CIT v. Simit P. Sheth

M. B. Services, Mumbai vs. Income Tax Officer Ward 26(2)(2), Mumbai

In the result, this appeal filed by the assessee stands partly allowed

Bench: Shri Shamim Yahya, Am आयकर अपील सं./I.T.A. No. 20/Mum/2018 ("नधा"रण वष" / Assessment Year: 2010-11) M. B. Services Ito, Ward 26(2)(2), Siddha Sadab, 2Nd Floor, C/11, 7Th Floor, बनाम/ Flat No. 9-10, Plot No. 123A, Pratyakshakar Bhavan, Bkc, Vs. Sion Matunga Scheme Road No. 24A, Bandra (East), Mumbai-400 051 Sion (West), Mumbai-400 022 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : None ""यथ" क" ओर से/Respondent By : Ms. N. Hemalatha सुनवाई क" तार"ख / : 27.03.2018 Date Of Hearing घोषणा क" तार"ख / : 02.04.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: This Appeal By The Assessee Is Directed Against The Order By The Commissioner Of Income Tax (Appeals) Dated 27.10.2017 & Pertains To The Assessment Year 2010- 11. 2. The Issue Raised Is That The Ld. Commissioner Of Income Tax (Appeals) Erred In Sustaining 100% Of The Addition Amounting To Rs.10,25,048/- On Account Of Bogus Purchases.

…ealings in the grey market give the assessee various savings at the expense of the Exchequer. Hence, on the overall consideration of facts and circumstances and following the decision of Hon’ble Gujarat High Court in the case of CIT vs Simit P. Sheth [2013] 356 ITR 451 (Guj.) I hold that a disallowance of 12.5% of the bogus purchase would meet the end of justice. Accordingly, I modify the order's of authorities below and direct that the disallowance in this case should be restricted to 12.5% of the bogus purchase. 8 M. B. Services 16. In the result, this appeal filed by the assessee stands partly allowed. Or…

Asst CIT Cir 3, Kalyan vs. Rich & Royal, Kalyan

In the result appeal of the revenue is dismissed in the manner indicated above

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1007/Mum/2016 (नििाारण वर्ा / Assessment Year: 2007-08) Acit Cir 3 बिाम/ M/S. Rich & Royal 2N D Floor, Rani Mansion, The Raymond Shop, Murbad Road, Kalyan(W), Zojwalla Complex, V. Dist Thane 421301 Agra Road, Kalyan (W) 421301 स्थायी ऱेखा सं./ Pan : Aadfr3357G (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…आयकर अपीऱीय अधिकरण “J” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.1007/Mum/2016 (नििाारण वर्ा / Assessment Year: 2007-08) ACIT CIR 3 बिाम/ M/s. Rich & Royal 2n d Floor, Rani Mansion, The Raymond Shop, Murbad Road, Kalyan(W), Zojwalla complex, v. Dist Thane 421301 Agra Road, Kalyan (W) 421301 स्थायी ऱेखा सं./ PAN : AADFR3357G (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee by: Shri. Subodh Ratnaparkhi Revenue by : Shri. Saurabh Kumar Rai सुनवाई की तारीख /Date of…

Mircon Infrastructure Private Limited, Mumbai vs. Income Tax Officer Ward 10(2)(4), Mumbai

In the result, these appeals by the assessee stands partly allowed

Bench: Shri Shamim Yahya, Am आयकर अपील सं./I.T.A. Nos. 47 & 48/Mum/2018 ("नधा"रण वष" / Assessment Years: 2010-11 & 2011-12) Mircon Infrastructure Private Limited Ito, Ward 10(2)(4), 505/506, Shalimar Morya Park, M. K. Road, Mumbai-400 020 बनाम/ New Lind Road, Andheri (W), Vs. Mumbai-400 053 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aafcm 1309 J (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : None ""यथ" क" ओर से/Respondent By : Ms. N. Hemalatha

