Gaurish Steels P. Ltd. v. Asst. CIT

43 ITR 414Reported decision#10617 most cited

What is Gaurish Steels P. Ltd. v. Asst. CIT authority for?

Discrepancies in stock, advances, and receivables discovered during a survey, where the Assessing Officer does not dispute business losses or reject books of account, should be treated as business income, not income from other sources. Surrendered income arising from such discrepancies cannot be automatically classified as undisclosed income under sections 68 to 69.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2018 to 2024.

Also referred to as

Gaurish Steels P. Ltd. v. Asst. CIT · 43 ITR 414 · business income · other sources income · survey · discrepancies · receivables · stock · advances · undisclosed income · sections 68-69

Judgments citing Gaurish Steels P. Ltd. v. Asst. CIT

M/S Jashan Finlease Ltd., Khanna vs. DCIT, CC-1, Ludhiana

In the result, the appeal of the assessee is allowed

ITA 132/CHANDI/2023[2019-20]Status: DisposedITAT Chandigarh28 Mar 2024AY 2019-20

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Amanpreet Kaur, Sr. DR

Section 115BSection 133ASection 143(2)Section 68Section 69

…the surrendered income on account of discrepancy of receivables cannot be held to be undisclosed income under section 68 to 69 and reliance was placed on the decision of Coordinate Chandigarh Benches in case of Gaurish Steels P. Ltd. Vs. Asst. CIT reported in 43 ITR 414 and DCIT Vs. M/s Marshal Machines Pvt. Ltd. 57 /Chd/2017. 6. The submissions so filed by the assessee were considered but not found acceptable to the AO. As per the AO, the assessee has not established the nexus between the sundry receivables and its business affairs supported by documentary evidence. Further, the plea of the assessee that surrend…

Sh. Ajay Goel, Shimla vs. DCIT, Chandigarh

The appeal of the Revenue is hereby dismissed

ITA 137/CHANDI/2015[2011-12]Status: DisposedITAT Chandigarh13 Jun 2018AY 2011-12

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

For Appellant: Shri. Sudhir SehgalFor Respondent: Sh. Manjit Singh

…as treated under the head ' income from other sources'. The Assessing Officer has not appreciated the decision in the case of Kim Pharma (supra) properly and has misapplied it. The AR has placed reliance on the case of M/s Gaurish Steels Pvt. Ltd. reported in 43 ITR 414 dated 17.09.2015 of the Hon'ble ITAT Chandigarh Bench, wherein the Assessing Officer did not dispute the business losses incurred by the assessee and did not reject the books of accounts. Relying on the case of Kim Pharma P. Ltd. Vs. CIT (P&H) (supra) and referring to the case of Fakir Mohamad Haji Hasan vs. CIT (Guj) (supra), it was held in the…

DCIT, Chandigarh vs. M/S Ajay Kumar Sood Engineers and Contractors, Shimla

The appeal of the Revenue is hereby dismissed

ITA 345/CHANDI/2014[2011-12]Status: DisposedITAT Chandigarh13 Jun 2018AY 2011-12

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

For Appellant: Shri. Sudhir SehgalFor Respondent: Sh. Manjit Singh

…as treated under the head ' income from other sources'. The Assessing Officer has not appreciated the decision in the case of Kim Pharma (supra) properly and has misapplied it. The AR has placed reliance on the case of M/s Gaurish Steels Pvt. Ltd. reported in 43 ITR 414 dated 17.09.2015 of the Hon'ble ITAT Chandigarh Bench, wherein the Assessing Officer did not dispute the business losses incurred by the assessee and did not reject the books of accounts. Relying on the case of Kim Pharma P. Ltd. Vs. CIT (P&H) (supra) and referring to the case of Fakir Mohamad Haji Hasan vs. CIT (Guj) (supra), it was held in the…

M/S Ajay Kumar Sood Engineers & Contractors, Shimla vs. DCIT, Chandigarh

The appeal of the Revenue is hereby dismissed

ITA 325/CHANDI/2014[2011-12]Status: DisposedITAT Chandigarh13 Jun 2018AY 2011-12

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

For Appellant: Shri. Sudhir SehgalFor Respondent: Sh. Manjit Singh

…as treated under the head ' income from other sources'. The Assessing Officer has not appreciated the decision in the case of Kim Pharma (supra) properly and has misapplied it. The AR has placed reliance on the case of M/s Gaurish Steels Pvt. Ltd. reported in 43 ITR 414 dated 17.09.2015 of the Hon'ble ITAT Chandigarh Bench, wherein the Assessing Officer did not dispute the business losses incurred by the assessee and did not reject the books of accounts. Relying on the case of Kim Pharma P. Ltd. Vs. CIT (P&H) (supra) and referring to the case of Fakir Mohamad Haji Hasan vs. CIT (Guj) (supra), it was held in the…

M/S Ajay Kumar Sood Engineers & Contractors, Shimla vs. DCIT, Chandigarh

The appeal of the Revenue is hereby dismissed

ITA 323/CHANDI/2014[2009-10]Status: DisposedITAT Chandigarh13 Jun 2018AY 2009-10

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

For Appellant: Shri. Sudhir SehgalFor Respondent: Sh. Manjit Singh

…as treated under the head ' income from other sources'. The Assessing Officer has not appreciated the decision in the case of Kim Pharma (supra) properly and has misapplied it. The AR has placed reliance on the case of M/s Gaurish Steels Pvt. Ltd. reported in 43 ITR 414 dated 17.09.2015 of the Hon'ble ITAT Chandigarh Bench, wherein the Assessing Officer did not dispute the business losses incurred by the assessee and did not reject the books of accounts. Relying on the case of Kim Pharma P. Ltd. Vs. CIT (P&H) (supra) and referring to the case of Fakir Mohamad Haji Hasan vs. CIT (Guj) (supra), it was held in the…

