ITO v. Sai Krupa Construction Co. (13 SOT 459)

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

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

ITA 684/RJT/2024[2021-22]Status: DisposedITAT Rajkot12 Mar 2026AY 2021-22

For Appellant: Shri D.M. Rindani, Ld.ARFor Respondent: Shri Sanjay Punglia, Ld. CIT(DR)

…errable question of law arises.;\n1) Similar view has also been taken by the High Court of Madhya Pradesh in the case\nof CIT vs. Balchand Ajit Kumar (2003) 263 ITR 610 (MP) and the Mumbai Bench of\nTribunal in the case of ITO vs. SaiKrupa Construction (2007) 13 SOT 459 (Mumbai).\n4.5 In view of the facts of the case and respectfully following the law laid down by the\njurisdictional High Court and Tribunal, where there are incomplete evidences of both\nunaccounted income (on- money) and unaccounted expenditure incurred therefrom,\nmaking addition for the entire unaccounted receipts i.e. on-money towards sold/boo…

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

ITA 512/RJT/2024[2021-22]Status: DisposedITAT Rajkot12 Mar 2026AY 2021-22

For Appellant: Shri D.M. Rindani, Ld.ARFor Respondent: Shri Sanjay Punglia, Ld. CIT(DR)

Section 143(3)Section 147

…errable question of law arises.;\n1) Similar view has also been taken by the High Court of Madhya Pradesh in the case\nof CIT vs. Balchand Ajit Kumar (2003) 263 ITR 610 (MP) and the Mumbai Bench of\nTribunal in the case of ITO vs. SaiKrupa Construction (2007) 13 SOT 459 (Mumbai).\n\n4.5 In view of the facts of the case and respectfully following the law laid down by the\njurisdictional High Court and Tribunal, where there are incomplete evidences of both\nunaccounted income (on- money) and unaccounted expenditure incurred therefrom,\nmaking addition for the entire unaccounted receipts i.e. on-money towards sold/b…

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

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

ITA 511/RJT/2024[2020-21]Status: DisposedITAT Rajkot12 Mar 2026AY 2020-21

For Appellant: Shri D.M. Rindani, Ld.ARFor Respondent: Shri Sanjay Punglia, Ld. CIT(DR)

Section 143(3)Section 147

…errable question of law arises.;\n1) Similar view has also been taken by the High Court of Madhya Pradesh in the case\nof CIT vs. Balchand Ajit Kumar (2003) 263 ITR 610 (MP) and the Mumbai Bench of\nTribunal in the case of ITO vs. SaiKrupa Construction (2007) 13 SOT 459 (Mumbai).\n4.5 In view of the facts of the case and respectfully following the law laid down by the\njurisdictional High Court and Tribunal, where there are incomplete evidences of both\nunaccounted income (on- money) and unaccounted expenditure incurred therefrom,\nmaking addition for the entire unaccounted receipts i.e. on-money towards sold/boo…

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

ITA 683/RJT/2024[2021-22]Status: DisposedITAT Rajkot11 Mar 2026AY 2021-22

Section 132Section 143(3)Section 147

…errable question of law arises.\n(1) Similar view has also been taken by the High Court of Madhya Pradesh in the case\nof CIT vs. Balchand Ajit Kumar (2003) 263 ITR 610 (MP) and the Mumbai Bench of\nTribunal in the case of ITO vs. SaiKrupa Construction (2007) 13 SOT 459 (Mumbai).\n4.5 In view of the facts of the case and respectfully following the law laid down by the\njurisdictional High Court and Tribunal, where there are incomplete evidences of both\nunaccounted income (on- money) and unaccounted expenditure incurred therefrom,\nmaking addition for the entire unaccounted receipts i.e. on-money towards sale of…

BUILDFOLIO REALITIES LLP,RAJKOT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1,, RAJKOT

ITA 510/RJT/2024[2022-23]Status: DisposedITAT Rajkot11 Mar 2026AY 2022-23

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)

For Appellant: Shri D.M. Rindani, Ld.ARFor Respondent: Shri Sanjay Punglia, Ld. CIT(DR)

Section 132Section 133ASection 143(3)Section 147

…eferrable question of law arises. (1) Similar view has also been taken by the High Court of Madhya Pradesh in the case of CIT vs. Balchand Ajit Kumar (2003) 263 ITR 610 (MP) and the Mumbai Bench of Tribunal in the case of ITO vs. SaiKrupa Construction (2007) 13 SOT 459 (Mumbai). 4.5 In view of the facts of the case and respectfully following the law laid down by the jurisdictional High Court and Tribunal, where there are incomplete evidences of both unaccounted income (on- money) and unaccounted expenditure incurred therefrom, making addition for the entire unaccounted receipts i.e. on-money towards sale of uni…

BUILDFOLIO REALITIES LLP,RAJKOT vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1, RAJKOT

ITA 509/RJT/2024[2021-22]Status: DisposedITAT Rajkot11 Mar 2026AY 2021-22

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)

For Appellant: Shri D.M. Rindani, Ld.ARFor Respondent: Shri Sanjay Punglia, Ld. CIT(DR)