…Dealings in the grey market give the assessee various savings at the expense of the Exchequer. Hence, on the overall consideration of facts and circumstances and following the decision of Hon’ble Gujarat High Court in the case of CIT vs Simit P. Sheth [2013] 356 ITR 451 (Guj.) I hold that a disallowance of 12.5% of the bogus purchase would meet the end of justice. Accordingly, I modify the order's of authorities below and direct that the disallowance in this case should be restricted to 12.5% of the bogus purchase. The ld. Counsel of the assessee fairly agreed to the above proposition. 15. In the result, these…

ITO 18(2)(1), Mumbai vs. Kiritikumar Shantilal Mehta, Mumbai

In the result, the appeal filed by the assessee is hereby ordered to be partly allowed and the appeal of the revenue is hereby dismissed

Bench: Shri G. S. Pannu, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.4695/Mum/2015 (निर्धारण वर्ा / Assessment Year: 2011-12) Ito 18(2)(1) बिधम/ Shri Kiritkumar Shatilal Mehta 304, 3Rd Floor, Earnest Vs. Prop. M/S. Vipinkumar & House, Ncpa Marg, Brothers, 42-44, Vithalwadi, Mumbai Pin:400021 Near Tel. Galli, Kalbadevi Road, Mumbai. Pin:400002 Co. No.64/Mum/2017 (Ita. No. 4695/Mum/2015) (निर्धारण वर्ा / Assessment Year: 2011-12) Shri Kiritkumar Shatilal बिधम/ Ito 18(2)(1) Mehta 304, 3Rd Floor, Earnest Vs. Prop. M/S. Vipinkumar & House, Ncpa Marg, Brothers, 42-44, Vithalwadi, Mumbai Pin:400021 Near Tel. Galli, Kalbadevi Road, Mumbai. Pin:400002 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aacpm2137J (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri Saurabh Deshpande (Dr) Assessee By: Shri Vijay Mehta & Anuj Kisnadwala (Ar) सुनवाई की तारीख / Date Of Hearing: 16.02.2018 घोषणा की तारीख /Date Of Pronouncement: 28.03.2018

…A.Y. 2011-12 5. On the facts and circumstances of the case and in the law, the Ld. CIT(A) has erred in placing reliance on the decision the Gujarat High Court in the case of CIT vs. Simit P. Sheth O/TAXAP/552/2012 tax appeal no. 533 of 2012 dated 16/01/2013 (356 ITR 4516) and ITAT, Ahmedabad in the case of M/s. Vijay Proteins Ltd. 58 ITD 428, which were not relevant to the facts of the case as in the present case, addition was made on account of investigations made by the AO u/s 133(6) and on the basis of statement recorded by him during the course of assessment proceedings u/s 131 of Shri Dipak Parikh, who has…

Asst CIT 14(1), Mumbai vs. Anil Dhanraj Murpana, Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2010-11 Acit-14(1), Shri Anil Dhanraj Murpana, 02Nd Floor, Earnest House, 308, Adhyaru Industrial बनाम/ Nariman Point, Estate, New Sun Mill Vs. Mumbai-400021 Compound, Lower Parel (W), Mumbai-400013 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaapm7660G राज"व क" ओर से / Revenue By Shri Rajesh Kumar Yadav-Dr "नधा"रती क" ओर से / Assessee By None

…ses (SLP (C) No.s 769 of 2017, order dated 16/01/2017. 2.10. In such type of cases, broadly, the Ld. Commissioner of Income Tax (Appeal) as well as this Tribunal has followed the decisions from Hon'ble Gujarat High Court in the case of Simit P. Seth (2013) 356 ITR 451 19 Anil Dhanraj Murpana (Guj.), CIT vs Vijay M. Mistry Construction Ltd. (2013) 355 ITR 498 (Guj.), CIT vs Bhola Nath Poly Fab. (P.) Ltd. (2013) 355 ITR 290 (Guj.) and various other decisions of the Tribunal and the decision of M/s Nikunj Eximp(supra) from Hon'ble jurisdictional High Court, wherein, the aggregate disallowance was restricted t…

