Kachwala Gems v. JCIT

288 ITR 10Supreme Court of India2007#229 most cited

What is Kachwala Gems v. JCIT authority for?

In a best judgment assessment, some guesswork is inherent, but the estimate must be fair and not arbitrary. Books of account can be rejected under Section 145(3) if the assessee fails to substantiate entries or prove the genuineness of transactions, leading to estimation of income.

332

judgments rely on this decision, according to BharatTax’s citation analysis of 367,842 Indian tax judgments — from 2015 to 2026.

Also referred to as

Kachwala Gems v. JCIT · Section 145(3) · best judgment assessment · rejection of books of account · genuineness of purchases · arbitrary estimate · onus to prove transactions · estimation of income · Section 144 · Section 69C

Also reported as

158 Taxmann 71

Sections most often in play

Section 143(3)Section 148 Section 144 Section 145(3)Section 147 Section 68 Section 69A Section 69C

Read the full judgment

Issues it is cited on

best judgment assessment rejection of books of account section 145(3)section 145 loose papers section 133a section 132(4)documents seized accommodation entry regular assessment section 69c service of notice

Judgments citing Kachwala Gems v. JCIT

J Kumar Infraprojects Limited, Mumbai vs. The Dy Commissioner of Income Tax Central Circle -5(1), Mumbai

The Appeal of the Assessee is partly allowed and that of the department is dismissed

ITA 4153/MUM/2024[2020-21]Status: DisposedITAT Mumbai03 Jul 2025AY 2020-21

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

Section 250Section 69A

…y view, it would be unwise to adopt the PBT % of respective year. Rather,an average of all the above 7 years gives a secular trend and a better estimate of theamount that is liable to be taxed. My view draws support from the case of KachwalaGems vs JCIT (SC), 288 ITR 10, wherein the Hon’ble Apex Court ruled as under:- “11. It is well-settled that in a best judgment assessment, there is always acertain degree of guess work. No doubt the authorities concerned should try tomake an honest and fair estimate of the income even in a best judgmentassessment, and should not act 52 J Kumar Infraprojects Ltd. totally arbit…

J Kumar Infraprojects Limited, Mumbai vs. The Dy Commissioner of Income Tax Central Circle -5(1), Mumbai

The Appeal of the Assessee is partly allowed and that of the department is dismissed

ITA 4151/MUM/2024[2022-23]Status: DisposedITAT Mumbai03 Jul 2025AY 2022-23

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

Section 250Section 69A

…y view, it would be unwise to adopt the PBT % of respective year. Rather,an average of all the above 7 years gives a secular trend and a better estimate of theamount that is liable to be taxed. My view draws support from the case of KachwalaGems vs JCIT (SC), 288 ITR 10, wherein the Hon’ble Apex Court ruled as under:- “11. It is well-settled that in a best judgment assessment, there is always acertain degree of guess work. No doubt the authorities concerned should try tomake an honest and fair estimate of the income even in a best judgmentassessment, and should not act 52 J Kumar Infraprojects Ltd. totally arbit…

J Kumar Infraprojects Limited, Mumbai vs. The Dy Commissioner of Income Tax Central Circle -5(1), Mumbai

The Appeal of the Assessee is partly allowed and that of the department is dismissed

ITA 4150/MUM/2024[2019-20]Status: DisposedITAT Mumbai03 Jul 2025AY 2019-20

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

Section 250Section 69A

…y view, it would be unwise to adopt the PBT % of respective year. Rather,an average of all the above 7 years gives a secular trend and a better estimate of theamount that is liable to be taxed. My view draws support from the case of KachwalaGems vs JCIT (SC), 288 ITR 10, wherein the Hon’ble Apex Court ruled as under:- “11. It is well-settled that in a best judgment assessment, there is always acertain degree of guess work. No doubt the authorities concerned should try tomake an honest and fair estimate of the income even in a best judgmentassessment, and should not act 52 J Kumar Infraprojects Ltd. totally arbit…

