sethi
Section 133(6)Section 143(3)

…ved by the assessment order dated 15/02/2016 passed under section 143(3) r.w.s. 147 of the Income Tax Act, 1961 ( in short ‘the Act’) the assessee filed appeal before the CIT(A). The CIT(A) following the decision rendered in the case of CIT vs.Simit P. Sheth, 356 ITR 451(Guj). restricted the addition to 12.5% of the bogus purchases. Against the findings of CIT(A), the Revenue is in appeal before the Tribunal. 3. Shri Sanjay J. Sethi, representing the Department vehemently defended the assessment order and prayed for reversing the finding of CIT(A). The ld.Departmental Representative submitted that the assessee h…

Vps Silk Fabrics Pvt Ld, Elampillai vs. ACIT, Circle-2, Salem

In the result, the assessee’s appeal is treated as partly allowed

ITA 626/CHNY/2019[2013-14]Status: DisposedITAT Chennai01 Dec 2020AY 2013-14

Bench: Shri V. Durga Rao & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.626/Chny/2019 ("नधा"रण वष" / Assessment Year: 2013-14) M/S. Vps Silk Fabrics Pvt. Ltd., Vs The Acit, No.2/41-3, Water Tank Street, Circle – 2, Perumagoundampatty, Elampillai, 3, Gandhi Road, Salem-636 502 Salem – 636 007 Pan: Aaccv4869K (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri G. Baskar, AdvocateFor Respondent: Shri Suresh Periasamy, JCIT
Section 69C

…to be made. However before the AO, with a view to avoid litigation, the assessee agreed to the addition of an estimated profit element embedded in the impugned transaction to returned income relying on the decisions of the Hon’ble Gujarat High Court report in 356 ITR 451 and 351 ITR 150. However, neither the AO nor the CIT(A) appreciated the facts and circumstances properly and hence the ld.AR pleaded to delete the addition u/s.69C of the Act. 4. Per contra, the Ld.DR vehemently supported the orders of the lower authorities. 5. We heard the rival contentions and gone through the relevant material. Though the as…

Metallica Tubes & Pipes Pvt Ltd., Mumbai vs. ITO-10(2)(4), Mumbai

In the result, appeal filed by the assessee is partly allowed and the revenue’s appeal is dismissed

ITA 4604/MUM/2019[2010-11]Status: DisposedITAT Mumbai26 Nov 2020AY 2010-11

Bench: Shri Shamim Yahya (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2010-11 M/S Metallica Tubes & Pipes Pvt. The Income Tax Officer- Ltd., Ward 10(2)(4) 106, Kanchanban, Dixit Road, Aayakar Bhavan, Vile Parle (E), Vs. Mumbai - 400020 Mumbai - 400057 Pan: Aafcm6609K (Appellant) (Respondent) Assessment Year: 2010-11 The Ito – 10(2)(4), M/S Metallica Tubes & Pipes R. No. 216-A, Aayakar Bhavan, Pvt. Ltd., M.K. Road, 106, Kanchanban, Dixit Road, Mumbai - 400020 Vs. Vile Parle (E), Mumbai - 400057 Pan: Aafcm6609K (Appellant) (Respondent)

For Appellant: Shri Haridas Bhat (AR)For Respondent: Shri Jeetendra Kumar (DR)
Section 115JSection 143Section 148

…see, 100% addition is not sustainable. Now the question arises whether addition of 25% of the bogus purchases sustained by the Ld. CIT(A) is reasonable in the light of the facts of the case? The Hon’ble Gujarat High Court in the case of CIT vs. Simit P. Sheth 356 ITR 451(Guj) has upheld the addition of 12.5% of the total amount of bogus purchases sustained by the ITAT, holding that, only profit element embedded in such purchases could be added to the income of the assessee. In the present case, the Ld. CIT (A) has sustained the addition of 25%, which is not in consonance with the judgment of the Hon’ble Gujarat H…

JCIT (OSD) Circle-15(1)(1), Mumbai vs. M/S Esp (Asia) Pvt Ltd., Mumbai

The appeal stands dismissed

ITA 4066/MUM/2019[2011-12]Status: DisposedITAT Mumbai26 Nov 2020AY 2011-12

Bench: Hon’Ble Shri Saktijit Dey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकर अपील सं./ I.T.A. No.4066/Mum/2019 (िनधा"रण वष" / Assessment Year: 2011-12) Jcit(Osd)-Circle-15(1)(1) M/S. Esp (Asia) Pvt.Ltd. Room No.470, 4Th Floor बनाम/ 10,13, Neco Chambers Aaykar Bhavan, M.K. Road Sector-11, Cbd Belapur Vs. Mumbai-400 020. Navi Mumbai-400 706. Pan/Gir No. Aabce-6484-C (अपीलाथ"/Appellant) (""थ" / Respondent) : Assessee By : None Revenue By : Shri Vijay Kumar Menon-Ld.Dr सुनवाई की तारीख/ : 26/11/2020 Date Of Hearing घोषणा की तारीख / : 26/11/2020 Date Of Pronouncement आदेश / O R D E R