DCIT 25(1), Mumbai vs. Ajay Arvindbhai Khatri, Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2010-11 Dcit-25(1), M/S Ajay Arvindbhai Khatri, Room No.202, 02Nd Floor, 30/31, Borivali Shopping बनाम/ Pratyakshkar Bhavan, Centre, Chandavarkar Road, Vs. Bandra Kurla Complex, Borivali (West), Bandra (East), Mumbai-400092 Mumbai-400051 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaefa7242G Shri Rajesh Kumar Yadav-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By M/S. Dinkel Hariya

…ses (SLP (C) No.s 769 of 2017, order dated 16/01/2017. 2.11. In such type of cases, broadly, the Ld. Commissioner of Income Tax (Appeal) as well as this Tribunal has followed the decisions from Hon'ble Gujarat High Court in the case of Simit P. Seth (2013) 356 ITR 451 (Guj.), CIT vs Vijay M. Mistry Construction Ltd. (2013) 355 ITR 498 (Guj.), CIT vs Bhola Nath Poly Fab. (P.) Ltd. (2013) 355 ITR 290 (Guj.) and various other decisions of the Tribunal and the decision of M/s Nikunj Eximp(supra) from Hon'ble jurisdictional High Court, wherein, the aggregate disallowance was restricted to 12.5%. Admittedly, the…

Vishal Tube Industries, Mumbai vs. Income Tax Officer, 19(3)(5), Mumbai

In the result, this appeal by the assessee stands dismissed

Bench: Shri Shamim Yahya, Am आयकर अपील सं./I.T.A. No. 6527/Mum/2017 ("नधा"रण वष" / Assessment Year: 2009-10) Vishal Tube Industries Ito-19(3)(5), 2Nd Floor, Matru Mandir, Badrika Ashram Building, बनाम/ Ground Floor, 92, Tardeo Road, Mumbai-400 007 Nanubhai Desai Road, Vs. Dhetwadi Main Road, Mumbai-400 004 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aadfv 5562 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : None ""यथ" क" ओर से/Respondent By : Ms. N. Hemalatha सुनवाई क" तार"ख / : 26.03.2018 Date Of Hearing घोषणा क" तार"ख / : 26.03.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: This Appeal By The Assessee Is Directed Against The Order By The Commissioner Of Income Tax (Appeals) Dated 25.09.2017 & Pertains To The Assessment Year 2009-10. 2. The Issue Raised Relates To The Validity Of Reopening Of Assessment & Addition @ 12.50% Of Alleged Bogus Purchases.

…t give the assessee various savings at the expense 10 Vishal Tube Industries of the Exchequer. Hence, on the overall consideration of facts and circumstances and following the decision of Hon’ble Gujarat High Court in the case of CIT vs Simit P. Sheth [2013] 356 ITR 451 (Guj.) I hold that a disallowance of 12.5% of the bogus purchase would meet the end of justice. Hence, I affirm the order of the authorities below. 18. In the result, this appeal by the assessee stands dismissed. Order pronounced in the open court on 26.03.2018 (Shamim Yahya) लेखा सद"य / Accountant Member मुंबई Mumbai; "दनांक Dated : 26.03.2018…

Sunil Pravinchandra Joshi, Mumbai vs. ITO 25(1)(2), Mumbai

Appeal stand partly allowed in terms of our above order

Bench: Shri C.N. Prasad, Jm & Shri Manoj Kumar Aggarwal, Am

…ITA NO.7412/Mum/2016 Sunil Pravinchandra Joshi Assessment Year: 2009-10 आयकर अपीलीय अिधकरण “एक-सद"य मामला” "ायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI "ी सी. नाग" "साद, "ाियक सद" एवं "ी मनोज कुमार अ"वाल, लेखा सद" के सम" । BEFORE SHRI C.N. PRASAD, JM AND SHRI MANOJ KUMAR AGGARWAL, AM आयकर अपील सं./I.T.A. No.7412/Mum/2016 (िनधा"रण वष" / Assessment Year: 2009-10) Sunil Pravinchandra Joshi Income Tax Officer 25(1)(2) B-71,Building No.4 Pratyakshkar Bhavan बनाम/ 7th Floor, Rustom Jee Regency Bandra-Kurla Complex Dahisar (W) Mumbai-400 051 Vs. Mumbai-400 068 "थायी लेखा सं./जीआइआर सं./PAN…

