Dhakeshwari Cotton Mills Ltd. v. CIT

Shri Patel Enterprises, Korba(Cg) vs. Dy. Commissioner of Income Tax, Circle- Korba

In the result, the appeal of the assessee is partly allowed for statistical purpose in terms of our observations as discussed herein above

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita No.112/Rpr/2017 (ननधाारण वषा / Assessment Year : 2012-2013) M/S Patel Enterprises, Vs Dcit, Circle-Korba A-3, Vikas Complex, First Floor, Power House Road, Korba (C.G.) Pan No. : Aajfm 0718 Q (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…resumptive basis. Income in fact earned is only taxable and not 5 the one presumed to have been earned. The impugned addition made on mere guess-work and without any cogent evidence is also opposed to the Supreme Court decision in Dhakeswari Cotton Mills Ltd. 26 ITR 775 (SC) and the decision of All. HC in 199 ITR 247 (All.) and Raj. HC decision in 211 ITR 178 (Raj.) The law does not oblige a trader to make the maximum profits that he can out of his trading transactions. Income which accrues to a trader is taxable in his hands. Income which he could have, but has not earned, is not made taxable as income accrued t…

Shri Mukeshkumar Vrajlal Akbari, Jamnagar vs. The ITO, Ward-3(1), Jamngar, Jamnagar

In the result, the appeal of the assessee is allowed

…liability should be fastened on him without any supporting evidence. The appellant also relied on various case judgements:- I.T.A Nos. 54 & 55/Rjt/2021 A.Y. 2010-11 & 2011-12 Page No 4 Shri Mukeshkumar Vrajlal Akbari (a) Dhakeswari Cotton Mills Ltd. Vs. CIT 26 ITR 775 (SC) (b) Krishna Chand Chela Ram Vs. CIT 125 ITR 713 (SC) (c) Andaman Timber Industries Vs. CIT (2015) 62 Taxmann.com 3 (SC) (d) Ayubkhan Noorkhan Pathan Vs. State of Mharashtra & Ors. (Civil Appeal No. 7728 of 2012 dated 08/11/2012) (e) Khem Chand Vs. Union of India (AIR 1958 SC 300) (f) Amitabh Bansal Vs. ITO Ward-46(4), [2019] 102 taxmann…

Shri Mukeshkumar Vrajlal Akbari, Jamnagar vs. The ITO, Ward-3(1), Jamngar, Jamnagar

In the result, the appeal of the assessee is allowed

…liability should be fastened on him without any supporting evidence. The appellant also relied on various case judgements:- I.T.A Nos. 54 & 55/Rjt/2021 A.Y. 2010-11 & 2011-12 Page No 4 Shri Mukeshkumar Vrajlal Akbari (a) Dhakeswari Cotton Mills Ltd. Vs. CIT 26 ITR 775 (SC) (b) Krishna Chand Chela Ram Vs. CIT 125 ITR 713 (SC) (c) Andaman Timber Industries Vs. CIT (2015) 62 Taxmann.com 3 (SC) (d) Ayubkhan Noorkhan Pathan Vs. State of Mharashtra & Ors. (Civil Appeal No. 7728 of 2012 dated 08/11/2012) (e) Khem Chand Vs. Union of India (AIR 1958 SC 300) (f) Amitabh Bansal Vs. ITO Ward-46(4), [2019] 102 taxmann…

Mesers Dayalal Meghji and Company, Raipur vs. Assistant Commissioner of Income Tax, Circle 4(1), Raipur

In the result, the appeal of assessee is allowed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita No.28/Rpr/2020 (ननधाारण वषा / Assessment Year :2013-2014) M/S Dayalal Meghji & Company, Vs Acit-4(1), Raipur 3Rd Floor, D.M.Plaza, Chhotapara, Near Fire Brigade Chowk, Raipur Pan No. : Aacfd 0396 C (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…held that there can be internal vouchers yet they can be relied upon, depending Upon tilts oasis of tlieir preparation. It was further held that lack of some vouchers e&M6t be (he basis of making disallowance. (ii) Dhakeswari Cotton Mills Ltd. vs. CIT (1954) 26 ITR 775 (SO In this case, it was held that the AO cannot make an assessment on pure guess work, without reference to any material or evidence. (iii) ITO vs. Adhunik Khanan Va Parivahan Theka Sahkari Samiti Ltd. (2014) 41 CCH 86 (Jodh.) (Trib.) In this case, it was found that disallowance was made by AO on the basis of self made vouchers and in general and…

Mesers Fashion House, Raipur vs. Income Tax Officer- 4(3), Raipur

In the result this ground of appeal of the assessee is hereby allowed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita No.90 & 91/Rpr/2019 (ननधाारण वषा / Assessment Year :2011-2012 & 2012-2013) M/S Fashion House, Vs Ito-4(3), Raipur Malviya Road, Raipur Pan No. : Aacff 3323 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…ed law that in scrutiny assessment, no disallowance can be made on presumption and estimate and that for making disallowance, there has to be some material on record. This has been laid down in the following cases: - Dhakeswari Cotton Mills Ltd. vs CIT (1954) 26 ITR 775 (SC) In this case, it was held that the AO cannot make an assessment on pure guess work, without reference to any material or evidence. ITO vs Adhunik Khanan Vs Parivahan Theka Sahkari Samiti Ltd. (2014) 41 CCH 86(Jodh ) (Trib.) In this case, it was found that disallowance was made by AO in general and routine manner without any specific instance…

Mesers Fashion House, Raipur vs. Income Tax Officer- 4(3), Raipur

In the result this ground of appeal of the assessee is hereby allowed

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita No.90 & 91/Rpr/2019 (ननधाारण वषा / Assessment Year :2011-2012 & 2012-2013) M/S Fashion House, Vs Ito-4(3), Raipur Malviya Road, Raipur Pan No. : Aacff 3323 M (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…ed law that in scrutiny assessment, no disallowance can be made on presumption and estimate and that for making disallowance, there has to be some material on record. This has been laid down in the following cases: - Dhakeswari Cotton Mills Ltd. vs CIT (1954) 26 ITR 775 (SC) In this case, it was held that the AO cannot make an assessment on pure guess work, without reference to any material or evidence. ITO vs Adhunik Khanan Vs Parivahan Theka Sahkari Samiti Ltd. (2014) 41 CCH 86(Jodh ) (Trib.) In this case, it was found that disallowance was made by AO in general and routine manner without any specific instance…