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 148Section 144Section 145(3)Section 147Section 68Section 69ASection 69C
Read the full judgment

Issues it is cited on

best judgment assessmentrejection of books of accountsection 145(3)section 145loose paperssection 133asection 132(4)documents seizedaccommodation entryregular assessmentsection 69cservice of notice

Judgments citing Kachwala Gems v. JCIT

Income Tax Officer, Ward-7(2), Jaipur vs. Amar Pratap Steels Private Limited, Jaipur

ITA 173/JPR/2024[2010-11]Status: DisposedITAT Jaipur18 Dec 2024AY 2010-11

Bench: Him The Order Passed Under Section 143(3) R.W.S

For Appellant: Sh. Rohan Sogani, CAFor Respondent: Sh. Anup Singh, Addl. CIT
Section 143(3)Section 147Section 148Section 68

…he theory of payment by cheque and through banking channels does not make the transaction genuine. He further observed that ITAT, Jaipur in the case of M/s Kanchwala Gems vis JCIT, ITA No. 134/JP/02 dated 10.12.2003 and affirmed by Hon'ble Supreme Court in 288 ITR 10(SC) has held that even payment by account payee cheque is not sufficient to establish the genuineness of the transaction. Further, in CIT V/s Precision Finance Pvt. Ltd. 208 ITR 465 (Cal.), the Hon'ble Calcutta High Court has held that payment made by account payee cheque is not sacrosanct and it would not make an otherwise non genuine transac…

Deputy Commissioner of Income Tax, Central Circle-4, Jaipur vs. Sunder Das Sonkiya, Jaipur

In the result, both appeals of the revenue are dismissed

ITA 454/JPR/2024[2013-14]Status: DisposedITAT Jaipur09 Oct 2024AY 2013-14

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. S. R. Sharma, CA &For Respondent: Sh. Anup Singh, Addl.CIT
Section 143(1)Section 143(2)Section 143(3)Section 148

…Sh. Rajendra Jain in his statement in question no. 27. The payment by cheque does not make the transaction genuine. The Hon'ble ITAT, Jaipur in the case of M/s Kanchwala Gems v/s JCIT ITA No. 134/JP/02 dated 10-12-2003 and affirmed by Hon'ble Supreme Court in 288 ITR 10 (SC) has held that even payment by account payee cheque is not sufficient to establish the genuineness of the Purchase. 4. Since, the expenditure has been claimed by the assessee and primary facts are in his knowledge, it is the primary onus on the assessee to prove that the purchases claimed by it are in his knowledge, it is the primary onus on…

Gemco International, Jaipur vs. Income Tax Officer Ward 2(1), Jaipur

In the result, the appeal filed by the assessee stands partly allowed with no order as to cost

ITA 410/JPR/2024[2012-13]Status: DisposedITAT Jaipur04 Oct 2024AY 2012-13

Bench: SHRI SANDEEP GOSAIN (Judicial Member)

For Appellant: Shri Vivek Bhargava, CAFor Respondent: Shri Gautam Singh Choudhary,JCIT-DR
Section 143(3)Section 147Section 148Section 153ASection 153C

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, ‘’SMC” JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ds le{k BEFORE: Hon’ble SHRI SANDEEP GOSAIN, JUDICIAL MEMBER vk;dj vihy la-@ITA No. 410/JP/2024 fu/kZkj.k o"kZ@Assessment Year : 2012-13 M/s. Gemco International cuke The ITO Vs. 3950, Lal Haweli, MSB Ka Rasta Ward 2(1) Johari Bazar, Jaipur 302 003 Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAJFG 9238 R vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@Assessee by : Shri Vivek Bhargava, CA jktLo dh vksj ls@Revenue by: Shri Gautam Singh Choudhary,JCIT-DR…

Padmavati Agrico (India) Pvt Ltd, Ajmer vs. ACIT Circle - 1, Ajmer

In the result, the appeal of the assessee is allowed

ITA 702/JPR/2023[2010-11]Status: DisposedITAT Jaipur05 Sept 2024AY 2010-11

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. Tarun Mittal (CA)For Respondent: Sh. Anoop Singh (Addl. CIT)
Section 143Section 147

