PCIT v. Jakharia Fabric (P.) Ltd.

118 Taxmann.com 406High Court2020#2894 most cited

What is PCIT v. Jakharia Fabric (P.) Ltd. authority for?

When purchases are not doubted by the Assessing Officer, only the profit element embedded in the purchases, not the entire amount, is taxable if the purchases are found to be bogus.

41

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2020 to 2026.

Also referred to as

PCIT v. Jakharia Fabric (P.) Ltd. · bogus purchases · profit element · entire amount disallowed · Section 143(3) · Section 133(6) · Section 132 · Section 44AD

Sections most often in play

Section 147Section 153ASection 133(6)Section 143(3)Section 153CSection 44ADSection 132Section 194C

Issues it is cited on

section 245c(1)section 245hsection 245csection 131(1)section 269tsection 245d(4)section 153a(1)(b)section 245dexplanation to section 37third party informationright to receivestatement under section 132(4)

Judgments citing PCIT v. Jakharia Fabric (P.) Ltd.

Abhijeet Dies & Tools Pvt Ltd, Mumbai vs. DCIT 12(1)(1), Mumbai

In the result, appeal filed by the assessee for assessment year 2012-2013

ITA 1430/MUM/2019[2012-13]Status: DisposedITAT Mumbai21 Sept 2020AY 2012-13

Bench: Shri S. Rifaur Rahman (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2012-13 Abhijeet Dies & Tools Pvt. Ltd., The Dcit – 12(1)(1), 38-C, Government Industrial Room No. 223, 2Nd Floor, Estate, Charkop, Kandivali West, Maharshi Karve Road, Mumbai - 400067 Vs. Churchgate, Pan: Aaaca4238M Mumbai - 400020 (Appellant) (Respondent) Assessee By : Shri Vimal Punmiya (Ar) Revenue By : Shri Michael Jerald (Dr) Date Of Hearing: 02/09/2020 Date Of Pronouncement: 21/09/2020

For Appellant: Shri Vimal Punmiya (AR)For Respondent: Shri Michael Jerald (DR)
Section 143Section 234BSection 271Section 37(1)Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “A”, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN (AM) AND SHRI RAM LAL NEGI (JM) Assessment Year: 2012-13 Abhijeet Dies & Tools Pvt. Ltd., The DCIT – 12(1)(1), 38-C, Government Industrial Room No. 223, 2nd Floor, Estate, Charkop, Kandivali West, Maharshi Karve Road, Mumbai - 400067 Vs. Churchgate, PAN: AAACA4238M Mumbai - 400020 (Appellant) (Respondent) Assessee by : Shri Vimal Punmiya (AR) Revenue by : Shri Michael Jerald (DR) Date of Hearing: 02/09/2020 Date of Pronouncement: 21/09/2020 O R D E R PER RAM LAL NEGI, JM The assessee has filed the present appeal again…