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

In the result, the Revenue’s appeal and assessee's cross objection are dismissed and the assessee's appeal is partly allowed

Bench: Shri Shamim Yahya, Am & Shri Pawan Singh, Jm आयकर अपील सं./I.T.A. No. 4735/Mum/2015 ("नधा"रण वष" / Assessment Year: 2011-12) Ito, Ward 2(4) M/S. Parth Traders Room No. 12, 6Th Floor, 63, Mira Co-Op. Hsg. Society, बनाम/ Ashar It Park, Wagle Indl. Estate, Near Asmita Super Market, Vs. Road No.16Z, Thane-400 604 Naya Nagar, Mira Road (E), Thane-401 107 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabfp 4130 F (Revenue) (Assessee) : आयकर अपील सं./I.T.A. No. 5211/Mum/2016 ("नधा"रण वष" / Assessment Year: 2011-12) & ""या"ेपक सं./Co No. 157/Mum/2017 (Arising Out Of Ita No. 4735/Mum/2015) ("नधा"रण वष" / Assessment Year: 2011-12) बनाम/ M/S. Parth Traders Ito, Ward 2(4) Thane-401 107 Thane-400 604 Vs. (Assessee) (Revenue) : अपीलाथ" क" ओर से / Appellant By : Ms. Pooja Swarop ""यथ" क" ओर से/Respondent By : Shri G. P. Mehta सुनवाई क" तार"ख / : 20.03.2018 Date Of Hearing घोषणा क" तार"ख / : 22.03.2018 Date Of Pronouncement आदेश / O R D E R Per Bench: These Are Cross Appeals By The Revenue & Assessee & Cross Objection By The Assessee Arising Out Of The Order Of The Ld. Commissioner Of Income Tax (Appeals) Dated 11.06.2015 & Pertain To Assessment Year 2011-12. 2 M/S. Parth Traders 2. In The Revenues Appeal, The Issue Raised Is That The Ld. Commissioner Of Income

…chases. 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 7 M/s. Parth Traders 12.5% of the bogus purchase. The counsel of the assessee fairly agreed to the above proposition. 15. In…

Hitesh H. Shah, Mumbai vs. ITO 13(2)(4), Mumbai

Bench: Shrir. C. Sharma, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 4756, 4757& 4758/Mum/2016 (निर्धारणवर्ा / Assessment Year: 2009-10, 2010-11& 2011-12)

…. Without appreciating the facts of the case AO made additions @ 25% of the alleged bogus purchases by relying upon the case of Sanjay Oilcake Industries Vrs. CIT (2009) 316 ITR 274(Guj)and Ld. CIT(A) while relying upon the case titled CIT vrs. Simit P. Sheth 356 ITR 451 adopted 12.5% as profit element embedded, but the facts of the caseare distinguishable as in that case, the 5585, 5586 & 5587 /Mum/2017& I.T.A. No. 5942/Mum/2014 Hitesh H. Shah & Others assessee was doing business in the state of Gujarat, whereas the present assessee is doing business in Mumbai where competition is very high and profit margin ran…

Babulal B. Kanungo, Mumbai vs. ITO WD 19(1)(2), Mumbai

In the result, all the appeals of both the assessees are allowed in part for statistical purposes

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm

…ITR 498 (Guj) and further approved the decision of Ahmedabad Bench, ITAT in the case of Vijay Proteins 58 ITD 428. 6.9 AO relying on the decisions of Hon'ble Gujarat High Court in the case of Bholenath Polyfab Pvt Ltd Vs GT 355 ITR 290 and CIT vs. Simit Sheth 356 ITR 451 (Guj) discussed in the above paras, estimated the addition @12.5% of the total bogus purchase. The facts and the line of business of the appellant in the present case are exactly similar to the case of Simith P. Sheth (supra). This is in addition to the profit already declared by the appellant in the normal course of business for the benefit he g…