…enable and acceptable on the following grounds : “A. The payment by cheque does not make the transaction genuine. The Hon’ble ITAT, Jaipur, in the case of M/s Kanchwala Gems vs. JCIT, ITA No. 134/JP/02 dated 10.12.200 and affirmed by Hon’ble Supreme Court in 288 ITR 10 (SC) has held that even payment by account payee cheque is not sufficient to establish the genuineness of the transaction. B. The contentions of the assessee that in the statement of Praveen Kumar Jain and group, the name of assessee company does not appear, is also not relevant to the material fact that in the statements he had described the mod…

ITO-26(1)(1), Mumbai vs. Ravi Realtors, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 3796/MUM/2023[2011-12]Status: DisposedITAT Mumbai03 Sept 2024AY 2011-12

Bench: Shri Narendra Kumar Billaiya & Shri Sandeep Singh Karhailassessment Year : 2011-12

For Appellant: Smt Mahita Nair (Sr. DR)For Respondent: Shri Dharan Gandhi
Section 14Section 143(3)Section 147Section 148Section 250Section 4

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D”, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER & SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER Assessment Year : 2011-12 ITO Ward 26(1)(1), Ravi Realtors, 19A, 2nd Floor, Vatsa House, Mumbai Janmabhoomi Marg, Vs. Fort, Mumbai 400 001. PAN AAEFR0239C (Appellant) (Respondent) Appellant By : Smt Mahita Nair (Sr. DR) Respondent By : Shri Dharan Gandhi Date of Hearing : 14.08.2024 Date of Pronouncement : 03.09.2024 O R D E R Per Sandeep Singh Karhail, Judicial Member: 1. The present appeal has been filed by the assessee challenging the impugne…

Abhishek Khandelwal, Ajmer vs. ITO WD-2(2), Ajmer

ITA 582/JPR/2024[2017-18]Status: DisposedITAT Jaipur02 Sept 2024AY 2017-18
For Respondent: Sh. Sunil Porwal, CA (Th. V.C.)
Section 143(3)Section 145(3)Section 69A

…a situation the authorities would be justified to reject the account books under section 145(2) and to make the assessment in the mariner contemplated in these provisions. 3.15. Further, the Hon'ble Supreme Court in the case of Kachwala Gems Vis. JCIT, Jaipur 288 ITR 10 (SC) held the rejection of books of accounts under Section 145 is justified. 16 The appellant himself is to be blamed that he did not submit proper accounts and therefore, there was no arbitrariness on AO's part to reject the books of accounts based on the discrepancies described in detail in the body of the assessment order. 3.17. In view of the…

Dilip Kumar Bhimraj Mehta, Mumbai vs. Income Tax Officer, Mumbai

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

ITA 734/MUM/2024[2011-12]Status: DisposedITAT Mumbai08 Aug 2024AY 2011-12

Bench: Ms. Kavitha Rajagopal & Shri Girish Agrawalassessment Year: 2011-12

For Appellant: Shri R.S. Sharma, CAFor Respondent: Smt. Mahita Nair, Sr. DR
Section 144Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2011-12 Dilip Kumar Bhimraj Mehta, Income Tax Officer, 47, Old Sonawala Building, Ward- 19(1)(4), Vs. C.P. Tank Road, Charni Road, Mumbai Mumbai 400 004 (PAN : AAHPM1480H) (Appellant) (Respondent) Assessment Year: 2011-12 Income Tax Officer, Dilip Kumar Bhimraj Mehta, 47, Old Sonawala Building, Ward- 19(1)(4), Vs. C.P. Tank Road, Charni Mumbai Road, Mumbai 400 004 (PAN : AAHPM1480H) (Appellant) (Respondent) Present for: Assessee : Shri R.S. Sharma, CA…

