R.B. Bansil Abirchand Spinning and Weaving Mills. Vs. CIT, 75 ITR 260; Pandit Brothers v. CIT

279 ITR 457High Court2005#4024 most cited

What is R.B. Bansil Abirchand Spinning and Weaving Mills. Vs. CIT, 75 ITR 260; Pandit Brothers v. CIT authority for?

Books of account cannot be rejected solely for the absence of a stock register or failure to maintain item-wise stocks unless there is a finding that the accounts are incorrect, incomplete, or the method of accounting does not allow for the deduction of income.

29

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2007 to 2024.

Also referred to as

Ashoke Refractories · CIT · rejection of books of account · section 145(3) · stock register · incomplete accounts · inaccurate accounts · method of accounting · income tax act

Sections most often in play

Section 131Section 142(1)Section 143(2)Section 143(3)Section 145(3)Section 250Section 68

Issues it is cited on

rejection of books of accountprevious yearbusinesssection 14nfacdocument

Judgments citing R.B. Bansil Abirchand Spinning and Weaving Mills. Vs. CIT, 75 ITR 260; Pandit Brothers v. CIT

RATAN KUMAR YADAV,JAIPUR vs. INCOME TAX OFFICER, WARD-2(2), , JAIPUR

In the result, the appeal of the assessee is allowed

ITA 1159/JPR/2024[2017-18]Status: DisposedITAT Jaipur18 Oct 2024AY 2017-18

Bench: SHRI SANDEEP GOSAIN (Judicial Member)

For Appellant: Shri S.R. Sharma, CA &For Respondent: Shri Gautam Singh Choudhary, JCIT D/R
Section 145(3)Section 250Section 44

…d AO asked the appellant to produce the details which are not practically possible in the line of appellant’s business. In view of the above facts and circumstances of the case, the provisions of section 145(3) are inapplicable in appellant’s case ref. [2005] 279 ITR 457 (Calcutta) in case of Ashoke Refractories (P) Ltd. Vs CIT held that “Section 145 of the Income-tax Act, 1961 – method of accounting – Rejection of accounts – 4 Ratan Kumar Yadav, Jaipur. Assessment years 1990-91 and 1991-92 – whether in absence of stock register or failure to maintain item-wise stocks in stock register, books of account could n…

ACIT, CIRCLE-10(1), C.R BUILDING, ITO, DELHI vs. HARI OM RETAIL PRIVATE LIMITED, SHAKTI NAGAR, DELHI

ITA 1700/DEL/2024[2017-18]Status: DisposedITAT Delhi28 Aug 2024AY 2017-18

Bench: Shri M. Balaganesh & Shri Anubhav Sharmaassessment Year: 2017-18

For Appellant: Shri Vibhu Gupta, AdvocateFor Respondent: Shri Ajay Kumar Arora, Sr. DR
Section 142(1)Section 143(2)Section 143(3)Section 68

…sales made by the assessee and duly recorded in the books of account etc., but from unaccounted sources, without any cogent reasons. Reliance was placed on the decision in CIT v. 5 Paradise Holidays 325 ITR 13 (Del. HC), Ashoke Refractories (P.) Ltd. vs CIT: 279 ITR 457 (Cal HC)] 3.4 Then it is submitted that section 68 of the Act is not applicable to business receipts recorded as sales. It is also submitted that receipts in cash against sale consideration cannot be added under section 68 of the Act for which reliance wa placed on the following cases: • DIT vs. Keshav Social & Charitable Foundation: 278 ITR 15…

INCOME TAX OFFICER, WARD-1(3), LUDHIANA, LUDHIANA vs. SHREE BALAJI PROCESSORS, LUDHIANA

In the result, appeal of the Revenue is dismissed whereas, the 29

ITA 499/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh20 Aug 2024AY 2017-18

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 499/Chd/2023 "नधा"रण वष" / Assessment Year : 2017-18 The Ito, Vs. Shree Balaji Processors, बनाम Ward-1(3), Tajpur Road, Ludhiana Opp. Central Jail, Ludhiana 141010 "थायी लेखा सं./Pan No: Actfs8428B अपीलाथ"/ Appellant ""यथ"/ Repsondent & C.O. No. 09/Chd/2024 ( In आयकर अपील सं./ Ita No. 499/Chd/2023) "नधा"रण वष" / Assessment Year : 2017-18 Shree Balaji Processors, Vs. The Ito, बनाम Tajpur Road, Ward-1(3), Opp. Central Jail, Ludhiana Ludhiana 141010 "थायी लेखा सं./Pan No: Actfs8428B अपीलाथ"/ Appellant ""यथ"/ Repsondent ( Physical Hearing ) "नधा"रती क" ओर से/Assessee By : Shri Sudhir Sehgal, Advocate राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 26.06.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 20.08.2024

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Kusum Bansal, CIT DR
Section 143(3)Section 145(3)Section 69A

