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 367,154 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 147 Section 148 Section 132 Section 131 Section 69C Section 133(6)Section 143(2)

Issues it is cited on

section 69c section 131 section 133(6)reassessment proceedings undisclosed income search and seizure section 69 section 132 section 13 section 148 business section 147

Judgments citing CIT v. Simit P. Sheth

Globus Agro Foods P.Ltd, Delhi vs. ACIT, New Delhi

In the result, the appeals are disposed of as follows:

ITA 714/DEL/2022[2015-16]Status: DisposedITAT Delhi30 May 2024AY 2015-16

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

…rds its possible profit, there was no reason to interfere in the order of the Tribunal.” ITA No.71/Del/2022 & Ors. Kwality Techmech Pvt. Ltd. & other connected matters 28 In the case of CIT Vs. Simit P. Sheth the Gujarat High (vii) Court reported in (2013) 356 ITR 451 (Guj) wherein the Hon’ble Gujarat High Court has held as under: “The assessee was engaged in the business of trading in steel on wholesale basis. During the course of the reassessment proceedings for the year 2006-07, the Assessing Officer noticed that some of the suppliers of steel to the assessee had made their statements on oath to the effec…

Kwality Techmech P.Ltd, Delhi vs. ACIT, New Delhi

In the result, the appeals are disposed of as follows:

ITA 713/DEL/2022[2018-19]Status: DisposedITAT Delhi30 May 2024AY 2018-19

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

…rds its possible profit, there was no reason to interfere in the order of the Tribunal.” ITA No.71/Del/2022 & Ors. Kwality Techmech Pvt. Ltd. & other connected matters 28 In the case of CIT Vs. Simit P. Sheth the Gujarat High (vii) Court reported in (2013) 356 ITR 451 (Guj) wherein the Hon’ble Gujarat High Court has held as under: “The assessee was engaged in the business of trading in steel on wholesale basis. During the course of the reassessment proceedings for the year 2006-07, the Assessing Officer noticed that some of the suppliers of steel to the assessee had made their statements on oath to the effec…

Kwality Techmech P.Ltd, Delhi vs. ACIT, New Delhi

In the result, the appeals are disposed of as follows:

ITA 712/DEL/2022[2017-18]Status: DisposedITAT Delhi30 May 2024AY 2017-18

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

…rds its possible profit, there was no reason to interfere in the order of the Tribunal.” ITA No.71/Del/2022 & Ors. Kwality Techmech Pvt. Ltd. & other connected matters 28 In the case of CIT Vs. Simit P. Sheth the Gujarat High (vii) Court reported in (2013) 356 ITR 451 (Guj) wherein the Hon’ble Gujarat High Court has held as under: “The assessee was engaged in the business of trading in steel on wholesale basis. During the course of the reassessment proceedings for the year 2006-07, the Assessing Officer noticed that some of the suppliers of steel to the assessee had made their statements on oath to the effec…

Kwality Techmech P.Ltd, Delhi vs. ACIT, New Delhi

In the result, the appeals are disposed of as follows:

ITA 711/DEL/2022[2016-17]Status: DisposedITAT Delhi30 May 2024AY 2016-17

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

…rds its possible profit, there was no reason to interfere in the order of the Tribunal.” ITA No.71/Del/2022 & Ors. Kwality Techmech Pvt. Ltd. & other connected matters 28 In the case of CIT Vs. Simit P. Sheth the Gujarat High (vii) Court reported in (2013) 356 ITR 451 (Guj) wherein the Hon’ble Gujarat High Court has held as under: “The assessee was engaged in the business of trading in steel on wholesale basis. During the course of the reassessment proceedings for the year 2006-07, the Assessing Officer noticed that some of the suppliers of steel to the assessee had made their statements on oath to the effec…

DCIT, Central Circle-20, New Delhi vs. Globus Agro Foods Pvt Ltd, New Delhi

In the result, the appeals are disposed of as follows:

ITA 2420/DEL/2022[2018-19]Status: DisposedITAT Delhi30 May 2024AY 2018-19

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

…rds its possible profit, there was no reason to interfere in the order of the Tribunal.” ITA No.71/Del/2022 & Ors. Kwality Techmech Pvt. Ltd. & other connected matters 28 In the case of CIT Vs. Simit P. Sheth the Gujarat High (vii) Court reported in (2013) 356 ITR 451 (Guj) wherein the Hon’ble Gujarat High Court has held as under: “The assessee was engaged in the business of trading in steel on wholesale basis. During the course of the reassessment proceedings for the year 2006-07, the Assessing Officer noticed that some of the suppliers of steel to the assessee had made their statements on oath to the effec…

