DCIT v. Panna Corporation

DCIT, Central Circle 1, Rajkot vs. Shri Deepak Mohanlal Purswani, Rajkot

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं/.Ita No.630 & 631/Rjt/2024 निर्धारण वर्ष / Assessment Year: (2021-2022 & 2022-23) Hybrid Hearing Shree Deepak Mohanlal Puruswani बनाम The Dcit, Cc-1 Rajkot Nr. Maa Krupa, 4- Saurashtra Kala Vs. Aaykar Bhawan "Amruta Estate", Kendra Society, Opp. Nirmala Convent, Mg Road, Rajkot 360001, Kalawad Road, Rajkot-360001 (अपीलार्थी/Appellant) स्थायीलेखासं/. जीआइआरसं/.Pan No. : Ajvpp5139P (प्रत्यर्थी/Respondent) आयकर अपील सं/. Ita No.665/Rjt/2024 निर्धारण वर्ष / Assessment Year: (2022-23) The Dcit, Cc-1 Rajkot बनाम Shree Deepak Mohanlal Puruswani Aaykar Bhawan“Amruta Estate", 2Nd Vs. Nr. Maa Krupa, 4- Saurashtra Kala Floor Mg Road Kendra Society, Opp. Nirmala Rajkot 360001, Gujrat Convent, Kalawad Road, (अपीलार्थी/Appellant) स्थायीलेखासं/. जीआइआरसं/.Pan No. : Ajvpp5139P Rajkot-360001 (प्रत्यर्थी/Respondent) निर्धारितीकीओरसे/Assessee By : Shri Mehul Ranpura, Ld. Ar राजस्वकीओरसे/Revenue By : Shri Abhimanyu Singh Yadav, Ld. Sr. Dr सुनवाईकीतारीख / Date Of Hearing : 16/01/2026 घोषणाकीतारीख /Date Of Pronouncement : 13/03/2026 आदेश/Order Per, Bench: Captioned Appeals Filed By The Assessee & Revenue, Pertaining To

…e Hon'ble Guj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed.For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal po…

DCIT, Central Circle 1, Rajkot vs. Yagnik Road Highstreet LLP, Rajkot

Appeal of the revenue is dismissed:

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं/.Ita No. 511 To 513/Rjt/2024 निर्धारणवर्ष /Assessment Year: 2020-21 To 2022-23 (Hybrid Hearing) Yagnik Road Highstreet Llp Vs. The Deputy Commissioner Of Office No.102, Ornament Arcade, Darbargadh Chowk, Bedinaka Road, Rajkot Rajkot-360001 Income Tax, Central-1 Income Tax Office, Amruta Estate Building, Near Girnar Cinema, Mg Road, Rajkot Rajkot-360001 स्थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacfy4924F (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं/.Ita No. 684/Rjt/2024 निर्धारणवर्ष / Assessment Year: 2021-22 (Hybrid Hearing) The Deputy Commissioner Of Vs. Yagnik Road Highstreet Llp Income Tax, Central-1 Income Tax Office, Amruta Estate Building, Near Girnar Cinema, M G Road, Rajkot Rajkot-360001 Office No.102, Ornament Arcade, Darbargadh Chowk, Bedinaka Road, Rajkot Rajkot-360001 स्थायी लेखासं./जी आइआरसं./Pan/Gir No.: Aacfy4924F (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) निर्धारिती की ओर से/Assessee By : Shri D.M. Rindani, Ld.Ar राजस्व की ओर से/Revenue By : Shri Sanjay Punglia, Ld. Cit(Dr) सुनवाई की तारीख/Date Of Hearing : 20/01/2026 घोषणा की तारीख/Date Of Pronouncement : 12/03/2026 Order

…Hon'ble Guj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed. For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under - "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, ITA No. 511 to 513 & 684/Rjt/2024 Yagnik Road High Street Vs. DCIT what can be brought to tax is the profit embedded in such recei…

Yagnik Road Highstreet LLP, Rajkot vs. The Deputy Commissioner of Income Tax, Central -1, Rajkot

Appeal of the revenue is dismissed:

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं/.Ita No. 511 To 513/Rjt/2024 निर्धारणवर्ष /Assessment Year: 2020-21 To 2022-23 (Hybrid Hearing)

…Hon'ble Guj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed. For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under - "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal…

Yagnik Road Highstreet LLP, Rajkot vs. Deputy Commissioner of Income Tax, Central -1, Rajkot

Appeal of the revenue is dismissed:

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं/.Ita No. 511 To 513/Rjt/2024 निर्धारणवर्ष /Assessment Year: 2020-21 To 2022-23 (Hybrid Hearing) Yagnik Road Highstreet Llp Vs. The Deputy Commissioner Of Office No.102, Ornament Arcade, Darbargadh Chowk, Bedinaka Road, Rajkot Rajkot-360001 Income Tax, Central-1 Income Tax Office, Amruta Estate Building, Near Girnar Cinema, Mg Road, Rajkot Rajkot-360001 स्थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacfy4924F (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं/.Ita No. 684/Rjt/2024 निर्धारणवर्ष / Assessment Year: 2021-22 (Hybrid Hearing) The Deputy Commissioner Of Vs. Yagnik Road Highstreet Llp Income Tax, Central-1 Income Tax Office, Amruta Estate Building, Near Girnar Cinema, M G Road, Rajkot Rajkot-360001 Office No.102, Ornament Arcade, Darbargadh Chowk, Bedinaka Road, Rajkot Rajkot-360001 स्थायी लेखासं./जी आइआरसं./Pan/Gir No.: Aacfy4924F (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) निर्धारिती की ओर से/Assessee By : Shri D.M. Rindani, Ld.Ar राजस्व की ओर से/Revenue By : Shri Sanjay Punglia, Ld. Cit(Dr) सुनवाई की तारीख/Date Of Hearing : 20/01/2026 घोषणा की तारीख/Date Of Pronouncement : 12/03/2026 Order

…Hon'ble Guj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed. For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under - "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal…

DCIT, Central Circle 1, Rajkot vs. Buildfolio Realties LLP, Rajkot

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं/.Ita No. 509 & 510/Rjt/2024 निर्धारणवर्ष /Assessment Year: 2021-22 & 2022-23 (Hybrid Hearing) Vs Buildfolio Realities Llp Shop No. 5Gf, Business Edifice, Canal Road 37, Karanpura Corner, Rajkot Rajkot-360005 The Deputy Commissioner Of Income Tax, Central-1 Income Tax Office, Amruta Estate Building, Near Girnar Cinema, M G Road, Rajkot Rajkot-360001 स्थायीलेखासं/. जीआइआरसं/.Pan/Gir No.: Aawfb8233C (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं/.Ita No. 683/Rjt/2024 निर्धारणवर्ष / Assessment Year: 2021-22 (Hybrid Hearing) The Deputy Commissioner Of Income Tax, Central-1 Vs Buildfolio Realities Llp Shop No. 5Gf, Business Edifice, Canal Road 37, Karanpura Corner, Rajkot Rajkot-360005 Income Tax Office, Amruta Estate Building, Near Girnar Cinema, M G Road, Rajkot Rajkot-360001 स्थायीलेखासं/. जीआइआरसं/.Pan/Gir No.: Aawfb8233C (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent)

…Hon'ble Guj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed. For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under- "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal p…

DCIT, Central Circle 1, Rajkot vs. R K Dreamland, Rajkot

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं/. Ita No. 555 To 560/Rjt/2024 निर्धारणवर्ष / Assessment Year: 2016-17 To 2021-22 (Hybrid Hearing) M/S R K Dreamland 204, Surya Arcade, Nr. Bank Of Baroda Main Branch, Mg Road, Rajkot Rajkot-360001 Vs. The Dcit, Cc-1 Aaykar Bhawan, Amruta Estate, Mg Road, Rajkot Rajkot-360001 स्थायीलेखासं/. जीआइआरसं/.Pan/Gir No.: Aarfr4023P (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं/. Ita No. 563 & 564/Rjt/2024 निर्धारणवर्ष / Assessment Year: 2016-17 To 2017-18 The Dcit, Cc-1 Aaykar Bhawan, Amruta Estate, Mg Road, Rajkot Rajkot-360001 Vs. M/S R K Dreamland 204, Surya Arcade, Nr. Bank Of Baroda Main Branch, Mg Road, Rajkot Rajkot-360001 स्थायीलेखासं/.जीआइआरसं/.Pan/Gir No.: Aarfr4023P (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) निर्धारिती की ओर से/Assessee By : Shri Mehul Ranpura, Ld.Ar राजस्व की ओर से/Revenue By : Shri Sanjay Punglia, Ld. Cit(Dr) सुनवाई की तारीख/Date Of Hearing : 16/01/2026 घोषणा की तारीख/Date Of Pronouncement : 11/03/2026 Order Per, Bench: Captioned Appeals Filed By The Assessee & Revenue, Pertaining To