J Kumar Infraprojects Limited, Mumbai vs. The Dy. Commissioner of Income Tax Central Circle -5(1), Mumbai

ITA 4148/MUM/2024[2017-18]Status: DisposedITAT Mumbai03 Jul 2025AY 2017-18

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

Section 250Section 69A

…y view, it would be unwise to adopt the PBT % of respective year. Rather,an average of all the above 7 years gives a secular trend and a better estimate of theamount that is liable to be taxed. My view draws support from the case of KachwalaGems vs JCIT (SC), 288 ITR 10, wherein the Hon’ble Apex Court ruled as under:- “11. It is well-settled that in a best judgment assessment, there is always acertain degree of guess work. No doubt the authorities concerned should try tomake an honest and fair estimate of the income even in a best judgmentassessment, and should not act 48 J Kumar Infraprojects Ltd. totally arbitr…

J Kumar Infraprojects Limited, Mumbai vs. The Dy. Commissioner of Income Tax Central Circle -5(1), Mumbai

ITA 4147/MUM/2024[2016-17]Status: DisposedITAT Mumbai03 Jul 2025AY 2016-17

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankar

Section 250Section 69A

…y view, it would be unwise to adopt the PBT % of respective year. Rather,an average of all the above 7 years gives a secular trend and a better estimate of theamount that is liable to be taxed. My view draws support from the case of KachwalaGems vs JCIT (SC), 288 ITR 10, wherein the Hon’ble Apex Court ruled as under:- “11. It is well-settled that in a best judgment assessment, there is always acertain degree of guess work. No doubt the authorities concerned should try tomake an honest and fair estimate of the income even in a best judgmentassessment, and should not act 52 J Kumar Infraprojects Ltd. totally arbitr…

ACIT, Allahabad vs. Kesarwani Zarda Bhandar, Allahabad

In the result, the appeal of Revenue is dismissed and the appeal of the assessee is partly allowed

ITA 12/ALLD/2014[2010-11]Status: DisposedITAT Allahabad30 Jun 2025AY 2010-11

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

…ce to length, girth and weight of timber, a stock account merely with reference to number of logs cannot be accepted as stock account capable of verification [C.I.T. Vs. Saatal Kattha & Chemical Pvt. Ltd. (2008) 296 ITR 197 (MP), Kachwala Gems Vs. JCIT (2007) 288 ITR 10 (SC)]. It is clear that when the business processes are complex, it is imperative that its relevant details could be ascertained at any stage. Where there is no record of details regarding wastage, shortage, shrinkage and like, the rejection of books has been upheld [Orissa Fisheries Development Corpn. Ltd. Vs. CIT (1978) 111 ITR 923 (Ori.)]. The…

M/S Kesarwani Zarda Bhandar, Allahabad vs. Jt.CIT, Allahabad

In the result, the appeal of Revenue is dismissed and the appeal of the assessee is partly allowed

ITA 379/ALLD/2013[2010-11]Status: DisposedITAT Allahabad30 Jun 2025AY 2010-11

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

…ce to length, girth and weight of timber, a stock account merely with reference to number of logs cannot be accepted as stock account capable of verification [C.I.T. Vs. Saatal Kattha & Chemical Pvt. Ltd. (2008) 296 ITR 197 (MP), Kachwala Gems Vs. JCIT (2007) 288 ITR 10 (SC)]. It is clear that when the business processes are complex, it is imperative that its relevant details could be ascertained at any stage. Where there is no record of details regarding wastage, shortage, shrinkage and like, the rejection of books has been upheld [Orissa Fisheries Development Corpn. Ltd. Vs. CIT (1978) 111 ITR 923 (Ori.)]. The…

