Kansara Bearings Pvt. Ltd. v. ACIT

Sanjay Kumar Karnani, Jaipur vs. ACIT, Central Circle-3, Jaipur

In the result, all appeals of the assessee are disposed off in terms of

Bench: AO on 12-04-2021 18. Reply filed before AO on 15-07-2021 19. Additional Written Submissions filed before CIT(A) for AY 2014-15 on 11-11-2024 20. Written Submissions filed before CIT(A) for AY 2014-15 21. Written Submissions filed before CIT(A) for AY 2015-16 on 10-10-2024 22. Written Submissions filed before CIT(A) for AY 2016-17 on 10-10-2024 23. Written Submissions filed before CIT(A) for AY 2017-18 on 15-10-2024 24. Written Submissions filed before CIT(A) for AY 2018-19 on 15-10-2024 25.

…ation. In CIT v. Popular Electric Co. Pvt. Ltd. (1993) 203 ITR 630 (Cal), the court affirmed that past performance should significantly influence income estimation. Additionally, in MA Rauf v. CIT (1958) 33 ITR 843 (Pat) and Kansara Bearing Pvt. Ltd. v. ACIT (270 ITR 235, Raj), the courts reiterated the importance of considering historical data in assessments. Shri Ambika Garments vs. ACIT 9.4 In the current scenario, the assessee declared sales amounting to Rs 6,98 Crores, which marks a substantial increase compared to Rs-6.47 Crores in the FY 2014-15 and Rs.4.74 Crores in FY 2013-14. Despite this growth, the…

Sanjay Kumar Karnani, Jaipur vs. ACIT, Central Circle-3, Jaipur

In the result, all appeals of the assessee are disposed off in terms of

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…ation. In CIT v. Popular Electric Co. Pvt. Ltd. (1993) 203 ITR 630 (Cal), the court affirmed that past performance should significantly influence income estimation. Additionally, in MA Rauf v. CIT (1958) 33 ITR 843 (Pat) and Kansara Bearing Pvt. Ltd. v. ACIT (270 ITR 235, Raj), the courts reiterated the importance of considering historical data in assessments. Shri Ambika Garments vs. ACIT 9.4 In the current scenario, the assessee declared sales amounting to Rs 6,98 Crores, which marks a substantial increase compared to Rs-6.47 Crores in the FY 2014-15 and Rs.4.74 Crores in FY 2013-14. Despite this growth, the…

Shri Ambica Garments, Jodhpur vs. ACIT, Central Circle-3, Jaipur

In the result, all appeals of the assessee are disposed off in terms of

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

…ation. In CIT v. Popular Electric Co. Pvt. Ltd. (1993) 203 ITR 630 (Cal), the court affirmed that past performance should significantly influence income estimation. Additionally, in MA Rauf v. CIT (1958) 33 ITR 843 (Pat) and Kansara Bearing Pvt. Ltd. v. ACIT (270 ITR 235, Raj), the courts reiterated the importance of considering historical data in assessments. Shri Ambika Garments vs. ACIT 9.4 In the current scenario, the assessee declared sales amounting to Rs 6,98 Crores, which marks a substantial increase compared to Rs-6.47 Crores in the FY 2014-15 and Rs.4.74 Crores in FY 2013-14. Despite this growth, the…

Shri Ambica Garments, Jodhpur vs. ACIT, Cental Circle-3, Jaipur, Jodhpur

In the result, all appeals of the assessee are disposed off in terms of

…ation. In CIT v. Popular Electric Co. Pvt. Ltd. (1993) 203 ITR 630 (Cal), the court affirmed that past performance should significantly influence income estimation. Additionally, in MA Rauf v. CIT (1958) 33 ITR 843 (Pat) and Kansara Bearing Pvt. Ltd. v. ACIT (270 ITR 235, Raj), the courts reiterated the importance of considering historical data in assessments. Shri Ambika Garments vs. ACIT 9.4 In the current scenario, the assessee declared sales amounting to Rs 6,98 Crores, which marks a substantial increase compared to Rs-6.47 Crores in the FY 2014-15 and Rs.4.74 Crores in FY 2013-14. Despite this growth, the…