Inter Carat Jewellery Private Limited, Mumbai vs. Income Tax Officer 8(2)(1), Mumbai

In the result, the appeal filed by the assessee is partly allowed and Stay

Bench: Shri B.R. Baskaran (Am)& Shri Pawan Singh (Jm)

…ively proved, we are of the view that the profit element embedded there in may be added as per the alternative prayer of the assessee. For this proposition, we draw support from the decision rendered by Hon’ble Gujarat High Court in the case of Simit P Sheth (356 ITR 451). According to Ld A.R, these diamonds have been exported and hence there will not be much variation in the prices as the prices of diamonds would depend upon the quality. The Ld A.R also submitted that the gross profit rate would have gone down, if the purchases were bogus and prices were inflated, while the fact remains that the G.P rate has act…

Bharat Wire Ropes Ltd, Mumbai vs. DCIT (OSD) 10(3), Mumbai

In the result, this appeal by the assessee stands allowed for statistical purposes

Bench: Shri Shamim Yahya, Am & Shri Pawan Singh, Jm आयकर अपील सं./I.T.A. No. 5438/Mum/2015 ("नधा"रण वष" / Assessment Year: 2011-12) M/S. Bharat Wire Ropes Ltd. Dcit(Osd)-10(3) बनाम/ Aayakar Bhavan, 4Th Floor, A-701, Trade World Building, Kamla City, Lower Parel (W), Room No. 517, M. K. Road, Vs. Mumbai-400 013 Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabcb 2180 N (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Mitesh N. Shah ""यथ" क" ओर से/Respondent By : Shri T. A. Khan सुनवाई क" तार"ख / : 14.12.2017 Date Of Hearing घोषणा क" तार"ख / : 05.03.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: This Appeal By The Assessee Is Directed Against The Order By The Commissioner Of Income Tax (Appeals) Dated 15.10.2015 & Pertains To The Assessment Year 2011- 12. 2. There Are Two Effective Grounds Raised In This Appeal Which Reads As Under: 1. A) On The Facts & In The Circumstances Of The Case & In Law, The Cit(A) Erred In Confirming The Addition To The Extent Of 12.5%, Being Profit Element Embedded In The Alleged Bogus Purchases Of Rs.2,66,19,848/-, Made By The 2 M/S. Bharat Wire Ropes Ltd. A.O. To The Income Of The Appellant On The Basis Of Information Of The Sales Tax Department About Suspicious Dealers.

…d parties is concerned. 5. Thereafter the ld. Commissioner of Income Tax (Appeals) refers to catena of case laws and finally sustained 12.5% of the bogus purchases following the Hon’ble Gujarat High Court decision in the case of CIT vs Simit P. Sheth [2013] 356 ITR 451 (Guj.). 6. Against the above order, the assessee is in appeal before us. 7. We have heard both the counsels and perused the records. Upon careful consideration, we note that in this case the Assessing Officer has not made proper enquiry. He has primarily relied upon the information from the Sales Tax Department. Even notice to the concerned…

Asst CIT Cir 3, Kalyan vs. Shankheshwar Kreators, Kalyan

In the result, appeals of the Revenue are dismissed

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

…cted the disallowance of bogus purchases to 12.5% ITA.No.5350 & 5351/MUM/2015 (A.Y: 2011-12) M/s. Shankheshwar Real Estate Co M/s. Shankheshwar Kreators especially in view of the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P Sheth [356 ITR 451] in view of the fact that the sales made by the assessee from these purchases have been accepted by the Revenue and therefore the entire purchases cannot be treated as bogus but only the profit element embedded in such purchases can be added to the income of the assessee. Thus, he directed the Assessing Officer to restrict the addition to 12.5% o…

