CIT v. Vijay Kumar Jain

Raees Alam Siddiqui, Ghazipur vs. Dy. C.I.T., Range - 1, Varanasi

In the result, the appeal of the assessee is allowed

Bench: SH. SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER AND SH. NIKHIL CHOUDHARY (Accountant Member)

…s further pointed out that in the present case, that the ld. CIT(A) had not cited any comparable cases also for adopting a profit rate of 7%. Reliance was placed on the judgment of Hon’ble Chhattisgarh High Court in the case of CIT vs. Vijay Kumar Jain (2010) 325 ITR 378, wherein the Court had held that if the particulars of receipts furnished by the assessee were not found inaccurate and 3 Raees Alam Siddiqui A.Y. 2015-16 there was no allegation by the Revenue that the assessee had concealed any income in his return, the penalty under section 271(1)(c) could not be imposed simply on account of addition made by…

S.M.Enterprisers, Keonjhar vs. DCIT, Circle-2(1), Bhubaneswar

In the result, all appeals of the assessee are allowed

Bench: Shri George Mathan & Shri Arun Khodpiaआयकर अऩीऱ सं/Ita Nos.199, 200, 201 & 202, 233 & 234/Ctk/2020 (ननधाारण वषा / Assessment Years :2004-2005 To 2009-2010) S.M.Enterprises, Vs Dcit, Circle-2(1), Bhubaneswar At : Balda, Po : Joda, Keonjhar-758034 Bhubaneswar-751013 Pan No. : Aatfs 6804 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Shri Sunil Mishra, Advocate राजस्व की ओर से /Revenue By : Shri M.K.Gautam, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 20/10/2022 घोषणा की तारीख/Date Of Pronouncement : 20/10/2022 आदेश / O R D E R Per Bench : These Are The Appeals Filed By The Assessee Against The Separate Orders Of The Ld.Cit(A)-1, Bhubaneswar Passed In I.T.Appeal Nos.0105- 0108/15-16, Dated 01.09.2020 & In I.T.Appeal Nos.0109 & 0110/15-16, Dated 22.09.2020 For The Assessment Years 2004-2005 To 2009-2010. 2. It Was Submitted By The Ld. Ar That The Assessee Had Originally Filed Its Return Of Income Declaring Its Income From Extraction Of Iron Ore As A Contractor In The Mines Of Serajuddin & Co. There Was A Search In The Premises Of The Serajuddin & Co. On 28.05.2008. Consequent Survey Had Been Done On The Assessee On 09.07.2008. Admittedly, Books Of Account Of The Assessee Had Not Been Found. There Was A Search On The 2

…e assessment was best judgment and there was no proof of concealment of income, it was held that the penalty was not imposable. Further, the ld. AR placed reliance on the decision of Hon’ble Chhattisgarh High Court in the case of Vijay Kumar Jain, reported in 325 ITR 378 (Chhattisgarh), wherein it has been held that in that case the assessee had estimated the profit as 6.36% of the gross profit and the AO has assessed profit as 10% of the gross profit and consequently, it was held that there was no concealment of income and therefore penalty could not be levied. He also relied upon the decision of the Hon’ble Mad…