Section 132Section 133ASection 143(3)Section 147

…eferrable question of law arises. (1) Similar view has also been taken by the High Court of Madhya Pradesh in the case of CIT vs. Balchand Ajit Kumar (2003) 263 ITR 610 (MP) and the Mumbai Bench of Tribunal in the case of ITO vs. SaiKrupa Construction (2007) 13 SOT 459 (Mumbai). 4.5 In view of the facts of the case and respectfully following the law laid down by the jurisdictional High Court and Tribunal, where there are incomplete evidences of both unaccounted income (on- money) and unaccounted expenditure incurred therefrom, making addition for the entire unaccounted receipts i.e. on-money towards sale of uni…

ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, SURAT, SURAT vs. MS. JANANI EXPORTS, MUMBAI

ITA 604/SRT/2024[2019-20]Status: DisposedITAT Surat31 Jul 2025AY 2019-20

Bench: Shri Dinesh Mohan Sinha & Shri Bijayananda Prusethआयकर अपील सं./Ita No.604/Srt/2024 (Assessment Year:2019-20) (Hybrid Hearing) Acit, Vs. M/S Janani Exports, Central Circle – 2, 704, Vastu Slip Apt., 7Th Floor, Nr. Surat Parsi Colony, Pump House, Andheri (E), Mumbai - 400093 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaefj3969P (Appellant) (Respondent) It(Ss)A Nos.9, 10 & 19/Srt/2024 (Ays:2013-14, 2014-15 & 2018-19) Acit, Vs. M/S Janani Exports, Central Circle – 2, 704, Vastu Slip Apt., 7Th Floor, Nr. Surat Parsi Colony, Pump House, Andheri (E), Mumbai - 400093 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaefj3969P (Appellant) (Respondent) It(Ss)A Nos.20 To 22/Srt/2024 (Ays: 2013-14 To 2015-16) M/S Janani Exports, Vs. Acit, 704, Vastu Slip Apt., 7Th Floor, Nr. Central Circle – 2, Parsi Colony, Pump House, Andheri Surat (E), Mumbai - 400093 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaefj3969P (Appellant) (Respondent) It(Ss)A Nos.35 To 38/Srt/2024 (Ays: 2016-17 To 2019-20) M/S Janani Exports, Vs. Acit, 704, Vastu Slip Apt., 7Th Floor, Nr. Central Circle – 2, Parsi Colony, Pump House, Andheri Surat (E), Mumbai - 400093 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaefj3969P (Appellant) (Respondent)

…n, 158 CTR (Guj.) 374, (iii) ITO vs. Om Silk Mills, 55 taxmann.com 295 (Guj.), (iv) CIT vs. Balchand Ajitkumar, 263 ITR 610 (MP), (v) DCIT, CC-3, Surat vs. Mehul T. Desai, (2019) 101 taxmann.com 234 (Surat – Trib.), (vi) ITO vs. Sai Kripa Construction, (2007) 13 SOT 459 (Mum.) and (vii) Eagel Seeds and Biotech Ltd. vs. ACIT, 100 ITD 301 (Indore – Trib.). Therefore, we are of the considered view that the CIT(A) has rightly adopted the NP rate instead of the GP rate applied by the AO. 18.1 Having held that the CIT(A) rightly applied NP rate on the unaccounted purchases, let us discuss as to whether the rate of NP a…

DCIT CENT, CIRCLE 1(3), NAGPUR vs. RADHIKA VEGETABLE OILS PVT LIMITED, VIZIANAGARAM

In the result, appeal filed by the Revenue is dismissed

ITA 17/NAG/2024[2019-20]Status: DisposedITAT Nagpur27 Jan 2025AY 2019-20

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Mukesh AgrawalFor Respondent: Shri Sandipkumar Salunke

Section 115BSection 132Section 143(3)Section 147Section 148Section 40A(3)Section 69A

…refore, I hold that the income in this regard needs to be computed by applying a comparable rate of net profit on the on money received by the appellant on 3 flats sold during the year under consideration." g). ITO v. Shrikrupa Construction Co. (Mumbai ITAT) (13 SOT 459) In this case the AO proceeded on the basis of papers found during the course of survey and made addition. In appeal ITAT held that such papers apparently are not complete record of the income or expenditure of the assessee. Therefore, the total income cannot be properly calculated on the basis of such papers. CIT(A) has rightly directed that the…

DCIT, CC-1(3), NAGPUR, NAGPUR vs. RADHIKA VEGETABLES OILS PVT. LTD., VIZIANAGRAM

In the result, appeal filed by the assessee is partly allowed

ITA 236/NAG/2023[2021-22]Status: DisposedITAT Nagpur25 Oct 2024AY 2021-22

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Sandipkumar Salunke

Section 132Section 139(1)Section 142(1)Section 143(2)Section 143(3)Section 69A

…therefore, I hold that the income in this regard needs to be computed by applying a comparable rate of net profit on the on money received by the appellant on 3 flats sold during the year under consideration.” ITO v. Shrikrupa Construction Co. (Mumbai ITAT) (13 SOT 459) In this case the AO proceeded on the basis of papers found during the course of survey and made addition. In appeal ITAT held that such papers apparently are not complete record of the income or expenditure 6 Radhika Vegetable Oils Pvt. Ltd. ITA no.236/Nag./2023 of the assessee. Therefore, the total income cannot be properly calculated on the ba…