Shri Bhanwar Lal, Jodhpur vs. DCIT, Central Circle-1, Jodhpur

In the result the appeals of the assessee ITA Nos

ITA 417/JODH/2025[2012-13]Status: DisposedITAT Jodhpur26 Jun 2025AY 2012-13

Bench: Shri Mitha Lal Meena & Shri Anikesh Banerjee

For Appellant: Shri Rajendra Jain, AdvocateFor Respondent: Shri Ajey Malik, CIT-DR

Section 132Section 132(4)Section 143(3)Section 153Section 153ASection 250Section 68

…false explanation of assessee may be a circumstance to be taken into account for recording a finding of undisclosed income and some degree of guess work is also permissible in such a situation, as held by the Supreme Court in Kachwala Gems v. Jt. CIT [2007] 288 ITR 10, relied upon by the learned counsel for the revenue, it depends upon facts and circumstances of each case as to what is to be fair estimate of undisclosed income. The CIT(A) as well as the Tribunal held that in the circumstances, the estimate of addition, to the extent assessed by the Assessing Officer, was not called for and the same was partly l…

Prime Mineral Exports Private Limited (Now Amalgamated With Fomento Resources Private Limited), Panaji vs. Joint Commissioner of Income Tax, Range - 1, Panaji

The appeal stands partly allowed for statistical purpose in aforestated terms

ITA 3/PAN/2023[2009-10]Status: DisposedITAT Panaji05 Jun 2025AY 2009-10

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 003/Pan/2023 Assessment Year : 2009-10 Prime Mineral Exports Pvt. Ltd. (Now Amalgamated With Fomento Resources Pvt. Ltd.) 102, 1St Fl. Kamat Metropolis-1, Behind Caculo Mall, St. Inez, Panaji, Goa-403001. . . . . . . .Appellant Pan : Aadcp1647E V/S Jt. Commissioner Of Income Tax, . . . . . . . Respondent Range-1, Panaji, Goa

For Appellant: Mr Nishant Thakkar [‘Ld. AR’]For Respondent: Mr M. Satish [‘Ld. DR’]

Section 143(1)Section 143(2)Section 143(3)Section 14ASection 246ASection 250Section 253(1)Section 41(1)Section 4I

…IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI BENCH, GOA BEFORE HON’BLE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER AND SHRI G. D. PADMAHSHALI, ACCOUNTANT MEMBER ITA Nos. 003/PAN/2023 Assessment Year : 2009-10 Prime Mineral Exports Pvt. Ltd. (Now Amalgamated with Fomento Resources Pvt. Ltd.) 102, 1st Fl. Kamat Metropolis-1, Behind Caculo Mall, St. Inez, Panaji, Goa-403001. . . . . . . .Appellant PAN : AADCP1647E V/s Jt. Commissioner of Income Tax, . . . . . . . Respondent Range-1, Panaji, Goa Appearances Assessee by : Mr Nishant Thakkar [‘Ld. AR’] Revenue by : Mr M. Satish [‘Ld. DR’] Date of conclusive Hearing :…

M/S Delhi Best Collection, Gokak vs. Income Tax Officer, Ward - 1, Gokak

The appeal stands dismissed

ITA 65/PAN/2025[2021-22]Status: DisposedITAT Panaji04 Jun 2025AY 2021-22

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 065/Pan/2025 Assessment Year : 2021-22

For Appellant: Mr Saideep Gadadi [‘Ld. AR’]For Respondent: Mr Deshmukh Prakash [‘Ld. DR’]

Section 143(3)Section 145(3)Section 250

…of books where correctness & completeness remained to be proved and consequential estimation of income to the best of judgement by the tax authorities finds unwavering support from Hon’ble Apex court’s decision in the case of ‘Kachwala Gems Vs Jt. CIT’ [2007, 288 ITR 10 (SC)]. A similar rationale & ratio can also be traced in the decision of ‘Bastiram Narayandas Vs CIT’ [1994, 210 ITR 438 (BHC)] ITAT-Panaji Page 9 of 10 M/s Delhi Best collection Vs ITO ITA Nos.065/PAN/2025 AY: 2021-22 9. In the absence of full details of items of inventory, nature of stock, market condition, payment terms and buyers bargaining…

