Pr.CIT v. Shah Virchand Govindji Jewellers Pvt Ltd.

418 ITR 472High Court2019#20927 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2022 to 2023.

Judgments citing Pr.CIT v. Shah Virchand Govindji Jewellers Pvt Ltd.

SURAJ EXPORTS,MUMBAI vs. COMMISSIONER OF INCOME TAX APPEALS, NATIONAL FACELESS APPEAL CENTRE (NFAC)

In the result, the appeal filed by the assessee is partly allowed

ITA 1327/MUM/2023[2007-2008]Status: DisposedITAT Mumbai17 Oct 2023AY 2007-2008

Bench: Shri Om Praksh Kant & Pavan Kumar Gadalesuraj Exports, Vs. Acit.Circle-19(3), De 8011/12/13 Bharat Mumbai. Diamond Bourse, Bkc ,Bandra (E), Mumbai-400051. Pan/Gir No. : Aaafs3513J Appellant .. Respondent Assessee By : Shri.Akshay.J.Shah.Ar Revenue By : Shri.Nayanjyoti Nath.Sr.Dr Date Of Hearing 07.09.2023 Date Of Pronouncement 10.10.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of National Faceless Appeal Centre, Delhi /Cit(A) Passed U/S 143(3) R.W.S 254 & U/Sec 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal:

For Appellant: Shri.Akshay.J.Shah.ARFor Respondent: Shri.Nayanjyoti Nath.Sr.DR

Section 143(1)Section 143(3)

…he custom boundaries and the genuineness of purchases cannot be doubted and the estimating profit @8% is on higher side and relied on the judicial decisions. The Hon’ble High Court of Gujarat in the case of Pr.CIT Vs. Shah Virchand Govindji Jewellers Pvt Ltd.(418 ITR 472)(Gujarat) has observed at Para 4.4 to 4.9 of the decision as under: “4.4 On the other hand, Mr. J.P. Shah, learned counsel for the respondent, submitted that after duly considering the facts of the case, the Tribunal has restricted the addition to 3%. It was submitted that the percentage of addition is a matter of estimation, which does not give…

DY.COMMISSIONER OF INCOME TAX 19(3), MUMBAI vs. SURAJ EXPORTS, MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 1277/MUM/2023[2007-2008]Status: DisposedITAT Mumbai20 Jul 2023AY 2007-2008

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No.1277/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2007-08) Dcit-19(3) बिधम/ Suraj Exports Matru Mandir, Room De-8011/12/13 Bharat Vs. No.206, Grant Road, Diamond Bourse Bandra Mumbai-400007. Kurla Complex Bandra (East), Mumbai-400051. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaafs3513J (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: None Revenue By: Shri Ram Krishna Kedia (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 04/07/2023 घोषणा की तारीख /Date Of Pronouncement: 20/07/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Revenue Against The Order Of The Ld. Commissioner Of Income Tax/Nfac, Delhi Dated 20.02.2023 For Assessment Year 2007-08. 2. The Main Grievance Of The Revenue Is Against The Action Of The Ld. Cit(A) Deleting The Entire Addition Made By Ao (Purchases To The Tune Of Rs.3,79,50,581/-) & Restricting It To 8% N.P Of Such Purchases. 3. Brief Facts Are That The Assessee Had Filed Its Return Of Income On 11.10.2007 Declaring Total Income At Rs.53,24,567/-. Later, The Case Of The Assessee Was Reopened On The Basis Of Information Received From The Dgit(Inv.), Mumbai That During The Search & Survey Action Conducted In This Case Of Shri Bhanwarlal Jain & Family On 03.10.2013, The Investigation Wing Came To Know That Shri Bhanwarlal Jain Controlled Many Companies/Firm/ Proprietory

For Appellant: NoneFor Respondent: Shri Ram Krishna Kedia (Sr. AR)

Section 143(3)

…he estimation of 8% of the net profit on the alleged bogus purchases would meet the interest of justice. And for doing that he has relied on the decision of the Hon’ble Gujarat High Court in the case of PCIT Vs. Shah VirchandGovanji Jewellers Pvt. Ltd. (2019) 418 ITR 472 wherein their Lordship has held as under: - “PCIT Vs. ShahVirchandGovani Jewellers Pvt. Ltd. (2019) 418 ITR 472 (Guj) (HC) S. 69C: Unexplained expenditure-income from undisclosed sources bogus purchases-Bhanvarlal Jain group-Hawala concern 6 A.Y. 2007-08 Suraj Exports addition cannot be made of entire purchase based on the report of Investigatio…

ACIT, CENTRAL CIRCLE, VAPI vs. M/S. SHAH VIRCHAND GOVANJI JEWELLERS PVT. LTD, SURAT

In the result, ground No. 2 of appeal raised by revenue is also dismissed

ITA 176/SRT/2020[2012-13]Status: DisposedITAT Surat08 Sept 2022AY 2012-13

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

For Respondent: “1. On the facts and circumstances o

Section 254(1)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA Nos. 175 & 176/Srt/2020 (Assessment Years: 2010-11 & 2012-13) (Hearing in Physical Court) A.C.I.T., M/s Shah Virchand Govanji Jewellers Central Circle, Pvt. Ltd., Vs. Vapi. Opp. Amba Mata Temple, Juna Thana, Valsad. PAN No. AADCS 2930 B Appellant/ assessee Respondent/ revenue C.O. No. 14 & 15/SRT/2020 (Arising out of ITA Nos. 175 & 176/Srt/2020) (AY: 2010-11 & 2012-13) M/s Shah Virchand Govanji A.C.I.T., Jewellers Pvt. Ltd., Central Circle, Vs. Opp. Amba Mata Temple, Ju…

ACIT, CENTRAL CIRCLE, VAPI vs. M/S. SHAH VIRCHAND GOVANJI JEWELLERS PVT. LTD, SURAT

In the result, ground No. 2 of appeal raised by revenue is also dismissed

ITA 175/SRT/2020[2010-11]Status: DisposedITAT Surat08 Sept 2022AY 2010-11

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

For Respondent: “1. On the facts and circumstances o

Section 254(1)Section 68