Hynoup Food & Oil Industries (P.) Ltd. v. Asstt. CIT

48 ITD 202Income Tax Appellate Tribunal1994#11675 most cited
9

judgments rely on this decision, according to BharatTax’s citation analysis of 341,001 Indian tax judgments — from 2022 to 2026.

Sections most often in play

Section 68Section 69CSection 132Section 143(1)Section 143(2)Section 143(3)Section 153ASection 37(1)

Issues it is cited on

section 256(1)section 256on money receiptsection 40a(3)on-moneysection 40asection 153a(1)loose papersshare application moneydocuments seizedtangible materialsection 132a

Judgments citing Hynoup Food & Oil Industries (P.) Ltd. v. Asstt. CIT

Shaileshkumar Dahyabhai Patel, Vadodara, Gujarat vs. Deputy Commissioner of Income Tax Circle 2(1)(2) (Now DCIT Circle 2(1)(1), Vadodara, Gujarat

In the result, Ground Number 7 of the assessee’s appeal is allowed

ITA 2131/AHD/2025[2017-18]Status: DisposedITAT Ahmedabad26 Feb 2026AY 2017-18

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

For Appellant: Shri Milin Mehta & Shri Bhavin Marfatia, ARsFor Respondent: Shri Rameshwar P Meena, Sr. DR
Section 234BSection 234CSection 270ASection 271ASection 272A(1)(b)Section 6Section 68Section 69ASection 69C

…individual action of the assessee has to be looked into while making the disallowance under section 40A(2)(a) of the Act- market rate of interest at the rate of 24 per cent held to be reasonable]. (3) Hynoup Food & Oil Industries (P.) Ltd. v. Assn. CIT[1994] 48 ITD 202 (Ahd.,) (held that where interest paid to the directors was not at a rate higher than the market rate, disallowance could not be made on the ground that other creditors were paid interest at a lesser rate). (4) The ITAT Bangalore Bench in ITA 1145/Bang/2013 in the case of Sri. Shambulal G Chhabra, vs Addl.CIT, held that In the case on hand, the fa…

DCIT-CC-4(2), Mumbai vs. Rubberwala Realty, Mumbai

In the result, all the appeals of the assessee for AYs 2015-16 to

ITA 3531/MUM/2023[2018-19]Status: DisposedITAT Mumbai07 Jun 2024AY 2018-19

Bench: We Advert To The Grounds Taken In The Cross Appeals, It Would First Be Relevant To Cull Out The Basic Facts Of The Case & Effect Of Law In Brief In Respect Of Certain Ays. Search U/S 132 Of The Income Tax Act, 1961 (Hereinafter Referred To As "The Act") Was Conducted Against The Rubberwala Group, On 17-03-2021 Thereby Triggering Section 153A Of The Act. Prior To The Date Of Search, The Income-Tax Assessments For Ays 2015-16 To 2019-20 Were Either Completed U/S 143(1)/143(3) Of The Act And/Or The Time Limit For Issue Of Notice U/S 143(2) Of The Act Had Expired. Accordingly, The Income-Tax 3

For Respondent: Shri Sanyogita Nagpal, CIT
Section 132Section 133(6)Section 143(1)Section 143(2)Section 153ASection 68Section 69C

…xceeding the prescribed statutory limit contained in section 40A(3) of the Act. As such, it cannot be said that the assessee violated the provision under section 40A(3) of the Act. 29. In the case of Hynoup Food & Oil Industries (P.) Ltd. v. Asstt. CIT [1994] 48 ITD 202 (Ahd.), it was held that if an overall estimate of income has been made, there would not be any scope for applying the prescription of section 40A(3) of the Act.When a provision of law is to be applied, it is to be seen that all the circumstances alliunde to the application of such provision did exist. If it is not possible to find out that how th…