DCIT, Central Circle-20, New Delhi vs. Globus Agro Foods Pvt Ltd, New Delhi

In the result, the appeals are disposed of as follows:

ITA 2419/DEL/2022[2017-18]Status: DisposedITAT Delhi30 May 2024AY 2017-18

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

…rds its possible profit, there was no reason to interfere in the order of the Tribunal.” ITA No.71/Del/2022 & Ors. Kwality Techmech Pvt. Ltd. & other connected matters 28 In the case of CIT Vs. Simit P. Sheth the Gujarat High (vii) Court reported in (2013) 356 ITR 451 (Guj) wherein the Hon’ble Gujarat High Court has held as under: “The assessee was engaged in the business of trading in steel on wholesale basis. During the course of the reassessment proceedings for the year 2006-07, the Assessing Officer noticed that some of the suppliers of steel to the assessee had made their statements on oath to the effec…

Globus Agrofoods Pvt. Ltd., Delhi vs. ACIT, Central Circle-20, New Delhi

In the result, the appeals are disposed of as follows:

ITA 1855/DEL/2022[2018-19]Status: DisposedITAT Delhi30 May 2024AY 2018-19

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

…rds its possible profit, there was no reason to interfere in the order of the Tribunal.” ITA No.71/Del/2022 & Ors. Kwality Techmech Pvt. Ltd. & other connected matters 28 In the case of CIT Vs. Simit P. Sheth the Gujarat High (vii) Court reported in (2013) 356 ITR 451 (Guj) wherein the Hon’ble Gujarat High Court has held as under: “The assessee was engaged in the business of trading in steel on wholesale basis. During the course of the reassessment proceedings for the year 2006-07, the Assessing Officer noticed that some of the suppliers of steel to the assessee had made their statements on oath to the effec…

Globus Agrofoods Pvt. Ltd., Delhi vs. ACIT, Central Circle-20, New Delhi

In the result, the appeals are disposed of as follows:

ITA 1854/DEL/2022[2017-18]Status: DisposedITAT Delhi30 May 2024AY 2017-18

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

…rds its possible profit, there was no reason to interfere in the order of the Tribunal.” ITA No.71/Del/2022 & Ors. Kwality Techmech Pvt. Ltd. & other connected matters 28 In the case of CIT Vs. Simit P. Sheth the Gujarat High (vii) Court reported in (2013) 356 ITR 451 (Guj) wherein the Hon’ble Gujarat High Court has held as under: “The assessee was engaged in the business of trading in steel on wholesale basis. During the course of the reassessment proceedings for the year 2006-07, the Assessing Officer noticed that some of the suppliers of steel to the assessee had made their statements on oath to the effec…

DCIT, Central Circle-20, New Delhi vs. Parmanand and Sons Foods Products P.Ltd, Delhi

In the result, the appeals are disposed of as follows:

ITA 1330/DEL/2022[2018-19]Status: DisposedITAT Delhi30 May 2024AY 2018-19

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

…rds its possible profit, there was no reason to interfere in the order of the Tribunal.” ITA No.71/Del/2022 & Ors. Kwality Techmech Pvt. Ltd. & other connected matters 28 In the case of CIT Vs. Simit P. Sheth the Gujarat High (vii) Court reported in (2013) 356 ITR 451 (Guj) wherein the Hon’ble Gujarat High Court has held as under: “The assessee was engaged in the business of trading in steel on wholesale basis. During the course of the reassessment proceedings for the year 2006-07, the Assessing Officer noticed that some of the suppliers of steel to the assessee had made their statements on oath to the effec…

DCIT, Central Circle-20, New Delhi vs. Parmanand and Sons Foods Products P.Ltd, Delhi

In the result, the appeals are disposed of as follows:

