Pankaj Diamond v. Assistant Commissioner of Income Tax

5 ITR (Trib) 469Income Tax Appellate Tribunal2010#25129 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 348,631 Indian tax judgments — from 2022 to 2022.

Judgments citing Pankaj Diamond v. Assistant Commissioner of Income Tax

The ACIT, Circle-2(1)(1), Ahmedabad vs. M/S. Gujarat Terce Laboratories Ltd., Ahmedabad

The appeal of the Revenue are allowed

ITA 1826/AHD/2017[2011-12]Status: DisposedITAT Ahmedabad22 Jul 2022AY 2011-12
For Appellant: Shri G.C. Daxini, Sr. D.RFor Respondent: Shri A.C. Shah & Shri Bhadresh
Section 143(3)Section 147Section 250(6)

…hat the accounts of the appellant were not only closed and adjusted but also audited. He has relied upon a decision of the Income Tax Appellate Tribunal, Ahmedabad Bench in the case of Pankaj Diamond vs. Assistant Commissioner of Income Tax reported in [2010] 5 ITR (Trib) 469 wherein the Tribunal has observed that as no specific defect in the various expenses claimed by the assessee in the profit and loss account could be pointed out by the Department, the Commissioner (Appeals) was not justified in arbitrarily applying the rate of net profit of three per cent in making the addition. He contended that in the pres…

The ITO, Ward-2(1)(1), Ahmedabad vs. M/S. Gujarat Terce Laboratories Ltd., Ahmedabad

The appeal of the Revenue are allowed

ITA 2301/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad22 Jul 2022AY 2013-14
For Appellant: Shri G.C. Daxini, Sr. D.RFor Respondent: Shri A.C. Shah & Shri Bhadresh
Section 143(3)Section 147Section 250(6)

…hat the accounts of the appellant were not only closed and adjusted but also audited. He has relied upon a decision of the Income Tax Appellate Tribunal, Ahmedabad Bench in the case of Pankaj Diamond vs. Assistant Commissioner of Income Tax reported in [2010] 5 ITR (Trib) 469 wherein the Tribunal has observed that as no specific defect in the various expenses claimed by the assessee in the profit and loss account could be pointed out by the Department, the Commissioner (Appeals) was not justified in arbitrarily applying the rate of net profit of three per cent in making the addition. He contended that in the pres…

The ITO, Ward-2(1)(1), Ahmedabad vs. M/S. Gujarat Terce Laboratories Ltd., Ahmedabad

The appeal of the Revenue are allowed

ITA 1477/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad22 Jul 2022AY 2011-12
For Appellant: Shri G.C. Daxini, Sr. D.RFor Respondent: Shri A.C. Shah & Shri Bhadresh
Section 143(3)Section 147Section 250(6)

…hat the accounts of the appellant were not only closed and adjusted but also audited. He has relied upon a decision of the Income Tax Appellate Tribunal, Ahmedabad Bench in the case of Pankaj Diamond vs. Assistant Commissioner of Income Tax reported in [2010] 5 ITR (Trib) 469 wherein the Tribunal has observed that as no specific defect in the various expenses claimed by the assessee in the profit and loss account could be pointed out by the Department, the Commissioner (Appeals) was not justified in arbitrarily applying the rate of net profit of three per cent in making the addition. He contended that in the pres…

Pankaj Diamond v. Assistant Commissioner of Income Tax (5 ITR (Trib) 469) — Cited in 3 Judgments | BharatTax