CIT v. Vaibhav Gems Ltd.

88 Taxmann.com 12High Court2017#2263 most cited

What is CIT v. Vaibhav Gems Ltd. authority for?

For transfer pricing adjustments related to interest-free loans provided to foreign associated enterprises, notional interest income must be computed solely based on the LIBOR rate. The Supreme Court dismissed the Revenue's special leave petition challenging this High Court decision, affirming the assessee's position.

51

judgments rely on this decision, according to BharatTax’s citation analysis of 366,369 Indian tax judgments — from 2017 to 2025.

Also referred to as

CIT v. Vaibhav Gems Ltd. · Section 92B · Section 92CA · LIBOR rate · notional interest income · interest-free loan · foreign subsidiary · associated enterprise · transfer pricing adjustment · arm's length price · Supreme Court dismissal · 88 Taxmann.com 12

Also reported as

112 DTR 84

Sections most often in play

Section 143(3)Section 14ASection 92BSection 115JBSection 8DSection 92CASection 144CSection 144C(13)

Issues it is cited on

economic adjustmentsection 92(1)interest on interestinterest on outstanding receivablescorporate guaranteesection 92btax residency certificatecup methodreference to tpocommercial rightsarm's length priceassociated enterprises

Judgments citing CIT v. Vaibhav Gems Ltd.

Viacom 18 Media P.Ltd, Mumbai vs. Addl CIT 11(1), Mumbai

In the result, assessee‟s appeal for A

ITA 8754/MUM/2010[2006-07]Status: DisposedITAT Mumbai03 Sept 2021AY 2006-07

Bench: Shri C.N. Prasad & Shri S. Rifaur Rahman

…e lending rate and reasonable credit period of 90 days shall be allowed before computing the adjustment. In support of these submissions, the learned A.R. placed reliance on the decision of the Hon'ble Rajasthan High Court in CIT v/s Vaibhav Gems Ltd., [2017] 88 Taxmann.com 12 (Raj.) which was decided against the Revenue and in favour of the assessee. Subsequently, this decision was again challenged by the Revenue before the Hon'ble Supreme Court by filing an SLP which also attained finality in favour of the assessee. 118. The learned Departmental Representative supported the order of the authorities below and s…

Rosy Blue (India) Pvt. Ltd., Mumbai vs. DCIT Cent. Cir. 46 (Now DCIT - CC -8(3), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 308/MUM/2019[2013-14]Status: DisposedITAT Mumbai23 Jul 2021AY 2013-14
Section 143(3)Section 92B

…any error in the order passed by this Tribunal for A.Y.2014-15. He merely pointed out by making a fresh argument that naked LIBOR alone cannot be adopted. We also find that the Hon’ble Rajasthan High Court in the case of CIT vs. Vaibhav Gems Ltd., reported in 88 Taxmann.com 12 which was heavily relied upon by the ld. AR had addressed the issue in dispute before us and held that only LIBOR rate should be taken for the purpose of adding notional interest income on account of interest free loan given to foreign subsidiary. We further find that the special leave petition preferred by the Revenue before the Hon’ble Ap…

ACIT, Central Circle-3, Jaipur vs. M/S. Lakhi Gems, Jaipur

In the result, ground of appeal taken by the Revenue as well as that of the assessee is hereby dismissed

ITA 1306/JPR/2019[2009-10]Status: DisposedITAT Jaipur22 Jun 2021AY 2009-10
For Appellant: Sh. P. C. Parwal (CA)For Respondent: Sh. B. K. Gupta (CIT) fu/kZkfjrh dh vksj ls@
Section 143(3)Section 145(3)Section 147

…made even if section 145 is invoked. Reliance is placed on the following cases:- • CIT vs. Allied Gems Corporation (ITA No.794/JP/11 order dt.15.12.2017) • DCIT Vs. M/s Gems Paradise (ITA No.747/JP/12 order dt. 26.12.2017) • CIT Vs. Vaibhav Gems Ltd. (2014) 112 DTR 84 dt. 21.08.2014 (Raj) • CIT Vs. Sh. Sindhuja Foods Pvt. Ltd. (2008) 16 DTR 278 dt.24.10.2008 (Raj.) (HC) • CIT Vs. Inani Marbles Pvt Ltd. 316 ITR 125 (Raj.) (HC) • Kansara Bearings P. Ltd Vs. ACIT 270 ITR 235 (Raj) • Malani Ramjivan Jagannath Vs. ACIT 207 CTR (Raj.)19: It was held that:- • CIT Vs. Gotan Lime Khaniz Udyog 256 ITR 243(Raj) 6 ITA No.…