S.M.Enterprisers, Keonjhar vs. DCIT, Circle-2(1), Bhubaneswar

In the result, all appeals of the assessee are allowed

Bench: Shri George Mathan & Shri Arun Khodpiaआयकर अऩीऱ सं/Ita Nos.199, 200, 201 & 202, 233 & 234/Ctk/2020 (ननधाारण वषा / Assessment Years :2004-2005 To 2009-2010) S.M.Enterprises, Vs Dcit, Circle-2(1), Bhubaneswar At : Balda, Po : Joda, Keonjhar-758034 Bhubaneswar-751013 Pan No. : Aatfs 6804 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Shri Sunil Mishra, Advocate राजस्व की ओर से /Revenue By : Shri M.K.Gautam, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 20/10/2022 घोषणा की तारीख/Date Of Pronouncement : 20/10/2022 आदेश / O R D E R Per Bench : These Are The Appeals Filed By The Assessee Against The Separate Orders Of The Ld.Cit(A)-1, Bhubaneswar Passed In I.T.Appeal Nos.0105- 0108/15-16, Dated 01.09.2020 & In I.T.Appeal Nos.0109 & 0110/15-16, Dated 22.09.2020 For The Assessment Years 2004-2005 To 2009-2010. 2. It Was Submitted By The Ld. Ar That The Assessee Had Originally Filed Its Return Of Income Declaring Its Income From Extraction Of Iron Ore As A Contractor In The Mines Of Serajuddin & Co. There Was A Search In The Premises Of The Serajuddin & Co. On 28.05.2008. Consequent Survey Had Been Done On The Assessee On 09.07.2008. Admittedly, Books Of Account Of The Assessee Had Not Been Found. There Was A Search On The 2

…e assessment was best judgment and there was no proof of concealment of income, it was held that the penalty was not imposable. Further, the ld. AR placed reliance on the decision of Hon’ble Chhattisgarh High Court in the case of Vijay Kumar Jain, reported in 325 ITR 378 (Chhattisgarh), wherein it has been held that in that case the assessee had estimated the profit as 6.36% of the gross profit and the AO has assessed profit as 10% of the gross profit and consequently, it was held that there was no concealment of income and therefore penalty could not be levied. He also relied upon the decision of the Hon’ble Mad…

S.M.Enterprisers, Keonjhar vs. DCIT, Circle-2(1), Bhubaneswar

In the result, all appeals of the assessee are allowed

Bench: Shri George Mathan & Shri Arun Khodpiaआयकर अऩीऱ सं/Ita Nos.199, 200, 201 & 202, 233 & 234/Ctk/2020 (ननधाारण वषा / Assessment Years :2004-2005 To 2009-2010) S.M.Enterprises, Vs Dcit, Circle-2(1), Bhubaneswar At : Balda, Po : Joda, Keonjhar-758034 Bhubaneswar-751013 Pan No. : Aatfs 6804 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Shri Sunil Mishra, Advocate राजस्व की ओर से /Revenue By : Shri M.K.Gautam, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 20/10/2022 घोषणा की तारीख/Date Of Pronouncement : 20/10/2022 आदेश / O R D E R Per Bench : These Are The Appeals Filed By The Assessee Against The Separate Orders Of The Ld.Cit(A)-1, Bhubaneswar Passed In I.T.Appeal Nos.0105- 0108/15-16, Dated 01.09.2020 & In I.T.Appeal Nos.0109 & 0110/15-16, Dated 22.09.2020 For The Assessment Years 2004-2005 To 2009-2010. 2. It Was Submitted By The Ld. Ar That The Assessee Had Originally Filed Its Return Of Income Declaring Its Income From Extraction Of Iron Ore As A Contractor In The Mines Of Serajuddin & Co. There Was A Search In The Premises Of The Serajuddin & Co. On 28.05.2008. Consequent Survey Had Been Done On The Assessee On 09.07.2008. Admittedly, Books Of Account Of The Assessee Had Not Been Found. There Was A Search On The 2

…e assessment was best judgment and there was no proof of concealment of income, it was held that the penalty was not imposable. Further, the ld. AR placed reliance on the decision of Hon’ble Chhattisgarh High Court in the case of Vijay Kumar Jain, reported in 325 ITR 378 (Chhattisgarh), wherein it has been held that in that case the assessee had estimated the profit as 6.36% of the gross profit and the AO has assessed profit as 10% of the gross profit and consequently, it was held that there was no concealment of income and therefore penalty could not be levied. He also relied upon the decision of the Hon’ble Mad…