Vinod Omprakash Kainya, Mumbai vs. Assistant Commissioner of Income Tax, Circle 25(1), Mumbai

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

ITA 6429/MUM/2024[2009-2010]Status: DisposedITAT Mumbai20 May 2025AY 2009-2010

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2009-10 Vinod Omprakash Kainya, Asst. Cit Circle-25(1), Flat No. 41/42, Minal Apartment, Room No. 402, 4Th Floor, C-10, Juhu Tara Road, Santacruz West, Vs. Pratyaksh Kar Bhavan, Bkc, Mumbai-400054. Bandra East, Mumbai-400051. Pan No. Aglpk 1448 D Appellant Respondent

For Appellant: Mr. Sachin SarawagiFor Respondent: Ms. Kavita P. Kaushik, Sr. DR

Section 133(6)Section 143(1)Section 148Section 234ASection 271

…ting parties support is drawn from the decision of the Hon’ble ITAT Jaipur in the case of M/s Kachwala Gems Vs JCIT ( ITA No. 134/JP/2002 dated 10.12.2003), affirmed by the Hon'ble Supreme Court in the case of M/s Kachwala Gems Vs JCIT (2006) 206 CTR (SC) 585:288 ITR 10(SC), it has been held that even payment by account payee cheque is not sufficient to establish the genuineness of purchases. III. Assessee did not produce the purchase party for verification. The onus to prove the genuineness of existence of the paity lies on the assessee. The assessee railed to discharge this responsibilicy. io serious efforts we…

Gordhanram Bagtaram Devasi, Mumbai vs. I.T.O Ward 3(2), Kalyan

In the result, the appeal of the assessee is accordingly allowed for the statistical purposes

ITA 1649/MUM/2025[2010-11]Status: DisposedITAT Mumbai29 Apr 2025AY 2010-11

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2010-11 Gordhanram Bagtaram Devasi I.T.O. Ward (3)(2), Kalyan 226 Globle Market Opp Man Market 2Nd Floor, Rani Mansion, Sahara Shoppee Gas, Saboo Vs. Murbad Road, Siddique Road, Mumbai-400001 Mumbai-400601 Pan No. Arupd 6722 F Appellant Respondent

For Appellant: Mr. Bharat KumarFor Respondent: Mr. Akhtar Hussain Ansari, Sr. DR

Section 148Section 44Section 44ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI RAHUL CHAUDHARY (JUDICIAL MEMBER) Assessment Year: 2010-11 Gordhanram Bagtaram Devasi I.T.O. Ward (3)(2), Kalyan 226 Globle Market Opp Man Market 2nd Floor, Rani Mansion, Sahara Shoppee Gas, Saboo Vs. Murbad Road, Siddique Road, Mumbai-400001 Mumbai-400601 PAN NO. ARUPD 6722 F Appellant Respondent Assessee by : Mr. Bharat Kumar Revenue by : Mr. Akhtar Hussain Ansari, Sr. DR Date of Hearing : 24/04/2025 Date of pronouncement : 29/04/2025 ORDER PER OM PRAKASH KANT, AM This appeal by the assess…

Manoj Narandas Bha vs. Ar, Bhayandar West Thanevs.Income Tax Officer, Thane West

In the result, the appeal of the assessee is allowed for statistical purpose

ITA 2644/MUM/2023[2010-2011]Status: DisposedITAT Mumbai29 Apr 2025AY 2010-2011

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2010-11 Manoj Narandas Bhavsar, Ito, A-405, Mahavir Jyot, Station Road, Room No. 16, B Wing, 6Th Floor, Bhayandar West, Vs. Ashar It Park, Road No. 16Z, Maharashtra-401101. Midc, Thane West-401101. Pan No. Aczpb 2228 E Appellant Respondent Assessee By : Mr. Rahul Hakani Revenue By : Mr. Kiran Unavekar, Sr. Dr

