Kachwala Gems v. JCIT

Kiran Navin Doshi, Mumbai vs. ITO -23(2)(4), Mumbai

The appeals of the assessee are dismissed

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwal

…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.…

Kbj Jewellery P. Ltd, Mumbai vs. ITO 6(2)(1), Mumbai

In the result, the appeals filed by the assessee are partly allowed and that of the Revenue is dismissed

Bench: Shri C N Prasad & Shri Rajesh Kumarita No.3432 & 3433/Mum/2013 Assessment Years : 2007-08 & 2009-10 Kbj Jewellery P. Ltd., Ito 6(2)(1) C-803, 8Th Floor, Marathon Innova Mumbai Vs. Ganpat Rao Kadam Marg Lower Parel, Mumbai 400 013. Pan Aaacck8066F (Appellant) (Respondent) Assessment Year : 2009-10 Dcit 6(2), Kbj Jewellery P. Ltd., Mumbai Mumbai 400 013. Vs. Pan Aaacck8066F (Appellant) (Respondent)

…e appellant would need to be rejected as they do not give the correct figure of the stock / business of the appellant. It is not as if a stock register could not be maintained in a business of jewellery. Reliance here is placed in the case of Kach Walla Gems (288 ITR 10) (SC) wherein the Hon'ble Supreme Court has upheld the rejection of accounts wherein it was found that the appellant had not maintained and kept any quantitative details / stock register and there was no basis of valuation of closing stock declared. It was further seen by the Hon'ble Court that there were unaccounted purchases and manipulation of…

Shyamdhar S. Mishra, Mumbai vs. DCIT 13(2), Mumbai

The appeals of the assessee are partly allowed

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwal

…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 Shyamdhar S. Mishra and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best…

Shyamdhar S. Mishra, Mumbai vs. ITO 13(2)(3), Mumbai

The appeals of the assessee are partly allowed

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwal

…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 Shyamdhar S. Mishra and should not act totally arbitrarily but there is necessarily some amount of guess work involved in a best…

Sachin Laxman Jangid, Thane vs. ITO WD 3(3), Thane

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2009-10 Shri Sachin Laxman Jangid, Income Tax Officer, Porp. Sachin Construction, Ward-3(3), बनाम/ 1, Mandelia House, Wagle Ind. Estate, Vs. Ramesh Pradhan Road, Thane (W)-400604 Naupada, Thane-400602 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Adbpj0867C "नधा"रती क" ओर से / Assessee By Shri M.Subramanian Shri M.V. Rajguru-Dr राज"व क" ओर से / Revenue By 10/05/2018 सुनवाई क" तार"ख / Date Of Hearing: 10/05/2018 आदेश क" तार"ख /Date Of Order:

…rt in the case of Sanjay Oil Cake [2009] 316 ITR 274 (Guj) has held that whether an estimate should be at a 8 Shri Sachin Laxman Jangid 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.…

Plaexe Con Services Private Limited, Mumbai vs. Assistant Commissioner of Income Tax Circle1, Kalyan

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2011-12 M/S Plaexe Con Services Acit, Pvt. Ltd. Circle-1, Wayale Nagar, बनाम/ Manogat, Gajanan Khadak Pada, Kalyan West, Vs. Cooperative Housing Thane-421301 Society, Midc Road Badlapur East, Thane-421301 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.Aaecp9267D

…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.…

Ashok K. Shah, Mumbai vs. Income Tax Officer 31(1)(2), Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Asok K. Shah, Income Tax Officer-31(1)(2), C-25, Sai Baba Enclave, Mumbai, बनाम/ S.V.Road, Vs. Goregaon West, Mumbai-400062 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.Akeps3501N

…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 8 Ashok K. Shah. necessarily some amount of guess work involved in a best judg…

Mr.Ajay C. Shah HUF, Prop. M/S.Glass and Hardware, Mumbai vs. Income Tax Officer-26(1)(1), Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2010-11 Mr. Ajay C. Shah, Income Tax Officer, C/O- Ajay C. Shah, Huf, Ward-26(1)(1), बनाम/ 60A/11, Sion Mahavir P.K. Bhavan, C-11, Vs. Chs, Scheme Road No.25C, R.No.703, 7Th Floor, Sion (West), Bandra Kurla Complex, Mumbai-400062 Bandra-East, Mumbai-400051 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.Aahha5664F

…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. 8 Ajay C. Shah 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.…

Unilex Colours & Chemicals Ltd, Mumbai vs. DCIT 13(1)(1), Mumbai

The appeal of the assessee is allowed for statistical purposes and the Ld

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2010-11 M/S Unilex Colours & Dcit-13(1)(1), Chemicals Ltd. Mumbai बनाम/ 106-107, Advent Atria, Vs. Chincoli Bunder Road, Malad West, Mumbai-400064 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.Aaacu5230F

…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. 8 Unilex Colours & Chemicals 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.…

Bhavna Sunil Joshi, Mumbai vs. ITO 32(1)(3), Mumbai

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Bhavna Sunil Joshi, Income Tax Officer B-71, Bldg. No.4, 7Th Floor, Ward-32(1)(3), बनाम/ Rustom Regency, Pratyaksh Kar Bhavan, Vs. Dahisar (West), Bandra (East), Mumbai-400068 Mumbai-400051 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.Aajpj6892N

…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 8 Bhavna Sunil Joshi necessarily some amount of guess work involved in a best…

Ganesh Trading Co., Thane vs. ITO -3(3), Mumbai

Bench: Shri G.S Pannu, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No. 4657/Mum/2015 (निर्धारण वर्ा / Assessment Year: 2009-10)

…f the CIT(A) had carried the matter in appeal before us, raising the following grounds of appeal: “1. On the facts and the circumstances of the case , the Ld. CIT(A) has erred in relying on the decision of Supreme Court in the case of Kacchawala Gems Vs. JCIT 288 ITR 10(SC). 2. Whether on the facts and in the circumstances of the case, and in law, the Hon’ble CIT(A) erred in not following the order of ITAT, Pune in ITA No. 1411-1415 dated 20.02.2015 wherein 100% of bogus purchases was confirmed. 3. On the facts and in the circumstances of the case, the Ld. CIT(A) has erred in giving relief to t he assessee to t…

Waman Hari Pethe Jewllers, Mumbai vs. ACIT 16(3)

In the result appeal of the assessee in ITA no

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.5682, 5681 & 5683/Mum/2016 (नििाारण वर्ा / Assessment Year: 2010-11, 2011-12 & 2012-13)

…yer was made to confirm the additions. In the alternative , it was submitted that certain percentage of the profit embedded in the said alleged bogus purchases be upheld in view of decision of Hon’ble Supreme Court in the case of Kachwala Gems vs. JCIT [2007] 288 ITR 10 (SC). I.T.A. No.5681 to 5683/Mum/2016 6. We have considered rival contentions and perused the material on record including cited case laws. We have observed that the assessee is in the business of manufacturing , retail trading and service of gold ornaments, silver articles and jewellery. An exhibition of gold/diamond jewellery and silver items…