DCIT-CC-4(2), Mumbai vs. Rubberwala Housing and Infrastructure Limited, Mumbai

In the result, all the appeals of the assessee stands allowed and

ITA 3508/MUM/2023[2015-16]Status: DisposedITAT Mumbai07 Jun 2024AY 2015-16

Bench: Shri Br Baskaran, Am & Shri Aby T Varkey, Jm आयकर अपील सं/ I.T. A. No. 3448/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3447/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3446/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3445/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3444/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2019-20) & आयकर अपील सं/ I.T. A. No. 3459/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2020-21) & आयकर अपील सं/ I.T. A. No. 3432/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2021-22) Rubberwala Housing & Infrastructure Ltd. Ground Floor, Rubberwala House, Dr. A Nair Road, Agripada, Mumbai-400011. बनाम / Vs. Dcit, Central Circle-4(2) 19Th Floor, Air India Building, Nariman Point, Mumbai-400021. आयकर अपील सं/ I.T. A. No. 3508/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3505/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3504/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3549/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3503/Mum/2023

For Appellant: Shri Mani Jain FCAFor Respondent: Smt Sanyogita Nagpal
Section 132Section 143(1)Section 143(2)Section 153ASection 68Section 69C

…xceeding the prescribed statutory limit contained in section 40A(3) of the Act. As such, it cannot be said that the assessee violated the provision under section 40A(3) of the Act. 29. In the case of Hynoup Food & Oil Industries (P.) Ltd. v. Asstt. CIT [1994] 48 ITD 202 (Ahd.), it was held that if an overall estimate of income has been made, there would not be any scope for applying the prescription of section 40A(3) of the Act.When a provision of law is to be applied, it is to be seen that all the circumstances alliunde to the application of such provision did exist. If it is not possible to find out that how th…

Rubberwala Housing and Infrastructure Limited, Mumbai vs. DCIT CC-4(2), Mumbai

In the result, all the appeals of the assessee stands allowed and

ITA 3448/MUM/2023[2015-16]Status: DisposedITAT Mumbai07 Jun 2024AY 2015-16

Bench: Shri Br Baskaran, Am & Shri Aby T Varkey, Jm आयकर अपील सं/ I.T. A. No. 3448/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3447/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3446/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3445/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3444/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2019-20) & आयकर अपील सं/ I.T. A. No. 3459/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2020-21) & आयकर अपील सं/ I.T. A. No. 3432/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2021-22) Rubberwala Housing & Infrastructure Ltd. Ground Floor, Rubberwala House, Dr. A Nair Road, Agripada, Mumbai-400011. बनाम / Vs. Dcit, Central Circle-4(2) 19Th Floor, Air India Building, Nariman Point, Mumbai-400021. आयकर अपील सं/ I.T. A. No. 3508/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2015-16) & आयकर अपील सं/ I.T. A. No. 3505/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2016-17) & आयकर अपील सं/ I.T. A. No. 3504/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2017-18) & आयकर अपील सं/ I.T. A. No. 3549/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2018-19) & आयकर अपील सं/ I.T. A. No. 3503/Mum/2023 2

For Appellant: Shri Mani Jain FCAFor Respondent: Smt Sanyogita Nagpa
Section 132Section 143(1)Section 143(2)Section 153ASection 68Section 69ASection 69C

…be said that the assessee violated the provision under section 40A(3) of the Act. 62 ITA Nos.3448 & Others/Mum/2023 Α.Υ. 2015-16 to 2021-22 Rubberwala Housing & Infrastructure Ltd 29. In the case of Hynoup Food & Oil Industries (P.) Ltd. v. Asstt. CIT [1994] 48 ITD 202 (Ahd.), it was held that if an overall estimate of income has been made, there would not be any scope for applying the prescription of section 40A(3) of the Act.When a provision of law is to be applied, it is to be seen that all the circumstances alliunde to the application of such provision did exist. If it is not possible to find out that how th…

Sun Pharmaceutical Industries, Mumbai vs. JCIT 20(3), Mumbai

In the result appeal of the Revenue is hereby dismissed

ITA 3507/MUM/2016[2011-12]Status: DisposedITAT Ahmedabad24 Aug 2022AY 2011-12

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed

For Appellant: Shri S.N. Soparkar, Sr. AdvocateFor Respondent: Shri Mohd Usman, CIT-DR
Section 80I

…ividual addition or deletion to the total income of the assessee. However in the case on hand, the AO has not done so. In holding so we draw support and guidance from the judgment of this tribunal in case of Hynope Food and Oil Industries Pvt. Ltd reported in 48 ITD 202 where it was held as under: Section 145 deals with two situations : (a) where the method of accounting is faulty, and (b) where the accounts are not correct or complete. In the case of the former, the Assessing Officer is empowered to compute the income upon such basis and in such manner as he may determine. So far as the latter is concerned, the…