Bilakhia Holding P Ltd, Vapi vs. The ACIT, Vapi Circle, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 182/SRT/2017[2010-11]Status: DisposedITAT Surat19 May 2021AY 2010-11

Bench: Shri Pawan Singh, Hon'Ble & Dr.Shri Arjun Lal Saini, Hon'Ble(Virtual Hearing) आ.अ.सं./I.T.A’S No.181 & 182/Srt/2017 "नधा"रण वष"/Assessment Years: 2009-10 & 2010-11 Bilakhia Holding P Ltd., Vs The Assistant Bilakhia House, Muktanand Marg, . Commissioner Of Income Chala, Surat – 394 520. Tax, Vapi Circle, Vapi. [Pan: Aadcs 4420 J] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओर से /Assessee By Shri Gopalakrishnan Aiyer – Ar राज"वक"ओर से /Revenue By Smt. Usha Shrote – Sr.Dr सुनवाई की तारीख/ Date Of Hearing: 13.04.2021 उ"घोषणा क" तार"ख/Pronouncement On: 19.05.2021 आदेश /O R D E R Per Dr.Arjun Lal Saini, Accountant Memeber: 1. Captioned Two Appeals Filed By Assessee Pertaining To Assessment Year 2009-10 & 2010-11, Are Directed Against The Separate Orders Passed By The Ld.Cit(A), Which In Turn Arise Out Of Separate Orders Passed By The Assessing Officer Under Section 271(1)(C) Of The Income Tax Act, 1961 (Here In After Referred To As The ‘Act’).

Section 143(3)Section 271Section 271(1)Section 271(1)(C)Section 271(1)(c)Section 274Section 92C

…आयकर अपील"य अ"धकरण, सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, Hon'ble JUDICIAL MEMBER AND Dr.SHRI ARJUN LAL SAINI, Hon'ble ACCOUNTANT MEMBER (Virtual Hearing) आ.अ.सं./I.T.A’s No.181 & 182/SRT/2017 "नधा"रण वष"/Assessment Years: 2009-10 & 2010-11 Bilakhia Holding P Ltd., Vs The Assistant Bilakhia House, Muktanand Marg, . Commissioner of Income Chala, Surat – 394 520. Tax, Vapi Circle, Vapi. [PAN: AADCS 4420 J] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओर से /Assessee by Shri Gopalakrishnan Aiyer – AR राज"वक"ओर से /Revenue by Smt. Usha Shrote – Sr.DR सुन…

Bilakhia Holding P Ltd, Vapi vs. The ACIT, Vapi Circle, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 181/SRT/2017[2009-10]Status: DisposedITAT Surat19 May 2021AY 2009-10

Bench: Shri Pawan Singh, Hon'Ble & Dr.Shri Arjun Lal Saini, Hon'Ble(Virtual Hearing) आ.अ.सं./I.T.A’S No.181 & 182/Srt/2017 "नधा"रण वष"/Assessment Years: 2009-10 & 2010-11 Bilakhia Holding P Ltd., Vs The Assistant Bilakhia House, Muktanand Marg, . Commissioner Of Income Chala, Surat – 394 520. Tax, Vapi Circle, Vapi. [Pan: Aadcs 4420 J] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओर से /Assessee By Shri Gopalakrishnan Aiyer – Ar राज"वक"ओर से /Revenue By Smt. Usha Shrote – Sr.Dr सुनवाई की तारीख/ Date Of Hearing: 13.04.2021 उ"घोषणा क" तार"ख/Pronouncement On: 19.05.2021 आदेश /O R D E R Per Dr.Arjun Lal Saini, Accountant Memeber: 1. Captioned Two Appeals Filed By Assessee Pertaining To Assessment Year 2009-10 & 2010-11, Are Directed Against The Separate Orders Passed By The Ld.Cit(A), Which In Turn Arise Out Of Separate Orders Passed By The Assessing Officer Under Section 271(1)(C) Of The Income Tax Act, 1961 (Here In After Referred To As The ‘Act’).