For Appellant: Mr. Rahul HakaniFor Respondent: Mr. Kiran Unavekar, Sr. DR

Section 133(6)Section 148Section 271(1)(c)Section 69C

…ucting certain commission for providing accommodation entries. Accordingly, the Assessing Officer rejected the contention of the assessee. The Assessing Officer referred to the decision of Hon’ble Supreme Court in the case of M/s Kanchwala Gems v. JCIT (2006) 288 ITR 10 wherein it is held that payment by account payee cheque is not sufficient to establish the genuineness of the purchases. Accordingly, the Ld. Assessing Officer made the addition in respect of purchase entered in the books of accounts of Rs.28,46,488/- as unexplained expenditure in terms of section 69C of the Act observing as under: Manoj Narandas…

Virupaxappa Sidramappa Bembalgi, Belagavi vs. Income Tax Officer, Belgavu

ITA 11/PAN/2025[2017-18]Status: DisposedITAT Panaji08 Apr 2025AY 2017-18

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 011/Pan/2025 Assessment Year : 2017-18 M/S Virupakaxappa Sidramappa Bembalgi 580, Saraf Katta, Shahapur, Belgaum-590003. Pan : Aadfv3936F . . . . . . . Appellant

For Appellant: Mr A S Patil [‘Ld. AR’]For Respondent: Ms Rijjula Uniyal [‘Ld. DR’]

Section 143(2)Section 143(3)Section 250Section 44A

…IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI BENCH, PANAJI BEFORE HON’BLE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER AND SHRI G. D. PADMAHSHALI, ACCOUNTANT MEMBER ITA Nos. 011/PAN/2025 Assessment Year : 2017-18 M/s Virupakaxappa Sidramappa Bembalgi 580, Saraf Katta, Shahapur, Belgaum-590003. PAN : AADFV3936F . . . . . . . Appellant V/s Income Tax Officer, Ward-2, Belgaum. . . . . . . . Respondent Appearances Assessee by : Mr A S Patil [‘Ld. AR’] Revenue by : Ms Rijjula Uniyal [‘Ld. DR’] Date of conclusive Hearing : 03/04/2025 Date of Pronouncement : 08/04/2025 ORDER PER G. D. PADMAHSHALI; The captioned appe…

Satya Narayan, Bharatpur vs. ITO Ward 1, Bharatpur

In the result, the appeal of the assessee is allowed

ITA 1434/JPR/2024[2021-22]Status: DisposedITAT Jaipur01 Apr 2025AY 2021-22

Bench: SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member), SHRI NARINDER KUMAR, JM आयकर अपील सं. / ITA No. 1434/JP/2024 निर्धारण वर्ष / Assessment Year : 2021-22 Satya Narayan बनाम Income Tax Officer, Prop. M/s Shiv Charan Lal Satya Vs. Ward -1, Narayan, Navin Mandi Yard, Nadbai, Bharatpur Bharatpur स्थायीलेखा सं. / जीआईआर सं./PAN/GIR No.: AAPPN9055M अपीलार्थी / Appellant प्रत्यर्थी / Respondent निर्धारिती की ओर से / Assessee by: Sh. Ashish Khandelwal, CA राजस्व की ओर से/Revenue by: Sh. Anup Singh

For Appellant: Sh. Ashish Khandelwal, CAFor Respondent: Sh. Anup Singh, Addl. CIT

Section 142(1)Section 143(2)Section 143(3)Section 145(3)

…ase the exercise which the A.O. was bound to make under law has not been done. Reliance is placed on the following case laws wherein Hon’ble courts have explained the duty & powers of A.O., In case of estimation: - Supreme Court in Kanchwala Gems v JCIT 2007 288 ITR 10 (SC) - - In a best judgment assessment, there is always a certain degree of guess work but at the same time authorities should not act in an arbitrary manner and must take an effort to compute an honest and fair estimate of the income of the assessee. International Forest Co. v. CIT [1975] 101 ITR 721 (J & K). - Even if the ITO considered the mat…

