N.K. Industries Ltd. v. DCIT

72 Taxmann.com 289High Court2016#812 most cited

What is N.K. Industries Ltd. v. DCIT authority for?

When there is a categorical finding that purchases are bogus and from fictitious suppliers, the Assessing Officer is justified in making a 100% addition of the bogus purchase amount under Section 69C, rather than restricting the disallowance to merely the profit margin. This position has been upheld by the Supreme Court through the dismissal of the assessee's SLP.

127

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2017 to 2026.

Also referred to as

N.K. Industries Ltd. v. DCIT · Section 69C · bogus purchases · unexplained expenditure · 100% addition · fictitious suppliers · disallowance of purchases · profit margin · rejection of books of account · Section 145(3)

Sections most often in play

Section 69CSection 147Section 148Section 133(6)Section 143(3)Section 142(1)Section 68Section 145(3)

Issues it is cited on

section 158bcpenny stockunexplained expenditureentry operatorsection 145(3)section 132(4a)section 69csection 145rejection of books of accountprincipal commissioner of income-taxaccommodation entryborrowed satisfaction

Judgments citing N.K. Industries Ltd. v. DCIT

DCIT, Circle-2(1), Hyderabad vs. Ijm India Infrastructure Limited, Hyderabad

In the result, both the appeals of the revenue are dismissed

ITA 1731/HYD/2016[2011-12]Status: DisposedITAT Hyderabad27 Mar 2019AY 2011-12

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

For Appellant: Shri V. Raghavendra RaoFor Respondent: Shri Y.V.S.T. Sai
Section 133A

…sallowance to 15%, as done by the CIT(A), based on the decision of the Hon'ble ITAT, is not correct and reasonable. The disallowance in its entirety needs to be upheld.” 6.1 Further, the ld. DR relied on the following cases: 1. NK Industries Vs. DCIT, [2016] 72 Taxmann.com 289 (Guj) 2. NK Proteins Ld. VS. DCIT, [2017] 84 Taxmann.com 195 (SC) 3. Shoreline Hotel (P) Ltd. Vs. CIT, [2018] 98 Taxmann.com 234 (Bombay) 4. CIT Vs. Narender Kumar Gupta, [2015] 55 Taxmann.com 371 (P&H) 5. Kalyani Medical Stores Vs. CIT, [2017 80 Taxmann.com 158 (Cal.) 6. CIT Vs. N.R. Portfolio (P) ltd. [2013] 29 Taxmann.com 291 (Delhi) 7.…

M/S. Asian Colour Coated Ispat Ltd., New Delhi vs. DCIT, Faridabad

In the result, ground nos

ITA 2841/DEL/2015[2009-10]Status: DisposedITAT Delhi15 Mar 2019AY 2009-10

Bench: Shri G.D.Agrawal & Shri Sudhanshu Srivastava

For Appellant: Sh. Ved Jain, Adv, Miss Umang Luthra, AdvFor Respondent: Shri J.K.Mishra, CIT-DR
Section 143(3)Section 153ASection 68

…ITA No. 2841 & 2840/D/2015 Assessment year 2009-10, 2008-09 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘D’ NEW DELHI BEFORE SHRI G.D.AGRAWAL, VICE PRESIDENT & SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER ITA No.-2840-41/Del/2015 (Assessment Year: 2008-09, 2009-10) Asian Colour Coated Ispat Vs. DCIT Cent. Circle II Ltd. Faridabad 403, Nirmal Tower, Barakhamba Road, New Delhi PAN : AAFCA1873K Appellant Respondent Assessee by: Sh. Ved Jain, Adv, Miss Umang Luthra, Adv. Ms. Surbhi Goyal, CA. Revenue by : Shri J.K.Mishra, CIT-DR Date of Hearing 08.01.2019 Date of Pronouncement 15.03.2019 ORDER PER SUD…

M/S. Asian Colour Coated Ispat Ltd., New Delhi vs. DCIT, Faridabad

In the result, ground nos

ITA 2840/DEL/2015[2008-09]Status: DisposedITAT Delhi15 Mar 2019AY 2008-09

Bench: Shri G.D.Agrawal & Shri Sudhanshu Srivastava

For Appellant: Sh. Ved Jain, Adv, Miss Umang Luthra, AdvFor Respondent: Shri J.K.Mishra, CIT-DR
Section 143(3)Section 153ASection 68

…ITA No. 2841 & 2840/D/2015 Assessment year 2009-10, 2008-09 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘D’ NEW DELHI BEFORE SHRI G.D.AGRAWAL, VICE PRESIDENT & SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER ITA No.-2840-41/Del/2015 (Assessment Year: 2008-09, 2009-10) Asian Colour Coated Ispat Vs. DCIT Cent. Circle II Ltd. Faridabad 403, Nirmal Tower, Barakhamba Road, New Delhi PAN : AAFCA1873K Appellant Respondent Assessee by: Sh. Ved Jain, Adv, Miss Umang Luthra, Adv. Ms. Surbhi Goyal, CA. Revenue by : Shri J.K.Mishra, CIT-DR Date of Hearing 08.01.2019 Date of Pronouncement 15.03.2019 ORDER PER SUD…