Section 143(3)Section 271Section 271(1)Section 271(1)(C)Section 271(1)(c)Section 274Section 92C

…आयकर अपील"य अ"धकरण, सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, Hon'ble JUDICIAL MEMBER AND Dr.SHRI ARJUN LAL SAINI, Hon'ble ACCOUNTANT MEMBER (Virtual Hearing) आ.अ.सं./I.T.A’s No.181 & 182/SRT/2017 "नधा"रण वष"/Assessment Years: 2009-10 & 2010-11 Bilakhia Holding P Ltd., Vs The Assistant Bilakhia House, Muktanand Marg, . Commissioner of Income Chala, Surat – 394 520. Tax, Vapi Circle, Vapi. [PAN: AADCS 4420 J] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओर से /Assessee by Shri Gopalakrishnan Aiyer – AR राज"वक"ओर से /Revenue by Smt. Usha Shrote – Sr.DR सुन…

M/S. United Spirits Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

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

ITA 489/BANG/2017[2012-13]Status: DisposedITAT Bangalore29 May 2020AY 2012-13

Bench: Shri B.R. Baskaran & Shri Pavan Kumar Gadaleit(Tp)A No.489/Bang/2017 (Assessment Year: 2012-13) M/S. United Spirits Limited, Ub Towers, No.24, Vittal Mallya Road, Bangalore-560 001 ….Appellant Vs. Dy. Commissioner Of Income Tax, Circle 7(1)(1), Bangalore. ……Respondent. Assessee By: Shri Perci Pardiwala, Senior Advocate & Shri Ketan Ved, C.A. Revenue By: Shri Bipin C.N, Jcit (D.R) Date Of Hearing : 06.03.2020. Date Of Pronouncement : 29.05.2020. O R D E R Per Shri B.R. Baskaran, A.M. : The Assessee Has Filed This Appeal Challenging The Assessment Order Dated 31-01-2017 Passed By The Assessing Officer For Assessment Year 2012-13 Passed U/S 143(3) R.W.S 144C(13) Of The Act.

For Appellant: Shri Perci Pardiwala, Senior Advocate and Shri Ketan Ved, C.AFor Respondent: Shri Bipin C.N, JCIT (D.R)
Section 143(3)Section 144C(10)Section 144C(13)Section 14ASection 154Section 36(1)(iii)Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “ C ” BENCH: BANGALORE BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER IT(TP)A No.489/Bang/2017 (Assessment Year: 2012-13) M/s. United Spirits Limited, UB Towers, No.24, Vittal Mallya Road, Bangalore-560 001 ….Appellant Vs. Dy. Commissioner of Income Tax, Circle 7(1)(1), Bangalore. ……Respondent. Assessee By: Shri Perci Pardiwala, Senior Advocate and Shri Ketan Ved, C.A. Revenue By: Shri Bipin C.N, JCIT (D.R) Date of Hearing : 06.03.2020. Date of Pronouncement : 29.05.2020. O R D E R PER SHRI B.R. BASKARAN, A.M. : The…

Positive Packaging P.Ltd, Mumbai vs. DCIT Cir 3(2), Mumbai

In the result this ground of appeal is allowed for statistical purpose

ITA 2483/MUM/2015[2009-10]Status: DisposedITAT Mumbai22 Apr 2020AY 2009-10

Bench: Shri Shamim Yahya & Shri Pawan Singhm/S Positive Packaging Industries Vs Dcit Circle 3(2), Room No. Ltd, 12A-06, B-Wing, 608, Aayakar Bhawan, Parinee Crescenzo, M.K.Road, C-38/39, G-Block, Mumbai-20 Bandra Kurla Complex, Bandra (E), Mumbai-400 051 Pan : Aaacp2836Q Appellant Respondednt

Section 201Section 43(6)(c)Section 43A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “J”, MUMBAI BEFORE SHRI SHAMIM YAHYA ACCOUNTANT MEMBER & SHRI PAWAN SINGH JUDICIAL MEMBER M/s Positive Packaging Industries Vs DCIT Circle 3(2), Room No. Ltd, 12A-06, B-Wing, 608, Aayakar Bhawan, Parinee Crescenzo, M.K.Road, C-38/39, G-Block, Mumbai-20 Bandra Kurla Complex, Bandra (E), Mumbai-400 051 PAN : AAACP2836Q APPELLANT RESPONDEDNT Appellant by Shri Bhaumik Goda (AR) Respondent by Shri Vodal Raj Singh (CIT-DR) Date of hearing 04-02-2020 Date of pronouncement 22-04-2020 O R D E R Per Pawan Singh, Judicial Member: 1. This appeal by assessee is directed a…