Income Tax Officer, Piramal Chamber Mumbai vs. Dilipkumar Bhimraj Mehta, Mumbai

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

ITA 715/MUM/2024[2011-12]Status: DisposedITAT Mumbai08 Aug 2024AY 2011-12

Bench: Ms. Kavitha Rajagopal & Shri Girish Agrawalassessment Year: 2011-12

For Appellant: Shri R.S. Sharma, CAFor Respondent: Smt. Mahita Nair, Sr. DR
Section 144Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2011-12 Dilip Kumar Bhimraj Mehta, Income Tax Officer, 47, Old Sonawala Building, Ward- 19(1)(4), Vs. C.P. Tank Road, Charni Road, Mumbai Mumbai 400 004 (PAN : AAHPM1480H) (Appellant) (Respondent) Assessment Year: 2011-12 Income Tax Officer, Dilip Kumar Bhimraj Mehta, 47, Old Sonawala Building, Ward- 19(1)(4), Vs. C.P. Tank Road, Charni Mumbai Road, Mumbai 400 004 (PAN : AAHPM1480H) (Appellant) (Respondent) Present for: Assessee : Shri R.S. Sharma, CA…

Shreyas Wines, Aurnagabad - Maharashtra vs. AO, Aurangabad

Appeals of the assessee are partly ALLOWED

ITA 891/PUN/2024[2017-18]Status: DisposedITAT Pune06 Aug 2024AY 2017-18

Bench: Hon’Ble Shri G. D. Padmahshali & Shri Vinay Bhamore

For Appellant: Mr Shivam Jaiswal [‘Ld. AR’]For Respondent: Mr Umesh Phade [‘Ld. DR’]
Section 142(1)Section 143(3)Section 145(3)Section 250Section 253(1)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘SMC’ BENCH PUNE BEFORE HON’BLE SHRI G. D. PADMAHSHALI, ACCOUNTANT MEMBER AND SHRI VINAY BHAMORE, JUDICIAL MEMBER ITA No. 890 & 891/PUN/2024 Assessment Year : 2016-17 & 2017-18 M/s Shreyas Wines, At Post Nachanwell, Tq.: Kannad, Aurangabad-431101. PAN: ABCFS3729H. . . . . . . . Appellant V/s The Income Tax Officer, Ward-1(4), Aurangabad. . . . . . . . Respondent Appearances Assessee by : Mr Shivam Jaiswal [‘Ld. AR’] Revenue by : Mr Umesh Phade [‘Ld. DR’] Date of conclusive Hearing : 01/08/2024 Date of Pronouncement : 06/08/2024 ORDER PER G. D. PADMAHSHALI, AM; These twin ap…

Shreyas Wines, Aurangabad vs. Assessing Officer, Aurangabad

Appeals of the assessee are partly ALLOWED

ITA 890/PUN/2024[2016-17]Status: DisposedITAT Pune06 Aug 2024AY 2016-17

Bench: Hon’Ble Shri G. D. Padmahshali & Shri Vinay Bhamore

For Appellant: Mr Shivam Jaiswal [‘Ld. AR’]For Respondent: Mr Umesh Phade [‘Ld. DR’]
Section 142(1)Section 143(3)Section 145(3)Section 250Section 253(1)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘SMC’ BENCH PUNE BEFORE HON’BLE SHRI G. D. PADMAHSHALI, ACCOUNTANT MEMBER AND SHRI VINAY BHAMORE, JUDICIAL MEMBER ITA No. 890 & 891/PUN/2024 Assessment Year : 2016-17 & 2017-18 M/s Shreyas Wines, At Post Nachanwell, Tq.: Kannad, Aurangabad-431101. PAN: ABCFS3729H. . . . . . . . Appellant V/s The Income Tax Officer, Ward-1(4), Aurangabad. . . . . . . . Respondent Appearances Assessee by : Mr Shivam Jaiswal [‘Ld. AR’] Revenue by : Mr Umesh Phade [‘Ld. DR’] Date of conclusive Hearing : 01/08/2024 Date of Pronouncement : 06/08/2024 ORDER PER G. D. PADMAHSHALI, AM; These twin ap…

