DCIT v. Panna Corporation

74 DTR 89High Court2012#1691 most cited

What is DCIT v. Panna Corporation authority for?

When unaccounted cash or on-money receipts are detected, only the profit element embedded in such receipts is taxable, not the entire gross amount, and this profit requires estimation.

67

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2019 to 2026.

Also referred to as

DCIT v. Panna Corporation · Panna Corporation · 74 DTR 89 · on-money receipt · unaccounted cash receipt · profit embedded · estimation of profit · section 145(3) · rejection of books · business income.

Sections most often in play

Section 143(3)Section 147Section 148Section 145(3)Section 132Section 133ASection 142(1)Section 143(2)

Issues it is cited on

on money receiptsection 145(2)project completion methodsection 256(1)section 199rejection of books of accountsection 256on-moneyspecified authorityicdssection 145(3)loose papers

Judgments citing DCIT v. Panna Corporation

Rachakattla Yadagiri, Hyderabad vs. Income Tax Officer, Ward-15(2), Hyderabad

Appeals are partly allowed in above terms

ITA 1884/HYD/2017[2010-11]Status: DisposedITAT Hyderabad03 Feb 2021AY 2010-11

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri B.Shanthi Kumar, ARFor Respondent: Shri Sunil Kumar Pandey, DR
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A” : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Appellant Respondent ITA No. A.Y. 1883/Hyd/17 2009-10 Rachakatla Yadagiri, Income Tax Officer, 1884/Hyd/17 2010-11 Hyderabad Ward-15(2), 1885/Hyd/17 2012-13 [PAN: AFAPR6584B] Hyderabad 1886/Hyd/17 2013-14 1887/Hyd/17 2014-15 671/Hyd/18 2015-16 For Assessee : Shri B.Shanthi Kumar, AR For Revenue : Shri Sunil Kumar Pandey, DR Date of Hearing : 19-01-2021 Date of Pronouncement : 03-02-2021 O R D E R PER BENCH : These six assessee’s…

Rachakattla Yadagiri, Hyderabad vs. Income Tax Officer, Ward-15(2), Hyderabad

Appeals are partly allowed in above terms

ITA 1883/HYD/2017[2009-10]Status: DisposedITAT Hyderabad03 Feb 2021AY 2009-10

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri B.Shanthi Kumar, ARFor Respondent: Shri Sunil Kumar Pandey, DR
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A” : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Appellant Respondent ITA No. A.Y. 1883/Hyd/17 2009-10 Rachakatla Yadagiri, Income Tax Officer, 1884/Hyd/17 2010-11 Hyderabad Ward-15(2), 1885/Hyd/17 2012-13 [PAN: AFAPR6584B] Hyderabad 1886/Hyd/17 2013-14 1887/Hyd/17 2014-15 671/Hyd/18 2015-16 For Assessee : Shri B.Shanthi Kumar, AR For Revenue : Shri Sunil Kumar Pandey, DR Date of Hearing : 19-01-2021 Date of Pronouncement : 03-02-2021 O R D E R PER BENCH : These six assessee’s…

DCIT, CC- 1 (2), Mumbai vs. Starlog Enterprises Ltd.(Formerly Known Abg Infralogistics Ltd.), Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 502/MUM/2019[2005-06]Status: DisposedITAT Mumbai20 May 2020AY 2005-06

Bench: Shri G. Manjunatha & Shri Ravish Sood

Section 132Section 132(1)Section 143(2)Section 143(3)Section 153ASection 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL “G”, BENCH MUMBAI BEFORE SHRI G. MANJUNATHA, ACCOUNTANT MEMBER & SHRI RAVISH SOOD, JUDICIAL MEMBER ITA No’s.502 & 503/Mum/2019 (Assessment Years: 2005-06 & 2006-07) DCIT,Central Circle-1(2) Vs. Starlog Enterprises Ltd. 906, 9th Floor (formerly known ABG Pratishtha Bhavan Infralogistics Ltd.) 5th Floor, Old CGO Bldg.,(Annexe) M.K.Road Bhupati chambers, 13 Mumbai-400 020 Mathew Road, Opera House Mumbai-400 004 PAN/GIR No.AAACA3293L (Appellant) .. (Respondent) Assessee by None Revenue by Ms.Anupama D.Shukla, DR Date of Hearing 27/02/2020 Date of Pronouncement 20/05/2020 आदे…

M/S. Jay Kesar Bhavani Developers Pvt.Ltd., Surat vs. The Itoi, WD.1(3), Surat

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

ITA 1196/AHD/2013[2009-10]Status: DisposedITAT Surat13 Feb 2020AY 2009-10

Bench: Shri Sandeep Gosain & Shri O.P.Meena, Accoutant Member आ.अ.सं/.I.T.A No.1196/Ahd/2013 िनधा"रण वष"/Assessment Year:2009-10 M/S. Jay Kesar Bhavani V. Income Tax Officer, Developers Pvt. Ltd., Ward-1(3) Surat A-48,Kesar Kunj, Shri Bhulabhai Desai Marg, Laxmikant Ashram Road Katargam Surat 395004 Pan:Aabcj 6278 P अपीलाथ" Appellant ""यथ"/Respondent