S.M.Enterprisers, Keonjhar vs. DCIT, Circle-2(1), Bhubaneswar

In the result, all appeals of the assessee are allowed

Bench: Shri George Mathan & Shri Arun Khodpiaआयकर अऩीऱ सं/Ita Nos.199, 200, 201 & 202, 233 & 234/Ctk/2020 (ननधाारण वषा / Assessment Years :2004-2005 To 2009-2010) S.M.Enterprises, Vs Dcit, Circle-2(1), Bhubaneswar At : Balda, Po : Joda, Keonjhar-758034 Bhubaneswar-751013 Pan No. : Aatfs 6804 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Shri Sunil Mishra, Advocate राजस्व की ओर से /Revenue By : Shri M.K.Gautam, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 20/10/2022 घोषणा की तारीख/Date Of Pronouncement : 20/10/2022 आदेश / O R D E R Per Bench : These Are The Appeals Filed By The Assessee Against The Separate Orders Of The Ld.Cit(A)-1, Bhubaneswar Passed In I.T.Appeal Nos.0105- 0108/15-16, Dated 01.09.2020 & In I.T.Appeal Nos.0109 & 0110/15-16, Dated 22.09.2020 For The Assessment Years 2004-2005 To 2009-2010. 2. It Was Submitted By The Ld. Ar That The Assessee Had Originally Filed Its Return Of Income Declaring Its Income From Extraction Of Iron Ore As A Contractor In The Mines Of Serajuddin & Co. There Was A Search In The Premises Of The Serajuddin & Co. On 28.05.2008. Consequent Survey Had Been Done On The Assessee On 09.07.2008. Admittedly, Books Of Account Of The Assessee Had Not Been Found. There Was A Search On The 2

…e assessment was best judgment and there was no proof of concealment of income, it was held that the penalty was not imposable. Further, the ld. AR placed reliance on the decision of Hon’ble Chhattisgarh High Court in the case of Vijay Kumar Jain, reported in 325 ITR 378 (Chhattisgarh), wherein it has been held that in that case the assessee had estimated the profit as 6.36% of the gross profit and the AO has assessed profit as 10% of the gross profit and consequently, it was held that there was no concealment of income and therefore penalty could not be levied. He also relied upon the decision of the Hon’ble Mad…

S.M.Enterprisera, Keonjhar vs. DCIT, Circle-2(1), Bhubaneswar

In the result, all appeals of the assessee are allowed

Bench: Shri George Mathan & Shri Arun Khodpiaआयकर अऩीऱ सं/Ita Nos.199, 200, 201 & 202, 233 & 234/Ctk/2020 (ननधाारण वषा / Assessment Years :2004-2005 To 2009-2010) S.M.Enterprises, Vs Dcit, Circle-2(1), Bhubaneswar At : Balda, Po : Joda, Keonjhar-758034 Bhubaneswar-751013 Pan No. : Aatfs 6804 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Shri Sunil Mishra, Advocate राजस्व की ओर से /Revenue By : Shri M.K.Gautam, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 20/10/2022 घोषणा की तारीख/Date Of Pronouncement : 20/10/2022 आदेश / O R D E R Per Bench : These Are The Appeals Filed By The Assessee Against The Separate Orders Of The Ld.Cit(A)-1, Bhubaneswar Passed In I.T.Appeal Nos.0105- 0108/15-16, Dated 01.09.2020 & In I.T.Appeal Nos.0109 & 0110/15-16, Dated 22.09.2020 For The Assessment Years 2004-2005 To 2009-2010. 2. It Was Submitted By The Ld. Ar That The Assessee Had Originally Filed Its Return Of Income Declaring Its Income From Extraction Of Iron Ore As A Contractor In The Mines Of Serajuddin & Co. There Was A Search In The Premises Of The Serajuddin & Co. On 28.05.2008. Consequent Survey Had Been Done On The Assessee On 09.07.2008. Admittedly, Books Of Account Of The Assessee Had Not Been Found. There Was A Search On The 2

…e assessment was best judgment and there was no proof of concealment of income, it was held that the penalty was not imposable. Further, the ld. AR placed reliance on the decision of Hon’ble Chhattisgarh High Court in the case of Vijay Kumar Jain, reported in 325 ITR 378 (Chhattisgarh), wherein it has been held that in that case the assessee had estimated the profit as 6.36% of the gross profit and the AO has assessed profit as 10% of the gross profit and consequently, it was held that there was no concealment of income and therefore penalty could not be levied. He also relied upon the decision of the Hon’ble Mad…