ITA 1329/DEL/2022[2017-18]Status: DisposedITAT Delhi30 May 2024AY 2017-18

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

…rds its possible profit, there was no reason to interfere in the order of the Tribunal.” ITA No.71/Del/2022 & Ors. Kwality Techmech Pvt. Ltd. & other connected matters 28 In the case of CIT Vs. Simit P. Sheth the Gujarat High (vii) Court reported in (2013) 356 ITR 451 (Guj) wherein the Hon’ble Gujarat High Court has held as under: “The assessee was engaged in the business of trading in steel on wholesale basis. During the course of the reassessment proceedings for the year 2006-07, the Assessing Officer noticed that some of the suppliers of steel to the assessee had made their statements on oath to the effec…

Income Tax Officer, Kautaliya Bhavan vs. Rashesh Shirishkumar Bhuta, Mumbai

In the result, the appeals of the learned Assessing Officer for 025

ITA 4370/MUM/2023[2010-11]Status: DisposedITAT Mumbai27 May 2024AY 2010-11

Bench: Shri Prashant Maharishi, Am & Shri Sunil Kumar Singh, Jm

For Respondent: Shri Rajesh Meshram, DR

Section 143(1)Section 271(1)(c)

…after rejecting the books of accounts u/s 145 (3) of the Act estimated income of such bogus purchases and made an addition at the rate of 9% for extra price paid by the assessee above prevalent pricerelying on the decision of the Hon'ble Gujarat High Court in 365 ITR 451 and 355 ITR 219. Thus, 9% of the profit of ₹11,62,000/- was considered as income arising out of bogus purchases of ₹1,29,11,206/-. 07. During reassessment proceedings the assessee submitted the stock register, sales invoice details and purchase invoices along with ledger accounts etc. stating that payments have been made through account payee ch…

Income Tax Officer, Kautaliya Bhavan vs. Rashesh Shirishkumar Bhuta, Mumbai

In the result, the appeals of the learned Assessing Officer for 025

ITA 4368/MUM/2023[2011-12]Status: DisposedITAT Mumbai27 May 2024AY 2011-12

Bench: Shri Prashant Maharishi, Am & Shri Sunil Kumar Singh, Jm

For Respondent: Shri Rajesh Meshram, DR

Section 143(1)Section 271(1)(c)

…after rejecting the books of accounts u/s 145 (3) of the Act estimated income of such bogus purchases and made an addition at the rate of 9% for extra price paid by the assessee above prevalent pricerelying on the decision of the Hon'ble Gujarat High Court in 365 ITR 451 and 355 ITR 219. Thus, 9% of the profit of ₹11,62,000/- was considered as income arising out of bogus purchases of ₹1,29,11,206/-. 07. During reassessment proceedings the assessee submitted the stock register, sales invoice details and purchase invoices along with ledger accounts etc. stating that payments have been made through account payee ch…

Income Tax Officer, Ward-11(1), Hyderabad, Kondapur Hyderabad vs. Sangam Wires, Kalaburagi

In the result, appeal filed by the Revenue is dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

ITA 371/HYD/2023[2021-22]Status: HeardITAT Hyderabad08 Apr 2024AY 2021-22

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Charyआ.अपी.सं /Ita No.356/Hyd/2023 (िनधा"रण वष"/Assessment Year: 2021-22) Sangam Wires Vs. Income Tax Officer Hyderabad Ward 11(1 Pan:Acnfs5309K Hyderabad (Appellant) (Respondent) आ.अपी.सं /Ita No.371/Hyd/2023 (िनधा"रण वष"/Assessment Year: 2021-22) Income Tax Officer Vs. Sangam Wires Ward 11(1 Hyderabad Hyderabad Pan:Acnfs5309K (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri M Chandramouleswara Rao, Ca राज" व "ारा/Revenue By:: Smt. T.H Vijaya Lakshmi,Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 20/03/2024 घोषणा की तारीख/Pronouncement: 08/04/2024 आदेश/Order

For Appellant: Shri M Chandramouleswara Rao, CAFor Respondent: : Smt. T.H Vijaya Lakshmi,CIT(DR)

Section 133(6)Section 143(1)(a)Section 143(2)

…ITA Nos 356 and 371 of 2023 Sangam Wires Hyderabad आयकर अपील"य अ"धकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘ A ‘ Bench, Hyderabad Before Shri R.K. Panda, Vice-President AND Shri K. Narasimha Chary, Judicial Member आ.अपी.सं /ITA No.356/Hyd/2023 (िनधा"रण वष"/Assessment Year: 2021-22) Sangam Wires Vs. Income Tax Officer Hyderabad Ward 11(1 PAN:ACNFS5309K Hyderabad (Appellant) (Respondent) आ.अपी.सं /ITA No.371/Hyd/2023 (िनधा"रण वष"/Assessment Year: 2021-22) Income Tax Officer Vs. Sangam Wires Ward 11(1 Hyderabad Hyderabad PAN:ACNFS5309K (Appellant) (Respondent) िनधा""रती "ारा/Assessee by…