For Appellant: NoneFor Respondent: Shri Vijay Kumar Menon-Ld.DR
Section 69C

…be engaged in providing repairing and maintenance services. 4. Before Ld. first appellate authority, the assessee reiterated that the purchases were genuine. The Ld. CIT(A) primarily going by the decision of Hon’ble Gujarat High Court in Simit P.Sheth V/s CIT 356 ITR 451 restricted the additions to 12.5% of these purchases. Aggrieved, the revenue is in further appeal before us. 5. Upon due consideration of factual matrix as enumerated in preceding paragraphs, we find no infirmity in the action of Ld. CIT(A) in estimating the additions @12.5% since the assessee was in possession of primary purchase documents and t…

ACIT 19 (3), Mumbai vs. Rishab Steel House, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 2260/MUM/2019[2008-09]Status: DisposedITAT Mumbai25 Nov 2020AY 2008-09

Bench: Shri C.N. Prasad, Hon'Bleshri S. Rifaur Rahman, Hon'Bleacit – 19(3) V. M/S. Rishab Steel House Room No. 206, 2Nd Floor 301-Duncan Road, M.A. Road Matru Mandir, Tardev Road Mumbai -400 004 Mumbai – 400 007 Pan: Aacfr2807C (Appellant) (Respondent) Mrs Rutuja Pawar Assessee By : Department By Shri Bharat Andhle

For Appellant: Department by Shri Bharat Andhle
Section 133(6)Section 143(1)Section 147Section 69C

…hin in the present case, the disallowance of purchases of steel for Surat- Dahisar and Kolhapur project at 5% of the impugned (disputed) purchases would meet the end of justice. Similar view was taken by Hon’ble Gujarat High Court in CIT Vs Simit P Seth [2013(356 ITR 451)] and by Hon’ble Bombay High Court in Hariram Bhambani ITA No 313 of 2013. The facts of the decision in N. K. Proteins (supra) relied by ld. DRfor the revenue are at variance. In the said case the assessee was trader.During the search action in that case blank signed cheques books and numbers of vouchers were found on the basis of which the trans…

ITO - WD- 2 (4), Pune vs. Parth Traders, Thane

In the result the appeal filed by the revenue is dismissed

ITA 5400/MUM/2018[2010-11]Status: DisposedITAT Mumbai20 Nov 2020AY 2010-11

Bench: Shri Pramod Kumar & Shri Pavan Kumar Gadale

For Appellant: Ms. Shreekala Pardeshi, DRFor Respondent: None
Section 133(6)Section 143(2)Section 143(3)

…urchases. Making such purchases gives the assessee various benefits in the form of tax saving etc at the expense of Exchequer. In similar facts and circumstances following the decision of Hon’blee Gujarat High Court in the case of CIT vs Simit P. Sheth [2013] 356 ITR 451 (Guj) a disallowance of 12.5% has been held to be meeting the end's of justice in various decisions of the ITAT Mumbai in such cases. Accordingly, we hold that in the present case the disallowance should be restricted to 12.5% of the bogus purchase. The counsel of the assessee fairly agreed to the above proposition. 7.5 In view of facts stated a…

ITO-23(3)(4), Mumbai vs. Supriya S Gandhi, Mumbai

In the result, the appeal for the AY

ITA 2647/MUM/2019[2009-10]Status: DisposedITAT Mumbai13 Nov 2020AY 2009-10

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

For Appellant: Department by Amrita Singh
Section 133(6)Section 143(1)Section 147

…aspect of the matter elaborately with reference to the submissions of the assessee and the averments in the Assessment Order and following various judicial pronouncements including the decision of the Hon'ble Gujarat High Court in the case of Simit P. Sheth [356 ITR 461] restricted the disallowance to 12.5% of the non-genuine purchases. While holding so, the Ld.CIT(A) observed as under: - “4.5. Conclusion on case laws; The net conclusion that can be arrived at from the above discussion is that where the sales and purchases are verifiable and proven e.g. to or from government bodies or "agencies etc no addition m…

ITO-23(3)(4), Mumbai vs. Supriya S Gandhi, Mumbai

In the result, the appeal for the AY

ITA 2648/MUM/2019[2010-11]Status: DisposedITAT Mumbai13 Nov 2020AY 2010-11

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

For Appellant: Department by Amrita Singh
Section 133(6)Section 143(1)Section 147

…aspect of the matter elaborately with reference to the submissions of the assessee and the averments in the Assessment Order and following various judicial pronouncements including the decision of the Hon'ble Gujarat High Court in the case of Simit P. Sheth [356 ITR 461] restricted the disallowance to 12.5% of the non-genuine purchases. While holding so, the Ld.CIT(A) observed as under: - “4.5. Conclusion on case laws; The net conclusion that can be arrived at from the above discussion is that where the sales and purchases are verifiable and proven e.g. to or from government bodies or "agencies etc no addition m…