Shivam Water Treaters Pvt. Ltd., Ahmedabad vs. The Dy. CIT, Circle-8, Ahmedabad

In the result appeal of the assessee is partly allowed for statistical purposes

ITA 187/AHD/2020[2011-12]Status: DisposedITAT Ahmedabad06 May 2022AY 2011-12

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumar

For Appellant: Revenue by Shri Vijaykumar Jaiswal, CIT DR with Shri Urjit Shah, A.R
Section 40ASection 68

…expenses and allowances independently by treating them as bogus, which is not permissible under the provisions of law. In holding so we draw support and guidance from the judgment of this tribunal in case of Hynope Food and Oil Industries Pvt. Ltd reported in 48 ITD 202 where it was held as under: Section 145 deals with two situations : (a) where the method of accounting is faulty, and (b) where the accounts are not correct or complete. In the case of the former, the Assessing Officer is empowered to compute the income upon such basis and in such manner as he may determine. So far as the latter is concerned, the…

Shivam Water Treaters Pvt. Ltd., Ahmedabad vs. The Dy. CIT, Circle-4(1)(1), Ahmedabad

In the result appeal of the assessee is partly allowed for statistical purposes

ITA 2557/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad06 May 2022AY 2012-13

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumar

For Appellant: Revenue by Shri Vijaykumar Jaiswal, CIT DR with Shri Urjit Shah, A.R
Section 40ASection 68

…expenses and allowances independently by treating them as bogus, which is not permissible under the provisions of law. In holding so we draw support and guidance from the judgment of this tribunal in case of Hynope Food and Oil Industries Pvt. Ltd reported in 48 ITD 202 where it was held as under: Section 145 deals with two situations : (a) where the method of accounting is faulty, and (b) where the accounts are not correct or complete. In the case of the former, the Assessing Officer is empowered to compute the income upon such basis and in such manner as he may determine. So far as the latter is concerned, the…

The DCIT, Circle-8, Ahmedabad vs. Shivam Water Treaters Pvt. Ltd., Ahmedabad

In the result appeal of the assessee is partly allowed for statistical purposes

ITA 1447/AHD/2014[2009-10]Status: DisposedITAT Ahmedabad06 May 2022AY 2009-10

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumar

For Appellant: Revenue by Shri Vijaykumar Jaiswal, CIT DR with Shri Urjit Shah, A.R
Section 40ASection 68

…expenses and allowances independently by treating them as bogus, which is not permissible under the provisions of law. In holding so we draw support and guidance from the judgment of this tribunal in case of Hynope Food and Oil Industries Pvt. Ltd reported in 48 ITD 202 where it was held as under: Section 145 deals with two situations : (a) where the method of accounting is faulty, and (b) where the accounts are not correct or complete. In the case of the former, the Assessing Officer is empowered to compute the income upon such basis and in such manner as he may determine. So far as the latter is concerned, the…

Shivam Water Treaters Pvt. Ltd., Ahmedabad vs. The ACIT, (OSD), Circle-8, Ahmedabad

In the result appeal of the assessee is partly allowed for statistical purposes

ITA 1320/AHD/2014[2009-10]Status: DisposedITAT Ahmedabad06 May 2022AY 2009-10

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumar

For Appellant: Revenue by Shri Vijaykumar Jaiswal, CIT DR with Shri Urjit Shah, A.R
Section 40ASection 68

…expenses and allowances independently by treating them as bogus, which is not permissible under the provisions of law. In holding so we draw support and guidance from the judgment of this tribunal in case of Hynope Food and Oil Industries Pvt. Ltd reported in 48 ITD 202 where it was held as under: Section 145 deals with two situations : (a) where the method of accounting is faulty, and (b) where the accounts are not correct or complete. In the case of the former, the Assessing Officer is empowered to compute the income upon such basis and in such manner as he may determine. So far as the latter is concerned, the…

Hynoup Food & Oil Industries (P.) Ltd. v. Asstt. CIT (48 ITD 202) — Cited in 9 Judgments | BharatTax