S M Enterprisers, Keonjhar vs. DCIT, Circle-2(1), Bhubaneswar

In the result, all appeals of the assessee are allowed

Bench: Shri George Mathan & Shri Arun Khodpiaआयकर अऩीऱ सं/Ita Nos.199, 200, 201 & 202, 233 & 234/Ctk/2020 (ननधाारण वषा / Assessment Years :2004-2005 To 2009-2010) S.M.Enterprises, Vs Dcit, Circle-2(1), Bhubaneswar At : Balda, Po : Joda, Keonjhar-758034 Bhubaneswar-751013 Pan No. : Aatfs 6804 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Shri Sunil Mishra, Advocate राजस्व की ओर से /Revenue By : Shri M.K.Gautam, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 20/10/2022 घोषणा की तारीख/Date Of Pronouncement : 20/10/2022 आदेश / O R D E R Per Bench : These Are The Appeals Filed By The Assessee Against The Separate Orders Of The Ld.Cit(A)-1, Bhubaneswar Passed In I.T.Appeal Nos.0105- 0108/15-16, Dated 01.09.2020 & In I.T.Appeal Nos.0109 & 0110/15-16, Dated 22.09.2020 For The Assessment Years 2004-2005 To 2009-2010. 2. It Was Submitted By The Ld. Ar That The Assessee Had Originally Filed Its Return Of Income Declaring Its Income From Extraction Of Iron Ore As A Contractor In The Mines Of Serajuddin & Co. There Was A Search In The Premises Of The Serajuddin & Co. On 28.05.2008. Consequent Survey Had Been Done On The Assessee On 09.07.2008. Admittedly, Books Of Account Of The Assessee Had Not Been Found. There Was A Search On The 2

…e assessment was best judgment and there was no proof of concealment of income, it was held that the penalty was not imposable. Further, the ld. AR placed reliance on the decision of Hon’ble Chhattisgarh High Court in the case of Vijay Kumar Jain, reported in 325 ITR 378 (Chhattisgarh), wherein it has been held that in that case the assessee had estimated the profit as 6.36% of the gross profit and the AO has assessed profit as 10% of the gross profit and consequently, it was held that there was no concealment of income and therefore penalty could not be levied. He also relied upon the decision of the Hon’ble Mad…

Shri Chandan Bhardwaj, Tarn Taran vs. Assistant Commissioner of Income Tax, Circle-1, Amritsar

Bench: Dr. M. L. Meena & Sh. Ravish Sood

…, we hold that the orders of the Ld. CIT(A) is not in conformity with the law and hence reversed. Thus, this ground of appeal of the assessee is allowed and other ground of appeal become infructuous. 11. In the case of ‘CIT V/s Vijay Kumar Jain’, reported at 325 ITR 378 (HC) (Chattisgarh) held that particulars of receipts furnished by the assessee not having been found inaccurate and there being no allegation by the revenue that the assessee has concealed any income in his return, penalty under section 271 (1)(c) could not be imposed simply on account of addition made by the AO on application of higher rate of n…

Sh. Jinder Pal, Amritsar vs. Income Tax Officer, Ward - 4(2), Amritsar

Bench: Dr. M. L. Meena & Sh. Ravish Sood

…, we hold that the orders of the Ld. CIT(A) is not in conformity with the law and hence reversed. Thus, this ground of appeal of the assessee is allowed and other ground of appeal become infructuous. 11. In the case of ‘CIT V/s Vijay Kumar Jain’, reported at 325 ITR 378 (HC) (Chattisgarh) held that particulars of receipts furnished by the assessee not having been found inaccurate and there being no allegation by the revenue that the assessee has concealed any income in his return, penalty under section 271 (1)(c) could not be imposed simply on account of addition made by the AO on application of higher rate of n…