Asst CIT Cir 3, Kalyan vs. Shankheshwar Real Estate Co, Kalyan

In the result, appeals of the Revenue are dismissed

Bench: Shri G.S. Pannu, Hon'Ble & Shri C.N. Prasad, Hon'Ble

…cted the disallowance of bogus purchases to 12.5% ITA.No.5350 & 5351/MUM/2015 (A.Y: 2011-12) M/s. Shankheshwar Real Estate Co M/s. Shankheshwar Kreators especially in view of the decision of the Hon'ble Gujarat High Court in the case of CIT v. Simit P Sheth [356 ITR 451] in view of the fact that the sales made by the assessee from these purchases have been accepted by the Revenue and therefore the entire purchases cannot be treated as bogus but only the profit element embedded in such purchases can be added to the income of the assessee. Thus, he directed the Assessing Officer to restrict the addition to 12.5% o…

DCIT Cent. Cir. - 1(3), Mumbai vs. Poonam Skyline Construction, Mumbai

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “जी मुंबई जी जी” खंडपीठ जी खंडपीठ खंडपीठ मेमेमेमे खंडपीठ Income-tax Appellate Tribunal -“G”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member आयकर अपील सं./I.T.A./2311/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2011-12 िनधा"रण िनधा"रण वष" वष" DCIT-CC-1(3) M/s. Poonam Skyline Construction Room No.905, Patishtha Bhavan, 66/B, 3rd Floor, Podar Chambers, Mumbai Vs. 9th Floor, Old CGO Building Annexe Samachar Marg, Fort, Mumbai-400…

Basudev Kumar Sanghai (HUF), Mumbai vs. Addl CIT 14(2), Mumbai

In the result, this appeal by the assessee stands partly allowed

Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm आयकर अपील सं./I.T.A. No.3740/Mum/2016 ("नधा"रण वष" / Assessment Year: 2003-04) M/S. Basudev Kumar Sanghai (Huf) Addl. Cit, Ward 14(2), बनाम/ Office No. 419, 4Th Floor, (Acit 18(1)), Aayakar Bhavan, Daulat Bhawan, 407, Kalbadevi Road, Maharshi Karve Road, Vs. Mumbai-400 002 Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaahs 4359 G (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Haridas Bhat ""यथ" क" ओर से/Respondent By : Shri Ram Tiwari

…n, on the facts and circumstances of the case the 6 M/s. Basudev Kumar Sanghai (HUF) 12.5% disallowance out of the bogus purchases meets the ends of justice. This is following the decision of the Hon’ble Gujarat High Court in the case of Simit P. Sheth (2013) 356 ITR 451, followed by the ITAT Mumbai Benches in a number of cases. Accordingly, we modify the order of the ld. Commissioner of Income Tax (Appeals) and hold that disallowance of 12.5% of the bogus purchases would meet the end of justice. The ld. Counsel of the assessee fairly agreed to this proposition. In the result, this appeal by the assessee stands…