Amol Dicalite Limited, Ahmedabad vs. The DCIT, Circle-1(1)(1), Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 991/AHD/2018[2009-10]Status: DisposedITAT Ahmedabad02 Mar 2020AY 2009-10

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 991/Ahd/2018 "नधा"रण वष"/Asstt. Year: 2009-2010 Amol Dicalite Limited, D.C.I.T, 301, Akshay, 53, Vs. Cirle-1(1)(1) Shrimali Society, Ahmedabad. Navrangpura, Ahmedabad-380009. Pan: Aabca2807K

For Appellant: Shri S.N. Soparkar, A.RFor Respondent: Shri Deelip Kumar, Sr.D.R
Section 36(1)(iii)Section 92

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’ A’’ BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT And SHRI WASEEM AHMED, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 991/AHD/2018 "नधा"रण वष"/Asstt. Year: 2009-2010 Amol Dicalite Limited, D.C.I.T, 301, Akshay, 53, Vs. Cirle-1(1)(1) Shrimali Society, Ahmedabad. Navrangpura, Ahmedabad-380009. PAN: AABCA2807K (Applicant) (Respondent) Assessee by : Shri S.N. Soparkar, A.R Revenue by : Shri Deelip Kumar, Sr.D.R सुनवाई क" तार"ख/Date of Hearing : 12/12/2019 घोषणा क" तार"ख /Date of Pronouncement: 03/03/2020 आदेश/O R D E R PER WASEEM…

Shri Suresh Chand Nahata, Jaipur vs. Income Tax Officer, Ward-1-1, Jaipur

In the result, the appeal of the assessee is dismissed

ITA 355/JPR/2019[2010-11]Status: DisposedITAT Jaipur28 Feb 2020AY 2010-11

Bench: : Shri Vijay Pal Rao, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 355/Jp/2019 Fu/Kzkj.K O"Kz@Assessment Year : 2010-11 Cuke Shri Suresh Chand Nahata The Ito Vs. 1214, Partaniyon Ka Rasta Ward- 1(1) Johri Bazar, Jaipur Jaipur Lfkk;H Ys[Kk La-@Thvkbzvkj La-@ Pan/Gir No.: Aaypn 3419 L Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By : None (Written Submission) Jktlo Dh Vksj Ls@ Revenue By : Ms. Chanchal Meena, Jcit-Dr Lquokbz Dh Rkjh[K@ Date Of Hearing : 03/03/2020 ?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 04/03/2020 Vkns'K@ Order Per Vijay Pal Rao, Jm This Appeal By The Assessee Is Directed Against The Order Of Ld. Cit(A)-1, Jaipur Dated 13-12-2018 For The Assessment Year 2010-11. 2.1 None Appeared On Behalf Of The Assessee When This Appeal Was Called For Hearing Despite The Notice Was Duly Received By The Assessee As Per Acknowledgment Available On Record. The Ld.Ar Of The Assessee Has Though Filed The Written Submission Vide Letter Dated 12-12-2019. 2 Shri Suresh Chand Nahata Vs Ito , Ward-1(1), Jaipur Accordingly, In The Facts & Circumstances Of The Case, We Propose To Hear & Dispose Off This Appeal Of The Assessee Ex-Parte By Considering

For Appellant: None (Written Submission)For Respondent: Ms. Chanchal Meena, JCIT-DR
Section 143(1)Section 143(3)Section 145(3)Section 147Section 148

…Gross Profit G.P. Rate 2008-09 36442382.50 3980389.84 10.92% 2009-10 35776809.00 3427241.50 9.58% 2010-11 45224862.97 3800513.41 8.40% Total 117444054.47 11208144.75 9.54% (xii) It may be mentioned that in the case of CIT Vs Vaibhav Gems Ltd. [2014] 112 DTR 84 (Raj), it has been held by the Hon'ble High Court of Rajasthan that while the past history becomes the relevant basis but if the AO wishes to tinker with the basis of past records, then some flaw has to be found by the 9 Shri Suresh Chand Nahata vs ITO , Ward-1(1), Jaipur AO in making some addition and, in toe instant case under consideration, th…

Bilakhia Holdings Pvt. Ltd., Vapi vs. The ACIT., Vapi Circle, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 795/AHD/2016[2011-12]Status: DisposedITAT Surat04 Feb 2020AY 2011-12

