DCIT v. Panna Corporation

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. SHRI DEEPAK MOHANLAL PURSWANI, RAJKOT

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

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. YAGNIK ROAD HIGHSTREET LLP, RAJKOT

Appeal of the revenue is dismissed:\n(i)Ground no

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

YAGNIK ROAD HIGHSTREET LLP,RAJKOT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1,, RAJKOT

Appeal of the revenue is dismissed:\n(i)Ground no

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

YAGNIK ROAD HIGHSTREET LLP,RAJKOT vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1,, RAJKOT

Appeal of the revenue is dismissed:\n(i)Ground no

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

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. BUILDFOLIO REALTIES LLP, RAJKOT

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

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. R K DREAMLAND, RAJKOT

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

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. R K DREAMLAND, RAJKOT

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

R K DREAMLAND,RAJKOT vs. DCIT, CC-1, RAJKOT, RAJKOT

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

R K DREAMLAND,RAJKOT vs. DCIT, CC-1, RAJKOT, RAJKOT

…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\n\n\"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 lega…

R K DREAMLAND,RAJKOT vs. DCIT, CC-1, RAJKOT, RAJKOT

…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\n\n\"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 lega…

R K DREAMLAND,RAJKOT vs. DCIT, CC-1, RAJKOT, RAJKOT

…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\n\n\"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 lega…

RK DREAMLAND,RAJKOT vs. ACIT, CC-1, RAJKOT, RAJKOT

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

R K DREAMLAND,RAJKOT vs. ACIT, CC-1, RAJKOT, RAJOKT

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

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, 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…