Kachwala Gems v. JCIT

Dinesh S. Jain, Mumbai vs. Income Tax Officer 19(1)(4), Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh, Assessment Year:2012-13

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

Snehalata Ahnand Rane, Mumbai vs. Income Tax Officer-Ward 3(3), Kalyan

The appeals of the assessee are partly allowed

Bench: Shri Joginder Singh

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

Snehalata Ahnand Rane, Mumbai vs. Income Tax Officer-Ward 3(3), Kalyan

The appeals of the assessee are partly allowed

Bench: Shri Joginder Singh

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

Snehalata Ahnand Rane, Mumbai vs. Income Tax Officer-Ward 3(3), Kalyan

The appeals of the assessee are partly allowed

Bench: Shri Joginder Singh

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

Shri Dineshkumar C. Doshi, Mumbai vs. Income Tax Officer 19(1)(4), Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain Dinesh S. Jain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgm…

Ralf Jems P.Ltd, Mumbai vs. ITO WD 5(3)(1), Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

Shri Jayantilal K. Jain, Mumbai vs. Income Tax Officer-19(2)(1), Mumbai

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2009-10 Shri Jayantilal K Jain, Income Tax Officer-19(2)(1), 35, Krishna Kunj, Kika Matru Mandir, बनाम/ Street, Gulalwadi, Tardeo Road, Vs. Mumbai-400004 Mumbai-400007 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aajpj8095K

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

Shri Ramesh C.Shah, Mumbai vs. Income Tax Officer 19(3)(1), Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

Shri Ramesh C.Shah, Mumbai vs. Income Tax Officer 19(3)(1), Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

Nikhil R. Dharia, Mumbai vs. ACIT-19(2), Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh, Assessment Year: 2009-10 Nikhil R Dharia, Acit-19(2), B-7, Utkarsh Tilak Nagar, Matru Mandir, बनाम/ V. P. Road, Tardeo Road, Vs. Mumbai-400004 Mumbai-400007 "नधा"रती / Assessee राज"व / Revenue P.A. No.Addpd8065A

…12 Nikhil R. Dharia High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

Dhiraj Babulal Jain, Mumbai vs. Income Tax Officer 19(1)(4), Mumbai

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2010-11

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment 8 Dhiraj Babulal jain and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a be…

Mukesh P. Jain, Mumbai vs. Income Tax Officer 19(2)(3), Mumbai

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2009-10

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment 8 Mukesh P. Jain and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best ju…

Mr.Piraram Chouhan, Mumbai vs. Income Tax Officer 19(2)5, Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

Mr.Piraram Chouhan, Mumbai vs. Income Tax Officer 19(2)5, Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

M/S.Diamex Sourcing Private Limited, Mumbai vs. Income Tax Officer 5(1)(3), Mumbai

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh, Assessment Year: 2013-14

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

P S Auto Private Limited, Mumbai vs. ACIT Circle-3, Thane

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh, Assessment Year: 2009-10

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

Girish Narapatchand Kanungo, Mumbai vs. ITO 19(1)(3), Mumbai

In the result, the appeal of the assessee in ITA no

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1587/Mum/2017 (नििाारण वर्ा / Assessment Year : 2009-10) बिाम/ Mr. Girish Narapatchand Ito 19(1)(3) Kanungo Matru Mandir, Prop. M/S. Tirupati Impex, Mumbai V. Flat No. 3, 2 Nd Floor, 5 Ramniwas Bldg, 2Nd Parsiwada Lane, Opp. V.P Road Police Station, Mumbai 400004 स्थायी ऱेखा सं./ Pan : Aoapk9201M (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: None Revenue By : Shri. C.S. Sharma सुनवाई की तारीख /Date Of Hearing : 19.09.2018 घोषणा की तारीख /Date Of Pronouncement : 26.09.2018 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 1587/Mum/2017, Is Directed Against Appellate Order Dated 22.12.2016 Passed By Learned Commissioner Of Income Tax (Appeals)-30, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2009-10, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Assessment Order Dated 10.03.2015 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) R.W.S. 147 Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2009-10. I.T.A. No.1587/Mum/2017

…e. The decision of learned CIT(A) is reproduced above in preceding para’s of this order and is not repeated again. The estimation of reasonable profits in such cases is supported by decision of Hon’ble Supreme Court in the case of Kachwala Gems v. JCIT (2007) 288 ITR 10(SC) as some amount of guess work is always involved in estimation of reasonable profits in such matters. We also uphold the validity of the reopening of assessment u/s 147 of the 1961 Act as originally return of income was processed u/s 143(1) and no assessment was framed u/s 143(3) of the 1961 Act. The notice u/s 148 of the 1961 Act was issued wi…

Pushpak Auxichem P. Ltd, Thane vs. ITO WD 1(3), Kalyan

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2011-12 M/S Pushpak Auxichem Pvt. Income Tax Officer Ltd. Ward-1(3), बनाम/ 241/Business-2, Kasturi Mohan Plaza, 1St Floor, Vs. Plaza, 2Nd Floor, Manpada Wayle Nagar, Road, Dombivali (East), Khadak Pada, Thane-421201 Kalyan-421301 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aabcp0099E

…ed on estimate. This High Court in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…

ITO 6(3)(2), Mumbai vs. Jaydeep Profiles P.Ltd, Mumbai

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Income Tax Officer 6(3)(2), Jaydeep Profiles P. Ltd., R No.503, 5Th Floor, Aayakar 142/7 Lakdi Bunder Road, बनाम/ Bhavan, M.K.Road, Darukhana, Reay Road, Vs. Mumbai 400 020 Mumbai 400 086 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aaacj8998B Assessment Year: 2009-10 Jaydeep Profiles P. Ltd., Income Tax Officer 6(3)(2), 142/7 Lakdi Bunder Road, R No.503, 5Th Floor, Aayakar बनाम/ Darukhana, Reay Road, Bhavan, M.K.Road, Vs. Mumbai 400 086 Mumbai 400 020 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacj8998B 2 & 2698/Mum/2016

…e of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a particular sum or at a different sum can never be a question of law. 48 & 2698/Mum/2016 Jaydeep Profiles P.Ltd 7. The apex court in the case of Kachwala Gems [2007] 288 ITR 10 (SC) has held that in a best judgment assessment there is always a certain degree of guess work. No doubt, the authorities should try to make an honest and fair estimate of the income even in a best judgment assessment and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best judgment assessment.…