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…Bilakhia Holdings Pvt. Ltd. v. ACIT- Vapi/ I.T.A.No.507/Ahd/2013/AY08-09/A.Y. 08-09 I.T.A.No’s.1415 & 1416/Ahd/2015/A.Y. 09-10 & 10-11 AND I.T.A.No.795/Ahd/2016/A.Y. 11-12 Page 1 of 66 आयकर अपीलीय अिधकरण,सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH – SURAT BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUTANT MEMBER आ.अ.सं/.I.T.A No.507/AHD/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415AHD/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/AHD/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/AHD/2016: िनधा"रण वष"/Assessment Y…

Bilakhia Holdings Pvt. Ltd., Vapi vs. The Addl.CIT., Vapi Range, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 1416/AHD/2015[2010-11]Status: DisposedITAT Surat04 Feb 2020AY 2010-11

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…Bilakhia Holdings Pvt. Ltd. v. ACIT- Vapi/ I.T.A.No.507/Ahd/2013/AY08-09/A.Y. 08-09 I.T.A.No’s.1415 & 1416/Ahd/2015/A.Y. 09-10 & 10-11 AND I.T.A.No.795/Ahd/2016/A.Y. 11-12 Page 1 of 66 आयकर अपीलीय अिधकरण,सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH – SURAT BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUTANT MEMBER आ.अ.सं/.I.T.A No.507/AHD/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415AHD/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/AHD/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/AHD/2016: िनधा"रण वष"/Assessment Y…

Bilakhia Holdings Pvt. Ltd., Vapi vs. The Jt.CIT., Vapi Range, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 1415/AHD/2015[2009-10]Status: DisposedITAT Surat04 Feb 2020AY 2009-10

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…Bilakhia Holdings Pvt. Ltd. v. ACIT- Vapi/ I.T.A.No.507/Ahd/2013/AY08-09/A.Y. 08-09 I.T.A.No’s.1415 & 1416/Ahd/2015/A.Y. 09-10 & 10-11 AND I.T.A.No.795/Ahd/2016/A.Y. 11-12 Page 1 of 66 आयकर अपीलीय अिधकरण,सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH – SURAT BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUTANT MEMBER आ.अ.सं/.I.T.A No.507/AHD/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415AHD/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/AHD/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/AHD/2016: िनधा"रण वष"/Assessment Y…

Bilakhia Holding P Ltd, Vapi vs. The Jt.CIT., Vapi Range, Vapi

In the result, the appeal of the assessee is allowed for assessment year 2010-11

ITA 507/AHD/2013[2008-09]Status: DisposedITAT Surat04 Feb 2020AY 2008-09

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.507/Ahd/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415Ahd/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/Ahd/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/Ahd/2016: िनधा"रण वष"/Assessment Year: 2011-12 M/S. Bialkhia Holdings Pvt. Vs. Addl.Cit Range - Vapi / Ltd., Bilakhia House, Assistant Commissioner Of Muktanand Marg, Chala Income Tax Vapi Circle Vapi, Vapi, Gujarat. Shivam Commercial Complex, [Pan: Aadcs 4420 J] National Highway No.8, Vapi. अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 143(3)Section 144C

…Bilakhia Holdings Pvt. Ltd. v. ACIT- Vapi/ I.T.A.No.507/Ahd/2013/AY08-09/A.Y. 08-09 I.T.A.No’s.1415 & 1416/Ahd/2015/A.Y. 09-10 & 10-11 AND I.T.A.No.795/Ahd/2016/A.Y. 11-12 Page 1 of 66 आयकर अपीलीय अिधकरण,सुरत "यायपीठ, सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH – SURAT BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUTANT MEMBER आ.अ.सं/.I.T.A No.507/AHD/2013: िनधा"रण वष"/Assessment Year: 2008-09 आ.अ.सं/.I.T.A.No.1415AHD/2015: िनधा"रण वष"/Assessment Year: 2009-10 आ.अ.सं/.I.T.A No.1416/AHD/2015:िनधा"रण वष"/Assessment Year: 2010-11 आ.अ.सं/.I.T.A No.795/AHD/2016: िनधा"रण वष"/Assessment Y…