Shri Ambica Garments, Jodhpur vs. ACIT, Cental Circle-3, Jaipur

In the result, all appeals of the assessee are disposed off in terms of

…ation. In CIT v. Popular Electric Co. Pvt. Ltd. (1993) 203 ITR 630 (Cal), the court affirmed that past performance should significantly influence income estimation. Additionally, in MA Rauf v. CIT (1958) 33 ITR 843 (Pat) and Kansara Bearing Pvt. Ltd. v. ACIT (270 ITR 235, Raj), the courts reiterated the importance of considering historical data in assessments. Shri Ambika Garments vs. ACIT 9.4 In the current scenario, the assessee declared sales amounting to Rs 6,98 Crores, which marks a substantial increase compared to Rs-6.47 Crores in the FY 2014-15 and Rs.4.74 Crores in FY 2013-14. Despite this growth, the…

Jewels Emporium A Legacy, Jaipur vs. ACIT, CC-1, Jaipur

In the result, the appeal of the assessee stands allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A” JAIPUR Mk0 ,l- lhrky{eh] U;kf;d lnL; ,oa Jh jkBkSM+ deys'k t;UrHkkbZ] ys[kk lnL; ds le{k BEFORE: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. No. 1215/JPR/2024 fu/kZkj.k o"kZ@Assessment Years : 2009-10 Jewels Emporium A Legacy cuke The ACIT, D-7, MI Road, Vs. Central Circle-1, Jaipur. Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AABFJ1456A vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Tarun Mittal, C.A. jktLo dh vksj ls@ Revenue by :…

Deputy Commissioner of Income Tax, Central Circle-3, Jaipur vs. Naresh Kumar Gupta, Sriganganagar

In the results the appeal of the revenue stands dismissed and the

Bench: Him The Order Passed Under Section 143(3) Of The Income Tax Act, [ For Short “Act” ] By The Acit, Circle, Sri Ganganagar [

…e surrendered income is called for on the issue. The appellant has relied upon the following judgements in this regard:- • CIT Vs. Gotan Lime Khaniz Udyog 256 ITR 243(Raj) • Malani Ramjivan JagannathVs. ACIT 207 CTR (Raj.)19 • Kansara Bearings P. Ltd Vs. ACIT 270 ITR 235 (Raj) • CIT Vs. Inani Marbles Pvt Ltd. 316 ITR 125 (Raj.) (HC) • CIT Vs. Sh. Sindhuja Foods Pvt. Ltd. (2008) 16 DTR 278 dt. 24.10.2008(Raj.) (HC) • CIT Vs. Vaibhav Gems Ltd. (2014) 112 DTR 84 dt. 21.08.2014 (Raj) • DCIT Vs. M/s Gems Paradise ITA No.747/JP/12 order dt. 26.12.2017 Considering the facts and circumstances of the case, there is merit…

Laxmikant Tak, Panchsheel Ajmer vs. DCIT Circle -2 Ajmer, Jaipur Road Ajmer

In the result, appeal of the assessee is partly allowed

…/2012 Shri Anuj Kr. Varshney Vs ITO & Ors Revenue Authorities CIT vs. Inani Marbles Pvt. Ltd. 316 ITR 125(Raj) Wherein it has been held that preceding year’s results constitute a good basis for working out the gross profit Kansara Bearings Pvt. Ltd. Vs ACIT 270 ITR 235 (Raj HC) lump sum trading addition has been confirmed by the ITAT. Shri Sindhuja Foods Pvt. Ltd. 16 DTR 278 (Raj) has held that where the assessee’s books of account are rejected as it has shown bogus purchases but gross sale figure is not disturbed and the CIT (A) and Tribunal applied G.P. rate of last year for making the best judgment assessme…

ACIT, Central Circle-3, Jaipur vs. M/S. Lakhi Gems, Jaipur

In the result, ground of appeal taken by the Revenue as well as that of the assessee is hereby dismissed

…r dt. 26.12.2017) • CIT Vs. Vaibhav Gems Ltd. (2014) 112 DTR 84 dt. 21.08.2014 (Raj) • CIT Vs. Sh. Sindhuja Foods Pvt. Ltd. (2008) 16 DTR 278 dt.24.10.2008 (Raj.) (HC) • CIT Vs. Inani Marbles Pvt Ltd. 316 ITR 125 (Raj.) (HC) • Kansara Bearings P. Ltd Vs. ACIT 270 ITR 235 (Raj) • Malani Ramjivan Jagannath Vs. ACIT 207 CTR (Raj.)19: It was held that:- • CIT Vs. Gotan Lime Khaniz Udyog 256 ITR 243(Raj) 6 ITA No. 1306/JP/2019 & CO No. 04/JP/2020 ACIT, Jaipur Vs. M/s Lakhi Gems, Jaipur In view of the above the trading addition of Rs. 7,02,120/- made by the AO is uncalled for and has been rightly deleted by the ld CI…