ITO-22(1)(1), Mumbai vs. Shri. Anand Prakash Diwan, Mumbai

In the result, appeals of the Revenue are dismissed

ITA 2645/MUM/2019[2010-11]Status: DisposedITAT Mumbai13 Nov 2020AY 2010-11

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

For Appellant: Department by Amrita Singh
Section 133(6)Section 143(1)Section 147

…aspect of the matter elaborately with reference to the submissions of the assessee and the averments in the Assessment Order and following various judicial pronouncements including the decision of the Hon'ble Gujarat High Court in the case of Simit P. Sheth [356 ITR 461] restricted the disallowance to 12.5% of the non-genuine purchases. While holding so, the Ld.CIT(A) observed as under: - “5.5. Conclusion on case laws; The net conclusion that can be arrived at from the above discussion is that where the sales and purchases are verifiable and proven e.g. to or from government bodies or "agencies etc no addition m…

ITO-22(1)(1), Mumbai vs. Shri. Anand Prakash Diwan, Mumbai

In the result, appeals of the Revenue are dismissed

ITA 2644/MUM/2019[2009-10]Status: DisposedITAT Mumbai13 Nov 2020AY 2009-10

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

For Appellant: Department by Amrita Singh
Section 133(6)Section 143(1)Section 147

…aspect of the matter elaborately with reference to the submissions of the assessee and the averments in the Assessment Order and following various judicial pronouncements including the decision of the Hon'ble Gujarat High Court in the case of Simit P. Sheth [356 ITR 461] restricted the disallowance to 12.5% of the non-genuine purchases. While holding so, the Ld.CIT(A) observed as under: - “5.5. Conclusion on case laws; The net conclusion that can be arrived at from the above discussion is that where the sales and purchases are verifiable and proven e.g. to or from government bodies or "agencies etc no addition m…

M/S Nish Gems, Mumbai vs. ITO-21(2)(4), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 2441/MUM/2019[2007-08]Status: DisposedITAT Mumbai13 Nov 2020AY 2007-08

Bench: Shri C.N. Prasad, Hon'Blem/S. Nish Gems V. Income Tax Officer – 21(2)(4) Unit No. 220, 2Nd Floor Piramal Chambers T.V. Industrial Estate, 248 Lalbaug, Mumbai – 400 012 S.K. Ahire Marg, Worli Mumbai – 400 030 Pan: Aacfn0678B (Appellant) (Respondent) None Assessee By : Department By Amrita Singh

For Appellant: Department by Amrita Singh
Section 133(6)Section 143(1)Section 143(3)Section 234ASection 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER M/s. Nish Gems v. Income Tax Officer – 21(2)(4) Unit No. 220, 2nd Floor Piramal Chambers T.V. Industrial Estate, 248 Lalbaug, Mumbai – 400 012 S.K. Ahire Marg, Worli Mumbai – 400 030 PAN: AACFN0678B (Appellant) (Respondent) None Assessee by : Department by Amrita Singh Date of Hearing : 21.10.2020 Date of Pronouncement : 13.11.2020 O R D E R PER C.N. PRASAD (JM) 1. This appeal is filed by the assessee against the order of the Learned Commissioner of Income Tax (Appeals) – 33, Mumbai [hereinafter in s…

ITO 26(2)(3), Mumbai vs. Niyaz Ahmed Samiullah Khan, Mumbai

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

ITA 7043/MUM/2018[2011-12]Status: DisposedITAT Mumbai12 Nov 2020AY 2011-12

Bench: Shri Pramod Kumar, Vp & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.7043/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2011-12) Ito 26(2)(3) बिधम/ Niyaz Ahmed Samiullah Bldg. No. C-11, 7Th Floor,, Khan Vs. Room No. 711, Pratykshakar Room No.3, Sangam Mkt, Bhavan, Bkc, Bandra (E), 90 Feet Road, Khadi No. 3 Mumbai-400051. Netaji Nagar, Saki Naka, Mumbai-400072. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Agupk0087D (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri V. Tripathi (Dr) Assessee By: None सुनवाई की तारीख / Date Of Hearing: 26/10/2020 घोषणा की तारीख /Date Of Pronouncement: 12/11/2020 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 29.06.2018 Passed By The Commissioner Of Income Tax (Appeals) -38, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2011- 12. 2. The Revenue Has Raised The Following Grounds: -

For Appellant: NoneFor Respondent: Shri V. Tripathi (DR)
Section 143(1)Section 148Section 40A(3)

…was adjudicated and the nature of manufacturing activity that of making M.S.washers is identical with that of the instant appellant respectfully following the maxim laid down by the Hon’ble Gujarat High Court in the case of CIT vs. Simit P. Sheth reported in 356 ITR 451 directed the AO to take GP at 12.5% to compute the profit embedded in the alleged bogus purchases. With due respect to the rulings of the Judicial Authorities, the AO is hereby directed to adopt 12.5% to work out the profit embedded in the alleged bogus purchase of Rs.60,64,688/- over and above what has been declared by the appellant in the retur…