M/S Diagold, Jaipur vs. Assistant Commissioner of Income Tax, Circle-1, Jaipur

In the result, the appeals of the assessee for the Assessment Years

ITA 205/JPR/2019[2014-15]Status: DisposedITAT Jaipur08 Aug 2019AY 2014-15
For Appellant: Shri Rajiv Sogani &For Respondent: Shri Kailash Mangal (Addl.CIT)
Section 143(1)Section 147Section 148

…1,19,38,248 22,64,607 18.97% 2011-12 2,29,65,102 39,89,184 17.37% 2012-13 3,23,62,451 50,01,469 15.45% 2013-14 5,22,06,218 68,96,986 13.21% 2014-15 8,71,75,611 96,11,098 11.02% 22,96,00,053 3,24,50,498 14.13% 12. In the case of CIT vs Vaibhav Gems Ltd [2014] 112 DTR 84, the Hon'ble Rajasthan High Court held that past history becomes the relevant basis for determining the trading addition to be made after rejection of 10 ITA 200 to 205/JP/2019_ M/s Diagold Vs. ACIT the books of account. It is clear from the above chart that the average of the gross profit declared by the assessee works out at 14.13%. Thus, after…

M/S Diagold, Jaipur vs. Assistant Commissioner of Income Tax, Circle-1, Jaipur

In the result, the appeals of the assessee for the Assessment Years

ITA 204/JPR/2019[2013-14]Status: DisposedITAT Jaipur08 Aug 2019AY 2013-14
For Appellant: Shri Rajiv Sogani &For Respondent: Shri Kailash Mangal (Addl.CIT)
Section 143(1)Section 147Section 148

…1,19,38,248 22,64,607 18.97% 2011-12 2,29,65,102 39,89,184 17.37% 2012-13 3,23,62,451 50,01,469 15.45% 2013-14 5,22,06,218 68,96,986 13.21% 2014-15 8,71,75,611 96,11,098 11.02% 22,96,00,053 3,24,50,498 14.13% 12. In the case of CIT vs Vaibhav Gems Ltd [2014] 112 DTR 84, the Hon'ble Rajasthan High Court held that past history becomes the relevant basis for determining the trading addition to be made after rejection of 10 ITA 200 to 205/JP/2019_ M/s Diagold Vs. ACIT the books of account. It is clear from the above chart that the average of the gross profit declared by the assessee works out at 14.13%. Thus, after…

M/S Diagold, Jaipur vs. Assistant Commissioner of Income Tax, Circle-1, Jaipur

In the result, the appeals of the assessee for the Assessment Years

ITA 202/JPR/2019[2011-12]Status: DisposedITAT Jaipur08 Aug 2019AY 2011-12
For Appellant: Shri Rajiv Sogani &For Respondent: Shri Kailash Mangal (Addl.CIT)
Section 143(1)Section 147Section 148

…1,19,38,248 22,64,607 18.97% 2011-12 2,29,65,102 39,89,184 17.37% 2012-13 3,23,62,451 50,01,469 15.45% 2013-14 5,22,06,218 68,96,986 13.21% 2014-15 8,71,75,611 96,11,098 11.02% 22,96,00,053 3,24,50,498 14.13% 12. In the case of CIT vs Vaibhav Gems Ltd [2014] 112 DTR 84, the Hon'ble Rajasthan High Court held that past history becomes the relevant basis for determining the trading addition to be made after rejection of 10 ITA 200 to 205/JP/2019_ M/s Diagold Vs. ACIT the books of account. It is clear from the above chart that the average of the gross profit declared by the assessee works out at 14.13%. Thus, after…

M/S Diagold, Jaipur vs. Assistant Commissioner of Income Tax, Circle-1, Jaipur

In the result, the appeals of the assessee for the Assessment Years

ITA 201/JPR/2019[2010-11]Status: DisposedITAT Jaipur08 Aug 2019AY 2010-11
For Appellant: Shri Rajiv Sogani &For Respondent: Shri Kailash Mangal (Addl.CIT)
Section 143(1)Section 147Section 148

…1,19,38,248 22,64,607 18.97% 2011-12 2,29,65,102 39,89,184 17.37% 2012-13 3,23,62,451 50,01,469 15.45% 2013-14 5,22,06,218 68,96,986 13.21% 2014-15 8,71,75,611 96,11,098 11.02% 22,96,00,053 3,24,50,498 14.13% 12. In the case of CIT vs Vaibhav Gems Ltd [2014] 112 DTR 84, the Hon'ble Rajasthan High Court held that past history becomes the relevant basis for determining the trading addition to be made after rejection of 10 ITA 200 to 205/JP/2019_ M/s Diagold Vs. ACIT the books of account. It is clear from the above chart that the average of the gross profit declared by the assessee works out at 14.13%. Thus, after…