Shri Habib Khan, Jaipur vs. Principal Commissioner of Income Tax, Jaipur-1, Jaipur

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

…nce for the best judgment of estimation of income. It is settled position of law as held by the Hon’ble Jurisdictional High Court in the case of CIT vs. Inani Marbles Pvt. Ltd., 316 ITR 125 (Raj.) as well as in the case of Kansara Bearings Pvt. Ltd. vs. ACIT, 270 ITR 235 (Raj.) that the GP rate declared and accepted in the earlier years can be a reasonable and proper basis for estimation of income of the assessee. Accordingly, the average GP declared by the assessee which has attained the finality shall be the proper and reasonable basis for estimation of income of the assessee. Accordingly, in the facts and circ…

Shankar Jhalani, Jaipur vs. ITO, Jaipur

In the result, appeal of the assessee is dismissed

Bench: The Itat By Taking Following

…on’ble High Court held that as the G.P. rate of 2.51% was applied in A.Y. 99-00 & that having been upheld by the Tribunal, the order of the Tribunal for A.Y. 00- 01 was justified. ITA 1053/JP/2016_ 16 Shankar Jhalani Vs. ITO Kansara Bearings P. Ltd Vs. ACIT 270 ITR 235 (Raj) dt. 01.05.2003 It was held that the last year’s profits declared by assessee is the best guide for application of profit rate and when the GP shown in the last year was better and AO has not given any comparable case for higher GP then his action to make the trading addition cannot be approved. CIT vs. Babulal Agarwal (2014) 97 DTR (Raj)…

Mukesh Kumar Meena, Jaipur vs. ITO, Jaipur

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

…ffairs of the articles consumed or produced, the action of rejection of Books of account ;s just. Here, the assessee even does not maintain the stock register. 3.4 Now coming to estimation of gross profit, in the cases of Kansara Bearings Pvt. Ltd. vs. ACIT (270 ITR 235)(Raj) and Ajay Goyal vs. ITO (99 TTJ 164) it has been held that Past year profit declared by the assessee is the best guide for application of GP/ NP rate. As mentioned above in just preceding year the assessee had declared gross profits @ 19.41% on sales of Rs. 1,36,26,368/-. Even those gross profits have not been subjected to scrutiny u/s 143(3…

Inder Kumar Gupta, Jaipur vs. ITO, Ward 4-2, Jaipur

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

…e GP was on the higher side and the sales also have increased with higher margin. In this connection, kind attention of the Hon’ble Bench is invited to the judgment of Hon’ble Rajasthan High Court in the case of Kansara Bearings Pvt. Ltd. vs. ACIT reported in 270 ITR 235 wherein it has been held that for the purpose of making the trading addition the best guide is the past history of the assessee. In the present case, since the assessee has already declared much better results as compared to the preceding year, therefore, no further trading addition could have been made. The Ld. AO had disturbed the trading resul…

Janta Construction Co., Jaipur vs. ITO, Jaipur

In the result, the appeal of the assessee is allowed

Bench: The Itat By Taking Following Grounds Of Appeal:

…ess and such NP rate is never possible to be achieved and such additions are not realistic. He also relied on the following decisions: 84 TTJ 693 ITO Vs. Chohtan Construction Co. (Jd.) 5th March, (i) 2004. (ii) Kansara Bearings Pvt. Ltd. vs. ACIT reported in 270 ITR 235 (iii) Collector Ram SharmaVs. DCIT [ITAT (JPR) in ITA no. 771/Jp/2012 (iv) Prashant Oil mill Vs. ITO [72 Taxmann.com 136 (Guj)] (v) 99 TTJ 164 Ajay Goyal Vs. ITO (Jd.) (vi) 5 ITR 170 (PC) CIT V/s Laxminarain Badridas (vii) 60 ITR 239 (SC) State of Kerala V/s Velukutty ITA 861/JP/2014_ 6 Janta Construction Co. Vs ITO (viii) 115 ITR 524 (SC)…