…e Hon'bleGuj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed. For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal po…

DCIT, Central Circle 1, Rajkot vs. R K Dreamland, Rajkot

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं/. Ita No. 555 To 560/Rjt/2024 निर्धारणवर्ष / Assessment Year: 2016-17 To 2021-22 (Hybrid Hearing) M/S R K Dreamland Vs. The Dcit, Cc-1 204, Surya Arcade, Nr. Bank Of Baroda Main Branch, Mg Road, Rajkot Rajkot-360001 Aaykar Bhawan, Amruta Estate, Mg Road, Rajkot Rajkot-360001 स्थायीलेखासं/. जीआइआरसं/.Pan/Gir No.: Aarfr4023P (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं/. Ita No. 563 & 564/Rjt/2024 निर्धारणवर्ष / Assessment Year: 2016-17 To 2017-18 The Dcit, Cc-1 Vs. M/S R K Dreamland Aaykar Bhawan, Amruta Estate, Mg Road, Rajkot Rajkot-360001 204, Surya Arcade, Nr. Bank Of Baroda Main Branch, Mg Road, Rajkot Rajkot-360001 स्थायीलेखासं/.जीआइआरसं/.Pan/Gir No.: Aarfr4023P (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) निर्धारिती की ओर से/Assessee By राजस्व की ओर से/Revenue By : Shri Mehul Ranpura, Ld.Ar : Shri Sanjay Punglia, Ld. Cit(Dr) सुनवाई की तारीख/Date Of Hearing : 16/01/2026 घोषणा की तारीख/Date Of Pronouncement : 11/03/2026 Order Per, Bench: Captioned Appeals Filed By The Assessee & Revenue, Pertaining To

…e Hon'bleGuj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed. For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal po…

R K Dreamland, Rajkot vs. DCIT, CC-1, Rajkot

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं/. Ita No. 555 To 560/Rjt/2024 निर्धारणवर्ष / Assessment Year: 2016-17 To 2021-22 (Hybrid Hearing) Vs. The Dcit, Cc-1 Aaykar Bhawan, Amruta Estate, M G Road, Rajkot Rajkot-360001 M/S R K Dreamland 204, Surya Arcade, Nr. Bank Of Baroda Main Branch, Mg Road, Rajkot Rajkot-360001 (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) स्थायीलेखासं/. जीआइआरसं/.Pan/Gir No.: Aarfr4023P आयकर अपील सं/. Ita No. 563 & 564/Rjt/2024 निर्धारणवर्ष / Assessment Year: 2016-17 To 2017-18 The Dcit, Cc-1 Aaykar Bhawan, Amruta Estate, Mg Road, Rajkot Rajkot-360001 Vs. M/S R K Dreamland 204, Surya Arcade, Nr. Bank Of Baroda Main Branch, Mg Road, Rajkot Rajkot-360001 (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) स्थायीलेखासं/.जीआइआरसं/.Pan/Gir No.: Aarfr4023P निर्धारिती की ओर से/Assessee By : Shri Mehul Ranpura, Ld.Ar राजस्व की ओर से/Revenue By : Shri Sanjay Punglia, Ld. Cit(Dr) सुनवाई की तारीख/Date Of Hearing : 16/01/2026 घोषणा की तारीख/Date Of Pronouncement : 11/03/2026 Order Per, Bench: Captioned Appeals Filed By The Assessee & Revenue, Pertaining To