Ashish Enterprises, Mumbai vs. Commissioner of Income-Tax (Appeals), Delhi

In the result, the appeal filed by the assessee, stands allowed for statistical purposes

ITA 1630/MUM/2024[2011-2012]Status: DisposedITAT Mumbai31 Jul 2024AY 2011-2012

Bench: Shri Narender Kumar Choudhry & Shri Omkareshwar Chidaraassessment Year: 2011-12

For Appellant: Shri Sameer Dalal, A.R. &For Respondent: Shri Manoj Kumar Sinha, Sr. DR
Section 133(6)Section 142(2)Section 143(1)Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “A”, MUMBAI BEFORE SHRI NARENDER KUMAR CHOUDHRY, JUDICIAL MEMBER AND SHRI OMKARESHWAR CHIDARA, ACCOUNTANT MEMBER Assessment Year: 2011-12 M/s. Ashish Enterprises, Commissioner of Shop No.4, Dheeraj Garden CHS Income Tax (Appeals) Ltd., Off Mahakali Caves Road, Vs. National Faceless Appeal Andheri East, Centre, Maharashtra- 400 093 Delhi – 110 001 PAN: AALFA4724G (Appellant) (Respondent) Present for: Assessee by : Shri Sameer Dalal, A.R. & Ms. Mitali Parekh (Amicus Curiae)& Revenue by : Shri Manoj Kumar Sinha, Sr. DR. Date of Hearing : 02 . 07 . 2024 Date o…

Dinesh Haldia, Jaipur vs. DCIT Circle 1, Jaipur

In the result, the appeal of the assessee is partly allowed

ITA 384/JPR/2024[2007-08]Status: DisposedITAT Jaipur30 Jul 2024AY 2007-08

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. Dheeraj Borad, CAFor Respondent: Sh. Arvind Kumar, CIT
Section 132(1)Section 133ASection 139(1)Section 153ASection 260ASection 69C

…of account are defective and theprovisions of section 145(3) are clearly and admittedly applicable. In this regard following case laws are relied upon: - " Kachwala Gems Vs. JCIT Tax World, Feb 2004 Pages 77 ITAT Jaipur and confirmed by Apex Court reported in 288 ITR 10 (SC) wherein it is held that: - A. Payment made by account payee cheques are not sufficient to establish genuineness of purchases. 19 Dinesh Haldia vs. DCIT B. Registration under Sales tax Act does not give conclusion that purchases from such parties were genuine. " CIT Vs. Golcha Properties P. Itd. 227 ITR 391 (Raj.) " CIT Vs. La Medica 250 IT…

Milan Manubhai Sheth, Ghatkopar West vs. Income Tax Officer, Circle 27(2), Mumbai, It Office, Vashi Railway Station Building

In the result, the appeal is dismissed

ITA 263/MUM/2024[2009-10]Status: DisposedITAT Mumbai26 Jul 2024AY 2009-10

Bench: Shri Amit Shukla & Ratnesh Nandan Sahayassessment Year: 2009-10 Milan Manubhai Sheth Income Tax Officer, Shop No.1, Circle 27(2) Patanwala Compound, It Office, Vs. Next To Fitness Club, Vashi Railway Station Lbs Marg, Building, Maharashtra- 400086. Navi Mumbai. Pan: Aamps3459B (Appellant) (Respondent) Present For : Assessee By : None Revenue By : Ms. Kakoli Ghosh, Sr. D.R.

For Appellant: NoneFor Respondent: Ms. Kakoli Ghosh, SR. D.R
Section 133(6)Section 250

…es. Support is drawn from the decision of the 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. As stated above, no contemporaneous record establishing the receipt of goods purported to have been purchased from the aforementioned party have been produced by the assessee. Further, as is evident from the Audit Report ac…

