Malani Ramjivan Jagannath v. ACIT

SH. JAMBU KUMAR JAIN,KOTA vs. ITO, WARD-2(2), KOTA, KOTA

In the result, the appeal of the assesee is allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member)

…cularly the books of account have been accepted and the assessee has maintained proper and complete stock register and purchase registered. In this regard, the Bench rely upon the following decisions.  Malani Ramjivan Jagannath Vs. ACIT (2009) 316 ITR 120 / 207 CTR 19 (Raj.) (HC) In each trading account, only four entries were there of opening stock and purchases on debit side, sales and closing stock on credit side. The quantum and value of purchases and sales had not been in dispute in as much as they were held to be fully vouched. Value of opening stock also cannot be disputed as it came from closing stock o…

M/S R.G. COLONIZERS PVT. LTD. ,JAIPUR vs. DCIT, CIRCLE-3, JAIPUR

In the result, this appeal of the assessee stands allowed

Bench: Shri Sandeep Gosain, Jm & Shri Rathod Kamlesh Jayantbhai, Am Vk;Dj Vihy La-@Ita No. 136/Jp/2021 Fu/Kzkj.K O"Kz@Assessment Year :2014-15 M/S R.G. Colonizers Pvt. Ltd., Cuke D.C.I.T., 4, Tirupati Trade Centre, S.C. Vs. Circle-3, Road, Jaipur. Jaipur. Lfkk;H Ys[Kk La-@Thvkbzvkj La-@Pan/Gir No.: Aaacr 8269 D Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By : Shri P.C. Parwal (Ca) Jktlo Dh Vksj Ls@ Revenue By : Smt. Monisha Choudhary (Jcit) Lquokbz Dh Rkjh[K@ Date Of Hearing : 14/02/2022 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 04/04/2022 Vkns'K@ Order Per: Sandeep Gosain, J.M. This Is An Appeal Filed By The Assessee Against The Order Of Ld. National Faceless Appeal Centre (Nfac), Delhi Dated 06/08/2021 For The A.Y. 2014-15, Wherein Following Grounds Have Been Taken. “1. The Ld. Cit(A), Nfac Has Erred On Facts & In Law In Upholding The Rejection Of Books Of Account By Applying The Provisions Of Sec. 145(3). 2. The Ld. Cit(A), Nfac Has Erred On Facts & In Law In Upholding The Action Of Ao In Applying N.P. Rate Of 8% On Total Receipts Of Rs. 18,63,73,549/-, Thereby Computing The Business Income At Rs. 78,42,549/- (18,63,73,549*8%-70,67,877 Depreciation) As Against Net Loss Of Rs. 68,43,810/- Computed By The Assessee)

…ccounted for as WIP. Hence, invocation of section 145(3) is unjustified. In this regard, we draw strength from the decision of Hon’ble Jurisdictional High Court, as relied by the assessee, in the case of Malani Ramjivan Jagannath Vs. ACIT (2009) 316 ITR 120 / 207 CTR 19 (Raj.) (HC) wherein the Hon’ble Court has held as under: “In each trading account, only four entries were there of opening stock and purchases on debit side, sales and closing stock on credit side. The quantum and value of purchases and sales had not been in dispute in as much as they were held to be fully vouched. Value of opening stock also can…

M/S. G.B.IMPEX,JAIPUR vs. ITO, WARD-6(3), JAIPUR

In the result, the appeal of the assessee is dismissed

…One is to consider the other facts and circumstances of the case. For this reliance was placed on the following cases:- • Shankar Export Vs. ACIT 42 DTR 441 dt. 01.06.2010(Jpr.) • CIT Vs. Smt. Poonam Rani 41 DTR 194 (Del) • Malani Ramjivan Jagannath Vs. ACIT 207 CTR 19 (Raj.) 8 M/s G.B. Impex vs. ITO • CIT Vs Gotan Lime Khaniz Udhyog 256 ITR 243 (Raj.) 8. Per contra, the ld. DR relied on the finding of the lower authorities and our reference was drawn to the findings of the ld. CIT(A) which are contained at para 4.3 of his order which reads as under:- “4.2 I have considered the facts of the case, assessment or…