Section 115JSection 133ASection 143Section 145(3)Section 80I

…n can be made purely based on statement recorded during survey. The learned counsel for the assessee further relied on the judgement of Hon’ble Gujarat High Court in the case of DCIT V. Panna Corporation [Tax Appeal No. 323 and 325 of 200 dated 16.06.2012] 74 DTR 89, wherein it was held that 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 position, what sh…

The ACIT, Circle-2, Bharuch vs. Mansi Realty Pvt. Ltd., Bharuch

In the result, the appeal of the revenue is dismissed

ITA 540/AHD/2016[2011-12]Status: DisposedITAT Surat13 Dec 2019AY 2011-12

Bench: Shri Sandeep Gosain & Shri O.P.Meenaआ.अ.सं./I.T.A No.540/Ahd/2016 िनधा"रणवष"/Assessment Year: 2011-12 Assistant Commissioner Vs. M/S. Mansi Realty Pvt. Ltd., Of Income Tax, Circle-2, Garden City, Nr. Gidc, Behind Bharuch – 392 001. Momaina Nagar, Kosamdi, Valia Road, Ankleshwar, Dist-Bharuch, Bharuch – 393 002. [Pan: Aagcm 6053 L] अपीलाथ" / Appellant ""यथ"/Respondent Shri Sapnesh Sheth, Ca िनधा"रतीक"ओरसे /Assessee By Shri Srinivas T. Bidari, Cit(D.R.) राज"वक"ओरसे /Revenue By 10.12.2019 सुनवाईकीतारीख/ Date Of Hearing: उ"ोषणाक"तारीख/Pronouncement On: 13.12.2019

Section 131Section 133ASection 143

…6 held that it is settled law that no addition no addition can be made purely based on statement recorded during survey. Further, the Hon’ble Gujarat High Court in the case of DCIT 10. V. Panna Corporation [Tax Appeal No. 323 and 325 of 200 dated 16.06.2012] 74 DTR 89 held that 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 position, what should be estimated a…

The Dy. Commissioner of Income Tax, Central Circle-4, Surat vs. M/S. Anupam Organiser, Surat

In the result, Ground No.1 of the Revenue is dismissed

ITA 2036/AHD/2016[2013-14]Status: DisposedITAT Surat13 Dec 2019AY 2013-14

Bench: Shri Sandeep Gosain & Shri O.P.Meenaआ.अ.सं./I.T.A No.2036/Ahd/2016 "नधा"रण वष"/Assessment Year: 2013-14 Deputy Commissioner Of V Anupam Organiser, Income Tax, S. F.P.No.12/13, Tp No.37, Central Circle-4, Surat. Nr. Bhumi Residency, Althan, Surat. [Pan: Aarfa 6954 C] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Rajesh Upadhyay –Ar राज"वक"ओरसे /Revenue By Shri Sreenivas T.Bidari - Cit-Dr

Section 132Section 132(4)Section 133ASection 143(3)

…judgments. Few of them are listed below: a. CIT vs Gurubachhan Singh J. Juneja [2008] 302 ITR 63 (GUJ.) b. CIT vs. Samir Synthetics Mill [2010] 326 ITR 410 (GUJ.) c. CIT v. President Industries [2002] 258 ITR 654 (Guj.) d. Dy. CIT vs. Panna Corporation [2012] 74 DTR 89 (Guj-HC) e. CIT vs. Balchand Ajit Kumar [MP HC] 263 ITR 610. f. CIT vs. Samir Synthetics Mill [2010] 326 ITR 410 (Guj) g. CIT vs. President Industries (Guj HC), 258 ITR h. Mohan Sadhani Vs. CIT 304 ITR 52 (MP) i. Agrawal Motors Vs ACIT68 ITD 407 (Jab), j. Sharda Real Estate Pnt.Ltd., ... vs A CIT, Ujjian (Judgment dated 21 August, 2012) ITAT, Indor…

M/S.Geetanjali Space Private Limited, Mumbai vs. Dy. CIT CC-1(1), Mumbai

In the result, the appeal of the assessee is allowed and that of the Revenue is dismissed

ITA 782/MUM/2019[2010-11]Status: DisposedITAT Mumbai31 May 2019AY 2010-11

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2010-11

For Appellant: Shri Dilip Lakhani, A.RFor Respondent: Shri Rahul Raman, D.R
Section 143(3)Section 153ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “G”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER Assessment Year: 2010-11 M/s. Geetanjali Space Dy. CIT CC-1(1), Pvt. Ltd., Room No.903, B-47, Shakti Dhara 9th Floor, Society, Vs. Pratishtha Bhavan, Colony Road, M.K. Road, Bapu Nagar, Ahmedabad, Mumbai - 400020 Gujarat – 382 350 PAN: AADCG2733L (Appellant) (Respondent) Assessment Year: 2010-11 Dy. CIT, M/s. Geetanjali Space Central Circle -1(1), Pvt. Ltd., Room No.903, 9th Floor, B-47, Shakti Dhara Pratishtha Bhavan, Vs. Society, Old C.G.O. Bldg. (Annexe) Colony R…