Prem Prasad, Malda vs. ITO, Ward-3(2), Malda

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

ITA 12/KOL/2024[2017-18]Status: DisposedITAT Kolkata23 Jul 2024AY 2017-18

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2017-18

For Appellant: Shri Miraj D. Shah, ARFor Respondent: Shri P. P. Barman, Addl. CIT, Sr. DR
Section 143Section 143(3)Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH KOLKATA BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI RAKESH MISHRA, ACCOUNTANT MEMBER Assessment Year: 2017-18 Prem Prasad Income Tax Officer, Ward-3(2), Tulshihatta, PS. Harischan- Malda Vs. drapur, Malda, West Bengal – 732140. (PAN: APNPP7328E) (Appellant) (Respondent) Present for: Appellant by : Shri Miraj D. Shah, AR Respondent by : Shri P. P. Barman, Addl. CIT, Sr. DR Date of Hearing : 01.05.2024 Date of Pronouncement : 23.07.2024 O R D E R PER RAKESH MISHRA, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the order of the Ld. Commissioner…

Masudan Tanti, Bhagalpur vs. CIT, NFAC, Delhi

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

ITA 29/PAT/2023[2013-14]Status: DisposedITAT Patna22 Jul 2024AY 2013-14

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2013-14

For Appellant: Shri R. N. Bedi, CAFor Respondent: Dr. Lalita Kumari, Sr. DR
Section 142(1)Section 147Section 148Section 250Section 44

…IN THE INCOME TAX APPELLATE TRIBUNAL “PATNA” BENCH VIRTUAL HEARING AT KOLKATA BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI RAKESH MISHRA, ACCOUNTANT MEMBER Assessment Year: 2013-14 Masudan Tanti Assessing Officer, Jagdishpur, Bhagalpur, Bihar- Vs NFAC, Delhi 813105. (PAN: AKWPT0290R) (Appellant) (Respondent) Present for: Appellant by : Shri R. N. Bedi, CA Respondent by : Dr. Lalita Kumari, Sr. DR Date of Hearing : 02.07.2024 Date of Pronouncement : 22.07.2024 O R D E R PER RAKESH MISHRA, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the order of the Ld. CIT(A), National Faceless Appeal…

Rajgir Gems LLP, Mumbai vs. Assistant Commissioner of Income Tax, Circle 23(3), Mumbai

In the result, the appeal is allowed

ITA 4033/MUM/2023[2017-18]Status: DisposedITAT Mumbai13 May 2024AY 2017-18

Bench: Narendra Kumar Billaiya, Am & Shri Sunil Kumar Singh, Jm Assistant Commissioner Of Income Tax, Rajgir Gems Llp, Circle 23(3), Ew-5190, 104, 1St Floor, Bharat Diamond Bourse, Vs. Bandra East, Matru Mandir, 400051 Tardeo Road, Mumbai 400007 (Appellant) (Respondent) Pan No. Aasfr9480R Assessee By : Ms. Vasanti B.Patel (Ar) Revenue By : Smt. Mahima Nair- (Sr. Dr) Date Of Hearing: 24.04.2024 Date Of Pronouncement : 13.05.2024

For Appellant: Ms. Vasanti B.Patel (AR)For Respondent: Smt. Mahima Nair- (SR. DR)
Section 142Section 143(3)Section 145(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE NARENDRA KUMAR BILLAIYA, AM AND SHRI SUNIL KUMAR SINGH, JM Assistant Commissioner of Income Tax, Rajgir Gems LLP, Circle 23(3), EW-5190, 104, 1st Floor, Bharat Diamond Bourse, Vs. Bandra East, Matru Mandir, 400051 Tardeo Road, Mumbai 400007 (Appellant) (Respondent) PAN No. AASFR9480R Assessee by : Ms. Vasanti B.Patel (AR) Revenue by : Smt. Mahima Nair- (SR. DR) Date of hearing: 24.04.2024 Date of pronouncement : 13.05.2024 O R D E R PER SUNIL KUMAR SINGH, JM: 1. This appeal has been preferred against the impugned order dated 8th September, 2023 passe…

Ravikumar Kamleshbhai Shah, Ahmedabad vs. The Income Tax Officer, Ward -5(2)(1), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 497/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad03 Apr 2024AY 2017-18