M/S Ajay Kumar Sood Engineers & Contractors, Shimla vs. DCIT, Chandigarh

The appeal of the Revenue is hereby dismissed

ITA 322/CHANDI/2014[2008-09]Status: DisposedITAT Chandigarh13 Jun 2018AY 2008-09

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

For Appellant: Shri. Sudhir SehgalFor Respondent: Sh. Manjit Singh

…as treated under the head ' income from other sources'. The Assessing Officer has not appreciated the decision in the case of Kim Pharma (supra) properly and has misapplied it. The AR has placed reliance on the case of M/s Gaurish Steels Pvt. Ltd. reported in 43 ITR 414 dated 17.09.2015 of the Hon'ble ITAT Chandigarh Bench, wherein the Assessing Officer did not dispute the business losses incurred by the assessee and did not reject the books of accounts. Relying on the case of Kim Pharma P. Ltd. Vs. CIT (P&H) (supra) and referring to the case of Fakir Mohamad Haji Hasan vs. CIT (Guj) (supra), it was held in the…

M/S Ajay Kumar Sood Engineers & Contractors, Shimla vs. DCIT, Chandigarh

The appeal of the Revenue is hereby dismissed

ITA 321/CHANDI/2014[2007-08]Status: DisposedITAT Chandigarh13 Jun 2018AY 2007-08

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

For Appellant: Shri. Sudhir SehgalFor Respondent: Sh. Manjit Singh

…as treated under the head ' income from other sources'. The Assessing Officer has not appreciated the decision in the case of Kim Pharma (supra) properly and has misapplied it. The AR has placed reliance on the case of M/s Gaurish Steels Pvt. Ltd. reported in 43 ITR 414 dated 17.09.2015 of the Hon'ble ITAT Chandigarh Bench, wherein the Assessing Officer did not dispute the business losses incurred by the assessee and did not reject the books of accounts. Relying on the case of Kim Pharma P. Ltd. Vs. CIT (P&H) (supra) and referring to the case of Fakir Mohamad Haji Hasan vs. CIT (Guj) (supra), it was held in the…

M/S Ajay Kumar Sood Engineers & Contractors, Shimla vs. DCIT, Chandigarh

The appeal of the Revenue is hereby dismissed

ITA 320/CHANDI/2014[2006-07]Status: DisposedITAT Chandigarh13 Jun 2018AY 2006-07

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

For Appellant: Shri. Sudhir SehgalFor Respondent: Sh. Manjit Singh

…as treated under the head ' income from other sources'. The Assessing Officer has not appreciated the decision in the case of Kim Pharma (supra) properly and has misapplied it. The AR has placed reliance on the case of M/s Gaurish Steels Pvt. Ltd. reported in 43 ITR 414 dated 17.09.2015 of the Hon'ble ITAT Chandigarh Bench, wherein the Assessing Officer did not dispute the business losses incurred by the assessee and did not reject the books of accounts. Relying on the case of Kim Pharma P. Ltd. Vs. CIT (P&H) (supra) and referring to the case of Fakir Mohamad Haji Hasan vs. CIT (Guj) (supra), it was held in the…

M/S Ajay Kumar Sood Engineers & Contractors, Shimla vs. DCIT, Chandigarh

The appeal of the Revenue is hereby dismissed

ITA 319/CHANDI/2014[2005-06]Status: DisposedITAT Chandigarh13 Jun 2018AY 2005-06

Bench: Smt. Diva Singh & Dr. B.R.R. Kumar

For Appellant: Shri. Sudhir SehgalFor Respondent: Sh. Manjit Singh

…as treated under the head ' income from other sources'. The Assessing Officer has not appreciated the decision in the case of Kim Pharma (supra) properly and has misapplied it. The AR has placed reliance on the case of M/s Gaurish Steels Pvt. Ltd. reported in 43 ITR 414 dated 17.09.2015 of the Hon'ble ITAT Chandigarh Bench, wherein the Assessing Officer did not dispute the business losses incurred by the assessee and did not reject the books of accounts. Relying on the case of Kim Pharma P. Ltd. Vs. CIT (P&H) (supra) and referring to the case of Fakir Mohamad Haji Hasan vs. CIT (Guj) (supra), it was held in the…

DCIT, Ludhiana vs. M/S Marshal Machines Pvt. Ltd., Ludhiana

ITA 57/CHANDI/2017[2013-14]Status: DisposedITAT Chandigarh22 May 2018AY 2013-14

Bench: Smt. Diva Singh & Dr. B.R.R. Kumarassessment Year: 2013-14

For Appellant: Sh. Y.K. SudFor Respondent: Smt. Renu Amitabh

Section 133ASection 69

…as treated under the head ' income from other sources'. The Assessing Officer has not appreciated the decision in the case of Kim Pharma (supra) properly and has misapplied it. The AR has placed reliance on the case of M/s Gaurish Steels Pvt. Ltd. reported in 43 ITR 414 dated 17.09.2015 of the Hon'ble ITAT Chandigarh Bench, wherein the Assessing Officer did not dispute the business losses incurred by the assessee and did not reject the books of accounts. Relying on the case of Kim Pharma P. Ltd. Vs. CIT (P&H) (supra) and referring to the case of Fakir Mohamad Haji Hasan vs. CIT (Guj) (supra), it was held in the s…

Gaurish Steels P. Ltd. v. Asst. CIT (43 ITR 414) — Cited in 10 Judgments | BharatTax