SWASTIK OIL INDUSTIRIES,TONK vs. DEPUTY COMMISSIONER OF INCOME TAX, JAIPUR

In the result, appeal of the assessee is allowed in part

…Mills Ltd. 192 ITR 565 (Raj) 5 ITA 1305/JP/2018_ M/s Swastik Oil Industries Vs DCIT (ii) Pr.CIT Vs Bhawani Silicate Industries (2015) 93 CCH 0419 (Raj). (iii) Prem Cables (P) Ltd. Vs. ACIY (1996) 54 TTJ 421 (JP) (iv) Malani Ramnivan Jagannath Vs ACIT (2009) 207 CTR 19 (Raj). Hence, the ld AR has submitted that the addition sustained by the ld. CIT(A) may be deleted. 5. On the other hand, the ld DR has submitted that the ld. CIT(A) has granted more reasonable relief to the assessee. Further it is undisputed fact that the yield of the assessee for the year under consideration is decreased in comparison to the pr…

M/S HARE RAMA HARE KRISHNA CORALS PVT. LTD.,JAIPUR vs. INCOME TAX OFFICER, WARD-6-2, JAIPUR

In the result, appeal of the assessee is dismissed

…ry of GP declared by the assessee, which is not in dispute is a good guidance and proper basis for such estimation. The ld. CIT (A) has referred and relied upon the decision of Hon’ble Jurisdictional High Court in case of Malani Ramjivan Jagannath vs. ACIT, 207 CTR 19 (Raj.) wherein the Hon’ble High Court has also held that the past history of GP is a proper basis of estimation of income. In the case in hand, though the average of the GP declared by the assessee in the preceding years is worked out 14.44% which is not disputed by the assessee, however, the AO has estimated the income by taking a reasonable GP…

SMT. NILAM JAIN,ALWAR vs. INCOME TAX OFFICER, WARD-2-1, ALWAR

In the result, we set-aside the matter to the

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Jh fot; iky jko] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA. No. 903/JP/2018 fu/kZkj.k o"kZ@Assessment Year : 2014-15 cuke Smt. Nilam Jain The ITO, Vs. Prop. M/s Gupta Flour & Oil Industries, Ward-2(1), H-13, New Anaj Mandi, Alwar. Alwar. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AEPPJ 3691 C vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri P.C. Parwal (C.A.) jktLo dh vksj ls@ Revenue…

ACIT, JAIPUR vs. NIRMAL GLASSTECH INDUSTRIES, JAIPUR

In the result, the revenue’s appeal is dismissed and the assessee’s

…on 145 is applicable should not be acriteria for making trading addition more particularly whenpurchases and sales are fully vouched and no discrepancies as such was found in the books of accounts maintained by the assessee. Malani Ramjivan Jagannath Vs. ACIT 207 CTR 19 (Raj.) It was held that in each trading account, only four entries were there of opening stock and purchases on debit side, sales and closing stock on credit side. The quantum and value of purchases and sales had not been in dispute in as much as they were held to be fully vouched. Value of opening stock also cannot be disputed as it came from clo…

ACIT, KOTA vs. HIMMATRAM JUHARMAL SARRAF, KOTA

In the result, the appeal of the Revenue in ITA No

…contrary, the ld. Counsel for the assessee supported the order of ld. CIT(A) and also placed reliance on the following case laws: (1) PCIT vs. Bhawani Silicate Industries (2016) 236 Taxman 596 (Raj.) (HC) (2) Malani Ramjivan Jagannath Vs. ACIT 316 ITR 120/207 CTR 19 (Raj. (3) CIT V. Gotan Lime Khaniz Udyog 256 ITR 243 (Raj.) (4) Pr. CIT Vs. Hues India Ltd. 2015-TIOL-2275 (RaJ.) dt. 30-07-2015 (5) ITO vs. Swastik Udyog 29 CCH 829 (Jaipur) (Trib.) 3 M/s Himmatram Juharmal Sarraf. (6) Prem Cables (P) Ltd. Vs. Asstt. CIT 56 ITD 382 (JP). (7) CIT Vs. Smt. Poonam Rani 326 ITR 223/41 DTR 194 (Del.) (2010) (8)…