Pandit Brothers V/s CIT, (1954)26 ITR 159 (Punj), S. Veereah Reddiar v. CIT

PEEYUSH AGARWAL,JAIPUR, RAJASTHAN vs. ITO, WARD 1(5), JAIPUR, JAIPUR, RAJASTHAN

In the result Ground and 1 and 2 raised by the assessee are allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

…is no justification in estimation of income by applying NP rate and accordingly the lower authorities are directed to delete the addition of Rs. 47,72,297/- sustained by ld CIT(A).” (iii) M. DURAI RAJ vs. COMMISSIONER OF INCOME TAX HIGH COURT OF KERALA (1972) 83 ITR 484 (KER):— (Copy at Case laws PB Page No 81- 87) Held That What is relevant to consider in such cases is whether the assessee's accounts are maintained according to the method regularly employed by him, whether they are correct and complete, and whether the income can be properly computed from the accounts. There is no finding that the purchases have…

SUWALKA AND SUWALKA PROPERTIES AND BUILDERS PVT LTD,KOTA, RAJASTHAN vs. ACIT, CENTRAL CIRLCE, KOTA, KOTA, RAJASTHAN

Bench: Him Challenging The 2 Suwalka & Suwalka Properties & Builders Pvt. Ltd. Vs. Acit Assessment Order Dated 22.12.2019 Passed U/S.143(3)Of The Income Tax

…e is no justification in estimation of income by applying NP rate and accordingly the lower authorities are directed to delete the addition of Rs. 47,72,297/- sustained by ld CIT(A).” (i) M. DURAI RAJ vs. COMMISSIONER OF INCOME TAX HIGH COURT OF KERALA (1972) 83 ITR 484 (KER):— Held What is relevant to consider in such cases is whether the assessee's accounts are maintained according to the method regularly employed by him, whether they are correct and complete, and whether the income can be properly computed from the accounts. There is no finding that the purchases have been 42 Suwalka and Suwalka Properties an…

INCOME TAX OFFICER, JAIPUR vs. MOTISONS JEWELLERS LTDL, JAIPUR

…f fact recorded by them having not been shown to be perverse in any manner, no substantial question of law arose in the instant case and the appeal was, accordingly, to be dismissed.” c) M. DURAI RAJ vs. COMMISSIONER OF INCOME TAX HIGH COURT OF KERALA (1972) 83 ITR 484 (KER) :— Held What is relevant to consider in such cases is whether the assessee's accounts are maintained according to the method regularly employed by him, whether they are correct and complete, and whether the income can be properly computed from the accounts. There is no finding that the purchases have been exaggerated or the sales have been s…

SHREE SIDDHI VINAYAK INDUCTIONS PVT. LTD.,JAIPUR vs. DCIT, CENTRAL CIRCLE-3, JAIPUR

In the result ITA NO. 01/JPR/2021 for A

…25 STC 501(Ori) it was held that the account books of the assessee cannot be rejected merely on the ground of low profits. • In Pandit Brothers V/s CIT, (1954)26 ITR 159 (Punj), S. Veereah Reddiar V/s CIT, (1960) 38 ITR 152 (Ker), M. Durai Raj v/s CIT (1972) 83 ITR 484 (Ker), it was held that the books of the accounts of the assessee cannot be rejected where profits disclosed were low and there was no stock register. • In International forest company V/s CIT (1975) 101 ITR 721 (J&K) it was held that the books of the accounts of the assessee cannot be rejected due to omission of all alleged sale, denied to have b…

M/S SHRI SIDDHI VINAYAK INDUCTION P. LTD.,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, JAIPUR

In the result ITA NO. 01/JPR/2021 for A

…25 STC 501(Ori) it was held that the account books of the assessee cannot be rejected merely on the ground of low profits. • In Pandit Brothers V/s CIT, (1954)26 ITR 159 (Punj), S. Veereah Reddiar V/s CIT, (1960) 38 ITR 152 (Ker), M. Durai Raj v/s CIT (1972) 83 ITR 484 (Ker), it was held that the books of the accounts of the assessee cannot be rejected where profits disclosed were low and there was no stock register. • In International forest company V/s CIT (1975) 101 ITR 721 (J&K) it was held that the books of the accounts of the assessee cannot be rejected due to omission of all alleged sale, denied to have b…

SHREE SIDDHI VINAYAK INDUCTION PVT. LTD.,JAIPUR vs. DCIT, JAIPUR

In the result ITA NO. 01/JPR/2021 for A

…25 STC 501(Ori) it was held that the account books of the assessee cannot be rejected merely on the ground of low profits. • In Pandit Brothers V/s CIT, (1954)26 ITR 159 (Punj), S. Veereah Reddiar V/s CIT, (1960) 38 ITR 152 (Ker), M. Durai Raj v/s CIT (1972) 83 ITR 484 (Ker), it was held that the books of the accounts of the assessee cannot be rejected where profits disclosed were low and there was no stock register. • In International forest company V/s CIT (1975) 101 ITR 721 (J&K) it was held that the books of the accounts of the assessee cannot be rejected due to omission of all alleged sale, denied to have b…

SHRI MOHAN LAL BARGOTI,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4, JAIPUR

In the result, this appeal of the assessee is allowed

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 1462/Jp/2018 Fu/Kzkj.K O"Kz@Assessment Year :2013-14 Shri Mohan Lal Bargoti, Cuke A.C.I.T. Vs. 1-A-1, 1-A-2, Subhash Colony, Circle-4, Shastri Nagar, Jaipur. Jaipur Lfkk;H Ys[Kk La-@Thvkbzvkj La-@Pan/Gir No.: Abzpb 7893 C Appellant Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By: Shri S.L. Poddar (Adv) Jktlo Dh Vksj Ls@ Revenue By: Smt. Runi Pal (Addl.Cit) Lquokbz Dh Rkjh[K@ Date Of Hearing : 18/06/2021 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 30/07/2021 Vkns'K@ Order Per: Sandeep Gosain, J.M. This Is The Appeal Filed By The Assessee Against The Order Of The Ld. Cit(A), Ajmer Dated 14/11/2018 For The A.Y. 2013-14. The Grounds Taken By The Assessee Are As Under:

…in rejecting the books of accounts on very trivial matters. He has relied on the following judicial pronouncements: i. Pandit Bros. V. CIT, (1954) 26 ITR 159 (Punjab); ii. S. Veeriah Reddiar V. CIT, (1960) 38 ITR 152 (Kerala); iii. M. Durai Raj V. CIT, (1972) 83 ITR 484 (Kerala). iv. CIT Vs. Gotan Lime 256 ITR 243 (Rajasthan) v. Vishal Infrastructure Ltd. Assessment CIT [2007] 11 SOT 386/104 ITD 537(Hyd.). vi. Narsing Das Ram Kisan Vs. ACIT 272 ITR 467 The ld AR has further submitted that even if books of accounts are rejected on one or the other ground, this in itself does not give a license to the ld. 5 ITA 14…