Bench: SHRI WASEEM AHMED (Accountant Member), MS. MADHUMITA ROY (Judicial Member)

For Appellant: Shri M. S. Chhajed, A.RFor Respondent: Shri C. Dharninath V. S., Sr. D.R
Section 115BSection 133(6)Section 145Section 68

…s of accounts have been rejected, the only resort available to the revenue is to determine the income of the assessee in the manner provided under section 144 of the Act to the best of the judgment. The Hon'ble Supreme Court in Kachwala Gems v. Jt. CIT [2007] 288 ITR 10/158 Taxman 71 held that rejection of books of account under section 145 justified and best judgment assessment under section 144 of the Act needed. 10.1 The Hon'ble Bombay High Court in Bastiram Narayandas v. CIT [1994] 210 ITR 438/74 Taxman 454 held that rejection of books of account justified under section 145 and best judgment assessment under…

Shri.Prakash R. Nair, Kollam vs. DCIT, Kollam

In the result, the assessee’s appeal is partly allowed for statistical purposes

ITA 141/COCH/2021[2000-2001]Status: DisposedITAT Cochin17 Jan 2024AY 2000-2001

Bench: Shri Sanjay Arora & Shri Manomohan Dasprakash R. Nair Dy.Cit, Central Circle Prop. Dhanya Foods Kollam Kochuppilammoodu Vs. Kollam 691001 [Pan:Abfpn4424P] (Appellant) (Respondent)

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Smt. J.M. Jamuna Devi, Sr. D.R
Section 143(1)Section 148(1)Section 271(1)(c)Section 274Section 80Section 801A(9)Section 80HSection 80I

…(direct) cost, incurred on an average, is thus apposite. Estimation is integral to assessment and, therefore, cannot be impugned on that basis. Case law in the matter is legion, and toward which we may, for authority, advert to Kachwala Gems v. Jt. CIT [2007] 288 ITR 10 (SC) and CIT v. Hotel Samrat [2010] 323 ITR 353 (Ker). Real income, subject to the provisions of the Act, is liable to be taxed (Southern Technologies Ltd. v. Jt.CIT [2010] 320 ITR 577 (SC)). The only aspect to be therefore examined is if the adjustment is reasonable, consistent with the facts and circumstances of the case. How could an assessment…

Shrifal Impex Private Limited, Surat vs. Income Tax Officer, Ward - 2(1)(3), Surat

ITA 250/SRT/2023[2014-15]Status: DisposedITAT Surat29 Dec 2023AY 2014-15

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.190 To 191/Srt/2023 Assessment Year: (2011-12 To 2012-13) (Physical Hearing) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent) आयकर अपील सं./Ita No.250/Srt/2023 Assessment Year: (2014-15) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent)

Section 143(3)Section 148

…appropriate that the same requires to be enhanced. It is high. In any case, it cannot be said that there has been perversity of approach.” Even in case of best judgment assessment, a honest and fair estimate of income should be made e) 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.” In absence of contrary evidences, disallowance of purchase cannot be m…

Shrifal Impex Pvt. Ltd., Surat vs. Income Tax Officer, Ward - 2(1)(3), Surat

ITA 191/SRT/2023[2012-13]Status: DisposedITAT Surat29 Dec 2023AY 2012-13

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.190 To 191/Srt/2023 Assessment Year: (2011-12 To 2012-13) (Physical Hearing) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent) आयकर अपील सं./Ita No.250/Srt/2023 Assessment Year: (2014-15) Shrifal Impex Private Limited, Vs. The Ito, No.504, 5Th Floor, H. No.6/B/1739- Ward-2(1)(3), 1380, Parshwa Complex Thoba Sheri, Surat Mahidharpura, Surat – 395003. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaocs4409E (Appellant) (Respondent)

Section 143(3)Section 148

…appropriate that the same requires to be enhanced. It is high. In any case, it cannot be said that there has been perversity of approach.” Even in case of best judgment assessment, a honest and fair estimate of income should be made e) 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.” In absence of contrary evidences, disallowance of purchase cannot be m…