Vasant Nivrutti Zimur, Thane vs. Income Tax Officer, WD-17(2)(4), Mumbai

In the result the appeal filed by the assessee is partly allowed and appeal of the revenue is dismissed

ITA 1693/MUM/2024[2017-18]Status: DisposedITAT Mumbai24 Feb 2025AY 2017-18

Bench: Hon’Ble Shri Sandeep Gosain & Shri Prabhash Shankarvs. Ito, Ward – 17(2)(4) Vasant Nivrutti Zimur, Room No. 112, 1St A 401, Osho Siddharth Floor, Kautilya Osho Dhara Residency, Bhavan, Bkc, Godrej Hill Road, Bandra Khandakpada, Kalyan West 421301. Pan/Gir No. Aagpz4209C (Applicant) (Respondent) Ito, Ward – 28(3)(1) Vs. Vasant Nivrutti Zimur, 316, 3Rd Floor, No.6, A 401, Osho Siddharth Vashi Rlw Stn Complex, Osho Dhara Residency, Vashi, Mumbai - 400703 Godrej Hill Road, Khandakpada, Kalyan West - 421301. Pan/Gir No. Aagpz4209C (Applicant) (Respondent)

Section 131Section 133(6)Section 144Section 147Section 148Section 250Section 69A

…een perversity of approach." c) Man Mohan Sadani vs. CIT 304 ITR 52 (MP- High court) "Entire sale proceeds of the assessee cannot be added to his income for assessing income from undisclosed sales; net profit rate has to be applied." d) Kachwala Gems vs. JCIT 288 ITR 10 (SC) "It is well settled that in a best judgment assessment there is always a certain degree of guesswork. No doubt the authorities concerned should try to make an honest and fair estimate of the income even in a best judgment assessment, and should not act totally arbitrarily.", A 16. Therefore, considering the entire facts and circumstances of t…

Meena Jewellers Extension Private Limited, Hyderabad vs. ACIT, Circle-5(1), Hyderabad

In the result, appeal filed by the assessee in ITA

ITA 385/HYD/2024[2017-18]Status: DisposedITAT Hyderabad10 Jan 2025AY 2017-18

Bench: Shri Vijay Pal Rao & Shri Manjunatha G.आ.अपी.सं /Ita No.328/Hyd/2024 To 330/Hyd/2024 & Ita 385/Hyd/2024 (निर्धारण वर्ा/Assessment Year: 2017-18 & 2018-19) M/S Meena Jewellers Vs. Acit, Circle-5(1) / Extension Private Limited Circle-16(2) Hyderabad Hyderabad [Pan :Aaicm3013G]

For Appellant: Shri P.Murali Mohan RaoFor Respondent: Shri M.Vijay Kumar, CIT-DR

Section 144Section 250Section 68Section 69A

…ssessee, but the assessee neither appeared nor filed any details. The Ld.CIT(A) also rejected the arguments of the assessee on the issue of rejection of books of accounts by following the decision of Hon’ble Supreme Court in the case of Katchwala Gems Vs.JCIT 288 ITR 10 (2007)(SC) and held that when the assessee has not furnished relevant evidences, the AO is left with no option but to resort to estimation of profit from the business and such estimation is based on the material available on record, which also involved certain degree of guess work. The Ld.CIT(A) had also upheld the additions made by the AO towards…

Meena Jewellers Extension Private Limited, Hyderabad vs. ACIT, Circle-5(1), Hyderabad

In the result, appeal filed by the assessee in ITA

ITA 330/HYD/2024[2018-19]Status: DisposedITAT Hyderabad10 Jan 2025AY 2018-19

Bench: Shri Vijay Pal Rao & Shri Manjunatha G.आ.अपी.सं /Ita No.328/Hyd/2024 To 330/Hyd/2024 & Ita 385/Hyd/2024 (निर्धारण वर्ा/Assessment Year: 2017-18 & 2018-19) M/S Meena Jewellers Vs. Acit, Circle-5(1) / Extension Private Limited Circle-16(2) Hyderabad Hyderabad [Pan :Aaicm3013G]