Sangam Wires, Hyderabad vs. ITO., Ward-11(1), Hyderabad

In the result, appeal filed by the Revenue is dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

ITA 356/HYD/2023[2021-22]Status: HeardITAT Hyderabad08 Apr 2024AY 2021-22

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Charyआ.अपी.सं /Ita No.356/Hyd/2023 (िनधा"रण वष"/Assessment Year: 2021-22) Sangam Wires Vs. Income Tax Officer Hyderabad Ward 11(1 Pan:Acnfs5309K Hyderabad (Appellant) (Respondent) आ.अपी.सं /Ita No.371/Hyd/2023 (िनधा"रण वष"/Assessment Year: 2021-22) Income Tax Officer Vs. Sangam Wires Ward 11(1 Hyderabad Hyderabad Pan:Acnfs5309K (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri M Chandramouleswara Rao, Ca राज" व "ारा/Revenue By:: Smt. T.H Vijaya Lakshmi,Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 20/03/2024 घोषणा की तारीख/Pronouncement: 08/04/2024 आदेश/Order

For Appellant: Shri M Chandramouleswara Rao, CAFor Respondent: : Smt. T.H Vijaya Lakshmi,CIT(DR)

Section 133(6)Section 143(1)(a)Section 143(2)

…ITA Nos 356 and 371 of 2023 Sangam Wires Hyderabad आयकर अपील"य अ"धकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘ A ‘ Bench, Hyderabad Before Shri R.K. Panda, Vice-President AND Shri K. Narasimha Chary, Judicial Member आ.अपी.सं /ITA No.356/Hyd/2023 (िनधा"रण वष"/Assessment Year: 2021-22) Sangam Wires Vs. Income Tax Officer Hyderabad Ward 11(1 PAN:ACNFS5309K Hyderabad (Appellant) (Respondent) आ.अपी.सं /ITA No.371/Hyd/2023 (िनधा"रण वष"/Assessment Year: 2021-22) Income Tax Officer Vs. Sangam Wires Ward 11(1 Hyderabad Hyderabad PAN:ACNFS5309K (Appellant) (Respondent) िनधा""रती "ारा/Assessee by…

M/S. Peacemoon Traders, Mumbai City vs. ACIT, Cir-19(2), Mumbai

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

ITA 3625/MUM/2023[2012-13]Status: DisposedITAT Mumbai20 Mar 2024AY 2012-13

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Nishit GandhiFor Respondent: Shri H.M. Bhatt

Section 143(3)Section 147Section 148Section 250

…gly, the AO disallowed the entire purchases amounting to Rs.4,65,85,141 and added the same to the total income of the assessee. The learned CIT(A), vide impugned order, following the decision of the Hon’ble Gujarat High Court in CIT v/s Simit P. Sheth, [2013] 356 ITR 451 (Gujarat), directed the AO to restrict the addition to the extent of 12.5% of the non- genuine/suspicious/bogus purchases instead of disallowing 100% of the purchases. Being aggrieved, the assessee is in appeal before us. 5. We have considered the submissions of both sides and perused the material available on record. In the present case, on the…

M/S. Peacemoon Traders Firm, Mumbai vs. ACIT Cir-19(2), Mumbai

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

ITA 3624/MUM/2023[2009-10]Status: DisposedITAT Mumbai20 Mar 2024AY 2009-10

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Nishit GandhiFor Respondent: Shri H.M. Bhatt

Section 143(3)Section 147Section 148Section 250

…gly, the AO disallowed the entire purchases amounting to Rs.4,65,85,141 and added the same to the total income of the assessee. The learned CIT(A), vide impugned order, following the decision of the Hon’ble Gujarat High Court in CIT v/s Simit P. Sheth, [2013] 356 ITR 451 (Gujarat), directed the AO to restrict the addition to the extent of 12.5% of the non- genuine/suspicious/bogus purchases instead of disallowing 100% of the purchases. Being aggrieved, the assessee is in appeal before us. 5. We have considered the submissions of both sides and perused the material available on record. In the present case, on the…