…e Hon'bleGuj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed. For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal po…

R K Dreamland, Rajkot vs. DCIT, CC-1, Rajkot

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinha

…e Hon'bleGuj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed. For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal p…

R K Dreamland, Rajkot vs. DCIT, CC-1, Rajkot

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinha

…e Hon'bleGuj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed. For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal p…

R K Dreamland, Rajkot vs. DCIT, CC-1, Rajkot

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinha

…e Hon'bleGuj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed. For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal p…

Rk Dreamland, Rajkot vs. ACIT, CC-1, Rajkot

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं/. Ita No. 555 To 560/Rjt/2024 निर्धारणवर्ष / Assessment Year: 2016-17 To 2021-22 (Hybrid Hearing) M/S R K Dreamland 204, Surya Arcade, Nr. Bank Of Baroda Main Branch, Mg Road, Rajkot Rajkot-360001 Vs. The Dcit, Cc-1 Aaykar Bhawan, Amruta Estate, Mg Road, Rajkot Rajkot-360001 स्थायीलेखासं/. जीआइआरसं/.Pan/Gir No.: Aarfr4023P (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं/. Ita No. 563 & 564/Rjt/2024 निर्धारणवर्ष / Assessment Year: 2016-17 To 2017-18 The Dcit, Cc-1 Aaykar Bhawan, Amruta Estate, Mg Road, Rajkot Rajkot-360001 Vs. M/S R K Dreamland 204, Surya Arcade, Nr. Bank Of Baroda Main Branch, Mg Road, Rajkot Rajkot-360001 स्थायीलेखासं/.जीआइआरसं/.Pan/Gir No.: Aarfr4023P (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) निर्धारिती की ओर से/Assessee By राजस्व की ओर से/Revenue By : Shri Mehul Ranpura, Ld.Ar : Shri Sanjay Punglia, Ld. Cit(Dr) सुनवाई की तारीख/Date Of Hearing : 16/01/2026 घोषणा की तारीख/Date Of Pronouncement : 11/03/2026 Order Per, Bench: Captioned Appeals Filed By The Assessee & Revenue, Pertaining To

…e Hon'bleGuj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed. For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal po…

R K Dreamland, Rajkot vs. ACIT, CC-1, Rajkot, Rajokt

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं/. Ita No. 555 To 560/Rjt/2024 निर्धारणवर्ष / Assessment Year: 2016-17 To 2021-22 (Hybrid Hearing) Vs. The Dcit, Cc-1 Aaykar Bhawan, Amruta Estate, M G Road, Rajkot Rajkot-360001 M/S R K Dreamland 204, Surya Arcade, Nr. Bank Of Baroda Main Branch, Mg Road, Rajkot Rajkot-360001 (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) स्थायीलेखासं/. जीआइआरसं/.Pan/Gir No.: Aarfr4023P आयकर अपील सं/. Ita No. 563 & 564/Rjt/2024 निर्धारणवर्ष / Assessment Year: 2016-17 To 2017-18 Vs. M/S R K Dreamland The Dcit, Cc-1 Aaykar Bhawan, Amruta Estate, Mg Road, Rajkot Rajkot-360001 204, Surya Arcade, Nr. Bank Of Baroda Main Branch, Mg Road, Rajkot Rajkot-360001 (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) स्थायीलेखासं/.जीआइआरसं/.Pan/Gir No.: Aarfr4023P निर्धारिती की ओर से/Assessee By राजस्व की ओर से/Revenue By : Shri Mehul Ranpura, Ld.Ar : Shri Sanjay Punglia, Ld. Cit(Dr) सुनवाई की तारीख/Date Of Hearing : 16/01/2026 घोषणा की तारीख/Date Of Pronouncement : 11/03/2026 Order Per, Bench: Captioned Appeals Filed By The Assessee & Revenue, Pertaining To

…e Hon'bleGuj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed. For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal po…

Buildfolio Realities LLP, Rajkot vs. The Deputy Commissioner of Income Tax, Central -1, Rajkot