M/S Diagold, Jaipur vs. Assistant Commissioner of Income Tax, Circle-1, Jaipur

In the result, the appeals of the assessee for the Assessment Years

ITA 200/JPR/2019[2009-10]Status: DisposedITAT Jaipur08 Aug 2019AY 2009-10
For Appellant: Shri Rajiv Sogani &For Respondent: Shri Kailash Mangal (Addl.CIT)
Section 143(1)Section 147Section 148

…1,19,38,248 22,64,607 18.97% 2011-12 2,29,65,102 39,89,184 17.37% 2012-13 3,23,62,451 50,01,469 15.45% 2013-14 5,22,06,218 68,96,986 13.21% 2014-15 8,71,75,611 96,11,098 11.02% 22,96,00,053 3,24,50,498 14.13% 12. In the case of CIT vs Vaibhav Gems Ltd [2014] 112 DTR 84, the Hon'ble Rajasthan High Court held that past history becomes the relevant basis for determining the trading addition to be made after rejection of 10 ITA 200 to 205/JP/2019_ M/s Diagold Vs. ACIT the books of account. It is clear from the above chart that the average of the gross profit declared by the assessee works out at 14.13%. Thus, after…

Shri Ravi Kumar Rawat, Jaipur vs. Income Tax Officer, Ward-2-5, Jaipur

In the result, appeal of the assessee is allowed in part

ITA 1013/JPR/2018[2007-08]Status: DisposedITAT Jaipur12 Jul 2019AY 2007-08
For Appellant: Shri Saurabh Harsh (Adv)For Respondent: Shri A.S. Nehra (JCIT)
Section 143(3)Section 147Section 148

…or the AY 2006-07 passed u/s 143(3) of the Act, 25% of bogus/unverifiable purchase was made, which has been reduced to Rs. 50,000/- by the Hon'ble ITAT which would give GP rate of 10.28%. It may be mentioned that in the case of CIT Vs Vaibhav Gems Ltd. [2014] 112 DTR 84 (Raj), it has been held by the Hon'ble High Court of Rajasthan that while the past history becomes the relevant basis but if the AO wishes to tinker with the basis of past records, then some flaw has to be found by the AO in making some addition and, in the instant case under consideration, the purchases to the tune of Rs. 27,87,133/- were found t…

Moserbaer India Ltd., New Delhi vs. DCIT, New Delhi

Appeal is dismissed

ITA 1617/DEL/2015[2010-11]Status: DisposedITAT Delhi03 Oct 2018AY 2010-11

Bench: Shri N. K. Saini & Ms Suchitra Kamblemoserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Moserbaer India Ltd. Vs Assistant Commissioner Of Tax, 43-A, Okhla Indl Area, Income Tax Phase-Iii Circle 5(1) New Delhi-110020 New Delhi Aaam0322J (Respondent) (Appellant) Astt. Commissioner Of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-Iii New Delhi-110020 (Appellant) Aaam0322J (Respondent) Moserbaer India Ltd. Vs Dcit Tax, 43-A, Okhla Indl Area, Circle 17(1) Phase-Iii New Delhi New Delhi-110020 (Respondent) Aaam0322J (Appellant)

Section 10BSection 143Section 144CSection 14A

…DELHI BENCH: ‘I-1’ NEW DELHI BEFORE SHRI N. K. SAINI, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER Moserbaer India Ltd. Vs Assistant Commissioner of Tax, 43-A, Okhla Indl Area, Income Tax Phase-III Circle 5(1) New Delhi-110020 New Delhi AAAM0322J (RESPONDENT) (APPELLANT) Moserbaer India Ltd. Vs Assistant Commissioner of Tax, 43-A, Okhla Indl Area, Income Tax Phase-III Circle 5(1) New Delhi-110020 New Delhi AAAM0322J (RESPONDENT) (APPELLANT) Astt. Commissioner of Income Tax Vs Moserbaer India Ltd. Circle 5(1) Tax, 43-A, Okhla Indl Area, New Delhi Phase-III New Delhi-110020 (APPELLANT) AAAM0322J (RE…