M/S. Peacemoon Traders Firm, Mumbai vs. ACIT Circle 19 (2), Mumbai

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

ITA 3623/MUM/2023[2007-08]Status: DisposedITAT Mumbai20 Mar 2024AY 2007-08

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Nishit GandhiFor Respondent: Shri H.M. Bhatt

Section 143(3)Section 147Section 148Section 250

…gly, the AO disallowed the entire purchases amounting to Rs.4,65,85,141 and added the same to the total income of the assessee. The learned CIT(A), vide impugned order, following the decision of the Hon’ble Gujarat High Court in CIT v/s Simit P. Sheth, [2013] 356 ITR 451 (Gujarat), directed the AO to restrict the addition to the extent of 12.5% of the non- genuine/suspicious/bogus purchases instead of disallowing 100% of the purchases. Being aggrieved, the assessee is in appeal before us. 5. We have considered the submissions of both sides and perused the material available on record. In the present case, on the…

Deputy Commissioner of Income Tax, Mumbai vs. Nilesh Shantilal Tank (E-Filing), Borivali (W)

In the result, the appeals filed by the assessee are dismissed and the appeals filed

ITA 3607/MUM/2023[2013-14]Status: FixedITAT Mumbai18 Mar 2024AY 2013-14

Bench: Shri Amarjit Singh, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: NoneFor Respondent: Shri Ramakrishna Bandi, CIT(DR)

Section 132Section 139Section 143(2)Section 153ASection 250

…impugned bogus purchases on the (A.Ys.2013-14 & 2014-15) Shri Nilesh Shantilal Tank & others ground that the ld. A.O. has not disputed the sales made by the assessee by relying on the decision of Hon’ble Gujarat High Court in the case of Simit P. Sheth [2013] 356 ITR 451 (Guj). 12. The Revenue has challenged the ld. CIT(A)’s order for restricting the addition towards the bogus purchase to 12.5% instead of the entire purchase being added by the ld. A.O. and the assessee has also challenged the addition of 12.5% on the gross profit margin. It is observed that the Hon’ble Settlement Commission has not discarded…

Deputy Commissioner of Income Tax, Mumbai vs. Nilesh Shantilal Tank (E-Filing), Mumbai

In the result, the appeals filed by the assessee are dismissed and the appeals filed

ITA 3598/MUM/2023[2014-15]Status: FixedITAT Mumbai18 Mar 2024AY 2014-15

Bench: Shri Amarjit Singh, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: NoneFor Respondent: Shri Ramakrishna Bandi, CIT(DR)

Section 132Section 139Section 143(2)Section 153ASection 250

…impugned bogus purchases on the (A.Ys.2013-14 & 2014-15) Shri Nilesh Shantilal Tank & others ground that the ld. A.O. has not disputed the sales made by the assessee by relying on the decision of Hon’ble Gujarat High Court in the case of Simit P. Sheth [2013] 356 ITR 451 (Guj). 12. The Revenue has challenged the ld. CIT(A)’s order for restricting the addition towards the bogus purchase to 12.5% instead of the entire purchase being added by the ld. A.O. and the assessee has also challenged the addition of 12.5% on the gross profit margin. It is observed that the Hon’ble Settlement Commission has not discarded…

Deputy Commissioner of Income Tax, Mumbai vs. Akshar Shanti Realtors Private Limited, Mumbai

In the result, the appeals filed by the assessee are dismissed and the appeals filed

ITA 3590/MUM/2023[2014-15]Status: FixedITAT Mumbai18 Mar 2024AY 2014-15

Bench: Shri Amarjit Singh, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: NoneFor Respondent: Shri Ramakrishna Bandi, CIT(DR)

Section 132Section 139Section 143(2)Section 153ASection 250

…impugned bogus purchases on the (A.Ys.2013-14 & 2014-15) Shri Nilesh Shantilal Tank & others ground that the ld. A.O. has not disputed the sales made by the assessee by relying on the decision of Hon’ble Gujarat High Court in the case of Simit P. Sheth [2013] 356 ITR 451 (Guj). 12. The Revenue has challenged the ld. CIT(A)’s order for restricting the addition towards the bogus purchase to 12.5% instead of the entire purchase being added by the ld. A.O. and the assessee has also challenged the addition of 12.5% on the gross profit margin. It is observed that the Hon’ble Settlement Commission has not discarded…