Nyka Steels P.Ltd, Mumbai vs. ACIT Panvel, Panvel

In the result, this appeal by the assessee stands partly allowed

Bench: Shri Shamim Yahya, Am & Shri Ram Lal Negi, Jm आयकर अपील सं./I.T.A. No. 3737/Mum/2016 ("नधा"रण वष" / Assessment Year: 2009-10) M/S. Nyka Steels Pvt. Ltd. Asst. Cit, Panvel Circle, बनाम/ C-17/6, Midc, Taloja Area, Panvel Vs. Panvel, Dist. Raigad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacfn 7647 L (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : None ""यथ" क" ओर से/Respondent By : Shri Ram Tiwari सुनवाई क" तार"ख / : 10.01.2018 Date Of Hearing घोषणा क" तार"ख / : 01.03.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: This Appeal By The Assessee Is Directed Against The Order By The Commissioner Of Income Tax (Appeals) Dated 21.03.2016 & Pertains To The Assessment Year 2009- 10. 2. The Grounds Of Appeal Read As Under: 1. On The Facts & Circumstances Of The Case & Law, The Ld. Cit(A) Erred In Confirming The Reassessment Proceeding Initiated U/S 147 By Issuing Notice U/S 148 Of Income Tax Act, 1961. 2 M/S. Nyka Steels Pvt. Ltd. Vs. Asst. Cit 2. On The Facts & Circumstances Of Case & Law, The Ld. Cit(A) Erred In Confirming Disallowance Of Genuine Purchases Of Rs.1,51,97,687/- As Bogus Purchase From Suspicious Parties. 3. On The Facts & Circumstances Of Case & Law, The Ld. Cit(A) Erred In Confirming Levy Of Interest U/S 234B & 234C Of Income Tax Act. 4. On The Facts & Circumstances Of Case & Law, The Ld. Cit(A) Erred In Confirming The Initiation Of Penalty Proceeding U/S 271Fl)(C) Of Income Tax Act, 1961. 3. Brief Facts Of The Case Are That The E-Return Of Income Was Filed On 12.09.2009 Declaring Total Income Of Rs.2,15,41,380/-. Scrutiny Under Section 143(3) Was Completed On 13.12.2011 Determining Total Income Of Rs 2,23,69,210/-. Subsequently

…e also we find that sales are not doubted. In such situation in a number of cases this tribunal had directed for 12.5% disallowance of the bogus purchase in accordance with the decision of Hon’ble Gujarat High Court in the case of CIT vs Simit P. Sheth [2013] 356 ITR 451 (Guj.). Accordingly, we direct that the disallowance in this case should be restricted to 12.5% of the bogus purchase. 15. In the result, this appeal by the assessee stands partly allowed. प"रणामतः "नधा"रती क" अपील आं"शक "वीकृत क" जाती है । Order pronounced in the open court on 01.03.2018 (Ram Lal Negi) (Shamim Yahya) "या"यक सद"य / Judicial Me…

Jet Chemicals P.Ltd, Kalyan vs. Ast CIT Cir 1, Kalyan

Bench: Shri G. S. Pannu, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 3707/Mum/2017, (निर्धारणवर्ा / Assessment Year: 2010-11)

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI G. S. PANNU, AM & SHRI SANDEEP GOSAIN, JM आयकरअपीलसं./ I.T.A. No. 3707/Mum/2017, (निर्धारणवर्ा / Assessment Year: 2010-11) Jet Chemicals Pvt. Ltd. ACIT Cir -1 1st floor, Mohan Plaza 3/2 Mile Stone, KalyanMurbad बिधम/ Rd, ShahadKalyan, Kalyan- Wayale Nagar, Vs. 421103. Khadakpada, Kalyan(W)-421301 स्थायीलेखासं./जीआइआरसं./ PAN/GIR No. AAACJ4203H (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant by : Sh. Haresh P. Shah प्रत्यथीकीओरसे/Respondentby : Sh. Suman Kumar सुनवाईकीतारीख/ : 10/01/2018 Date of Hearing घोषणाकीतारीख / : 28/0…

DCIT 14(2)(1), Mumbai vs. Mahanagar Gas Ltd, Mumbai

In the result, appeal filed by the revenue for assessment year 2011-

Bench: Shri Shamim Yahya (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2011-12 The Dcit -14(2)(1), M/S Mahanagar Gas Ltd., 432, Aayakar Bhavan, Block G-33, Mgl House, 4Th Floor, M.K. Marg, Bandra Kurla Complex, Mumbai - 400020 Vs. Bandra (East), Mumbai - 400051 Pan: Aabcm4640G

…ground No 1 and 2 of the appeal are covered in favour of the assessee by the order of the ITAT rendered in the assessee’s own case and ground No 3 is covered by the ratio laid down by the Hon’ble Gujarat High Court in the case of CIT vs. Simit P. Seth (2013) 356 ITR 451 Guj. The Ld. counsel further submitted that since all the grounds of the appeal are covered in favour of the assessee, there is no merit in the appeal of the revenue and the same is liable to be dismissed. 5 Assessment Year: 2011-12 7. We have heard the rival submissions and perused the documents on record in the light of the rival contention…