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं/.Ita No. 509 & 510/Rjt/2024 "नधा"रणवष"/ Assessment Year: 2021-22 & 2022-23 (Hybrid Hearing) Buildfolio Realities Llp The Deputy Commissioner Of Vs Income Tax, Central-1 . Shop No. 5Gf, Business Edifice, Canal Road 37, Income Tax Office, Amruta Karanpura Corner, Rajkot Estate Building, Near Girnar Cinema, M G Road, Rajkot Rajkot-360005 Rajkot-360001 "ायीलेखासं/.जीआइआरसं/.Pan/Gir No.: Aawfb8233C (अपीलाथ"/Appellant) (""थ"/Respondent)

…e Hon'ble Guj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed.For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under- "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal p…

Buildfolio Realities LLP, Rajkot vs. Deputy Commissioner of Income Tax, Central -1, Rajkot

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं/.Ita No. 509 & 510/Rjt/2024 "नधा"रणवष"/ Assessment Year: 2021-22 & 2022-23 (Hybrid Hearing) Buildfolio Realities Llp The Deputy Commissioner Of Vs Income Tax, Central-1 . Shop No. 5Gf, Business Edifice, Canal Road 37, Income Tax Office, Amruta Karanpura Corner, Rajkot Estate Building, Near Girnar Cinema, M G Road, Rajkot Rajkot-360005 Rajkot-360001 "ायीलेखासं/.जीआइआरसं/.Pan/Gir No.: Aawfb8233C (अपीलाथ"/Appellant) (""थ"/Respondent)

…e Hon'ble Guj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed.For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under- "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal p…

DCIT, Central Circle 1, Rajkot vs. Radhe Developers, Rajkot

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं/.Ita No. 549 & 550/Rjt/2024 िनधा"रणवष"/ Assessment Year: 2017-18 & 2018-19 (Hybrid Hearing) Radhe Developers Vs The Deputy Commissioner Of Income Tax, Central-1 . Office No. 47, Ankur Commercial Center, Opp. Income Tax Office, Amruta Swaminarayan Gurukul, Estate Building, Near Girnar Gondal Road, Rajkot Cinema, M G Road, Rajkot Rajkot-360001 Rajkot-360001 "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Aatfr3387E (अपीलाथ"/Appellant) (""थ"/Respondent)

…e Hon'ble Guj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed.For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under- "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal p…

Radhe Developers, Rajkot vs. The Deputy Commissioner of Income Tax, Central -1, Rajkot

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं/.Ita No. 549 & 550/Rjt/2024 िनधा"रणवष"/ Assessment Year: 2017-18 & 2018-19 (Hybrid Hearing) Radhe Developers Vs The Deputy Commissioner Of Income Tax, Central-1 . Office No. 47, Ankur Commercial Center, Opp. Income Tax Office, Amruta Swaminarayan Gurukul, Estate Building, Near Girnar Gondal Road, Rajkot Cinema, M G Road, Rajkot Rajkot-360001 Rajkot-360001 "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Aatfr3387E (अपीलाथ"/Appellant) (""थ"/Respondent)

…e Hon'ble Guj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed.For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under- "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal p…

Radhe Developers, Rajkot vs. The Deputy Commissioner of Income Tax, Central-1, Rajkot

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं/.Ita No. 549 & 550/Rjt/2024 िनधा"रणवष"/ Assessment Year: 2017-18 & 2018-19 (Hybrid Hearing) Radhe Developers Vs The Deputy Commissioner Of Income Tax, Central-1 . Office No. 47, Ankur Commercial Center, Opp. Income Tax Office, Amruta Swaminarayan Gurukul, Estate Building, Near Girnar Gondal Road, Rajkot Cinema, M G Road, Rajkot Rajkot-360001 Rajkot-360001 "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Aatfr3387E (अपीलाथ"/Appellant) (""थ"/Respondent)

…e Hon'ble Guj. High Court has held that only profit element embedded in the gross on-money receipts can be taxed.For this, the Hon'ble court has derived reference from its earlier decision delivered in the case of DCIT Vs. Panna Corporation reported in [2012] 74 DTR 89. Relevant part of the decision is as under- "it has been consistently held by this court and some other courts have been following the principle that even upon detection of on-money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves. If that were the legal p…