Gole Precision Tools Pvt. Ltd., Pune vs. Deputy Commissioner of Income-Tax

In the result, the appeals filed by assessee are partly allowed in the terms aforesaid

ITA 859/PUN/2015[2011-12]Status: DisposedITAT Pune28 Feb 2018AY 2011-12

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri M.K. KulkarniFor Respondent: Shri Mukesh Jha
Section 143(1)Section 143(3)Section 148

…आयकर अऩीऱीय अधधकरण “बी” न्यायऩीठ ऩुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE श्री डी. करुणाकरा राव, ऱेखा सदस्य, एवं श्री ववकास अवस्थी, न्याययक सदस्य के समक्ष । BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर अऩीऱ सं. / ITA Nos.858 & 859/PUN/2015 यनधाारण वषा / Assessment Years : 2010-11 & 2011-12 Gole Precision Tools Pvt. Ltd., 5, Amarja Apartment, 28, Mrutunjay Colony, Pune – 411029 PAN : AAACG6701H .......अऩीऱाथी / Appellant बनाम / V/s. Dy. Commissioner of Income Tax, Circle – 1(2), Pune ……प्रत्यथी / Respondent Assessee by : Shri M.K. Kulkarni Revenue by : Shri Mukesh…

Gole Precision Tools Pvt. Ltd., Pune vs. Deputy Commissioner of Income-Tax

In the result, the appeals filed by assessee are partly allowed in the terms aforesaid

ITA 858/PUN/2015[2010-11]Status: DisposedITAT Pune28 Feb 2018AY 2010-11

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri M.K. KulkarniFor Respondent: Shri Mukesh Jha
Section 143(1)Section 143(3)Section 148

…आयकर अऩीऱीय अधधकरण “बी” न्यायऩीठ ऩुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE श्री डी. करुणाकरा राव, ऱेखा सदस्य, एवं श्री ववकास अवस्थी, न्याययक सदस्य के समक्ष । BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर अऩीऱ सं. / ITA Nos.858 & 859/PUN/2015 यनधाारण वषा / Assessment Years : 2010-11 & 2011-12 Gole Precision Tools Pvt. Ltd., 5, Amarja Apartment, 28, Mrutunjay Colony, Pune – 411029 PAN : AAACG6701H .......अऩीऱाथी / Appellant बनाम / V/s. Dy. Commissioner of Income Tax, Circle – 1(2), Pune ……प्रत्यथी / Respondent Assessee by : Shri M.K. Kulkarni Revenue by : Shri Mukesh…

Shankar Jhalani, Jaipur vs. ITO, Jaipur

In the result, appeal of the assessee is dismissed

ITA 1053/JPR/2016[2011-12]Status: DisposedITAT Jaipur19 Feb 2018AY 2011-12

Bench: The Itat By Taking Following

For Appellant: Shri P.C. Parwal (CA)For Respondent: Shri R.A. Verma (Addl.CIT)
Section 144Section 40

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh fot; iky jko] U;kf;d lnL; ,oa Jh Hkkxpan] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI BHAGCHAND, AM vk;dj vihy la-@ITA No. 1053/JP/2016 fu/kZkj.k o"kZ@Assessment Year : 2011-12 cuke Shankar Jhalani, Income Tax Officer, Vs. B-3, Lalji Ka Bagh, Moti Lal Atal Ward 3(2), Road, Jaipur. Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: ABTPJ 9902 E vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri P.C. Parwal (CA) jktLo dh vksj ls@ Revenue by : Shri R.A. Verma (Addl.CI…

ITO, New Delhi vs. M/S Ganpati Hydro Power Pvt. Ltd., New Delhi

In the result the ground No

ITA 5629/DEL/2012[2009-10]Status: DisposedITAT Delhi30 Nov 2017AY 2009-10

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

Section 143(2)

…In the Income-Tax Appellate Tribunal, Delhi Bench ‘C’, New Delhi Before : Shri H.S. Sidhu, Judicial Member And Shri L.P. Sahu, Accountant Member ITA No. 5629/Del./2012 Assessment Year: 2009-10 Income-tax Officer, vs. M/s. Ganpati Hydro Power Pvt. Ltd. Ward 12(1), New Delhi. (formerly Ganpati Retails Pvt. Ltd.) 63, Ring Road, Lajpat Nagar, New Delhi (PAN-AACCG9937F) (Appellant) (Respondent) Appellant by Shri Naveen Chandra, Sr. DR Respondent by Shri Salil Kapoor, Advocate Date of Hearing 12.10.2017 Date of Pronouncement 30.11.2017 ORDER Per L.P. Sahu, A.M.: This is an appeal filed by the Revenue against t…