For Appellant: Shri P.Murali Mohan RaoFor Respondent: Shri M.Vijay Kumar, CIT-DR

Section 144Section 250Section 68Section 69A

…ssessee, but the assessee neither appeared nor filed any details. The Ld.CIT(A) also rejected the arguments of the assessee on the issue of rejection of books of accounts by following the decision of Hon’ble Supreme Court in the case of Katchwala Gems Vs.JCIT 288 ITR 10 (2007)(SC) and held that when the assessee has not furnished relevant evidences, the AO is left with no option but to resort to estimation of profit from the business and such estimation is based on the material available on record, which also involved certain degree of guess work. The Ld.CIT(A) had also upheld the additions made by the AO towards…

Meena Jewellers Extension Private Limited, Hyderabad vs. ACIT, Circle-16(2), Hyderabad

In the result, appeal filed by the assessee in ITA

ITA 329/HYD/2024[2017-18]Status: DisposedITAT Hyderabad10 Jan 2025AY 2017-18

Bench: Shri Vijay Pal Rao & Shri Manjunatha G.आ.अपी.सं /Ita No.328/Hyd/2024 To 330/Hyd/2024 & Ita 385/Hyd/2024 (निर्धारण वर्ा/Assessment Year: 2017-18 & 2018-19) M/S Meena Jewellers Vs. Acit, Circle-5(1) / Extension Private Limited Circle-16(2) Hyderabad Hyderabad [Pan :Aaicm3013G]

For Appellant: Shri P.Murali Mohan RaoFor Respondent: Shri M.Vijay Kumar, CIT-DR

Section 144Section 250Section 68Section 69A

…ssessee, but the assessee neither appeared nor filed any details. The Ld.CIT(A) also rejected the arguments of the assessee on the issue of rejection of books of accounts by following the decision of Hon’ble Supreme Court in the case of Katchwala Gems Vs.JCIT 288 ITR 10 (2007)(SC) and held that when the assessee has not furnished relevant evidences, the AO is left with no option but to resort to estimation of profit from the business and such estimation is based on the material available on record, which also involved certain degree of guess work. The Ld.CIT(A) had also upheld the additions made by the AO towards…

Meena Jewellers Extension Private Limited, Hyderabad vs. ACIT, Circle-16(2), Hyderabd

In the result, appeal filed by the assessee in ITA

ITA 328/HYD/2024[2017-18]Status: DisposedITAT Hyderabad10 Jan 2025AY 2017-18

Bench: Shri Vijay Pal Rao & Shri Manjunatha G.आ.अपी.सं /Ita No.328/Hyd/2024 To 330/Hyd/2024 & Ita 385/Hyd/2024 (निर्धारण वर्ा/Assessment Year: 2017-18 & 2018-19) M/S Meena Jewellers Vs. Acit, Circle-5(1) / Extension Private Limited Circle-16(2) Hyderabad Hyderabad [Pan :Aaicm3013G]

For Appellant: Shri P.Murali Mohan RaoFor Respondent: Shri M.Vijay Kumar, CIT-DR

Section 144Section 250Section 68Section 69A

…ssessee, but the assessee neither appeared nor filed any details. The Ld.CIT(A) also rejected the arguments of the assessee on the issue of rejection of books of accounts by following the decision of Hon’ble Supreme Court in the case of Katchwala Gems Vs.JCIT 288 ITR 10 (2007)(SC) and held that when the assessee has not furnished relevant evidences, the AO is left with no option but to resort to estimation of profit from the business and such estimation is based on the material available on record, which also involved certain degree of guess work. The Ld.CIT(A) had also upheld the additions made by the AO towards…