…er, the said details have been accepted by the Ld. AO. Reliance in this regard is placed on the following judgments:- a). CIT vs. Poonam Rani 326 ITR 223 (Del HC) b). CIT vs. Jas Jack Elegance Exports 324 ITR 95 (Del HC) c) Ashoke Refractories (P) Ltd. v. CIT 279 ITR 457 (Cal HC) d) Neeraj jain vs. ITO 33 CCH 436 (Del Trib) e). Teletronics Dealing Systems (P) Ltd. vs. Additional CIT 31 CCH 037 (Mum Trib) f). ACIT vs. Ramesh Kumar Siwach in ITA No. 3269/Der/2013 499-Chd-2023 & C.O.09-Chd-2024 Shree Balaji Processors, Ludhiana 32 g) [2016] 73 taxmann.com 195 (Gujarat) HIGH COURT OF GUJARAT Jaytick Intermediates…

SH. JAMBU KUMAR JAIN,KOTA vs. ITO, WARD-2(2), KOTA, KOTA

In the result, the appeal of the assesee is allowed

ITA 301/JPR/2024[2018-19]Status: DisposedITAT Jaipur28 May 2024AY 2018-19

Bench: SHRI SANDEEP GOSAIN (Judicial Member)

For Appellant: Shri Yogesh Kumar Parwal, CAFor Respondent: Smt. Monisha Choudhary, Addl. CIT-DR

…the assessee. But the absence of 6 SHRI JAMBU KUMAR JAIN VS ITO, WARD 2(2), KOTA one register alone did not amount to such a material as would lead to the conclusion that the account books were incomplete or inaccurate. Ashok Refractories Pvt. Ltd. Vs. CIT 279 ITR 457 (Cal.) (HC)  It was held that where there was no finding that in the opinion of the Assessing Officer, the methods applied were such that the income could not be deduced from the books of account maintained by the assessee or that the accounts were not correct or complete, the books of account could not be rejected only in the absence of stock r…

ACIT, CIR-43 , KOLKATA vs. M/S SHYAMLAL IRON & STEEL CO., KOLKATA

In the result, the appeal of the revenue is dismissed

ITA 572/KOL/2020[2011-12]Status: DisposedITAT Kolkata31 Aug 2022AY 2011-12

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 143(1)

…n the number of legal pronouncements it has been held that merely because stock register is not maintained, books of accounts cannot be rejected. Reference in this regard may be made to the judgments in the case of Ashoke Refractories Pvt. Ltd. vs. CIT (2005) 279 ITR 457 (Cal), ACIT vs. Ravi Agricultural Industries (2009) 316 ITR AT (Agra). The Appellant has further averred that the AO has not found or pointed out any discrepancy in the Books of accounts and not rejected the books of accounts. The appellant has placed reliance on the judgment of Hon’ble Calcutta High Court in the case of Swadeshi Commercial Co Lt…

M/S R.G. COLONIZERS PVT. LTD. ,JAIPUR vs. DCIT, CIRCLE-3, JAIPUR

In the result, this appeal of the assessee stands allowed

ITA 136/JPR/2021[2014-15]Status: DisposedITAT Jaipur04 Apr 2022AY 2014-15

Bench: Shri Sandeep Gosain, Jm & Shri Rathod Kamlesh Jayantbhai, Am Vk;Dj Vihy La-@Ita No. 136/Jp/2021 Fu/Kzkj.K O"Kz@Assessment Year :2014-15 M/S R.G. Colonizers Pvt. Ltd., Cuke D.C.I.T., 4, Tirupati Trade Centre, S.C. Vs. Circle-3, Road, Jaipur. Jaipur. Lfkk;H Ys[Kk La-@Thvkbzvkj La-@Pan/Gir No.: Aaacr 8269 D Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By : Shri P.C. Parwal (Ca) Jktlo Dh Vksj Ls@ Revenue By : Smt. Monisha Choudhary (Jcit) Lquokbz Dh Rkjh[K@ Date Of Hearing : 14/02/2022 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 04/04/2022 Vkns'K@ Order Per: Sandeep Gosain, J.M. This Is An Appeal Filed By The Assessee Against The Order Of Ld. National Faceless Appeal Centre (Nfac), Delhi Dated 06/08/2021 For The A.Y. 2014-15, Wherein Following Grounds Have Been Taken. “1. The Ld. Cit(A), Nfac Has Erred On Facts & In Law In Upholding The Rejection Of Books Of Account By Applying The Provisions Of Sec. 145(3). 2. The Ld. Cit(A), Nfac Has Erred On Facts & In Law In Upholding The Action Of Ao In Applying N.P. Rate Of 8% On Total Receipts Of Rs. 18,63,73,549/-, Thereby Computing The Business Income At Rs. 78,42,549/- (18,63,73,549*8%-70,67,877 Depreciation) As Against Net Loss Of Rs. 68,43,810/- Computed By The Assessee)

For Appellant: Shri P.C. Parwal (CA)For Respondent: Smt. Monisha Choudhary (JCIT)
Section 145(3)Section 2Section 44A

…nce in this connection is placed on the following cases:- (i) Malani Ramjivan Jagannath Vs. ACIT (2009) 316 ITR 120 / 207 CTR 19 (Raj.) (HC) (ii) CIT Vs. Smt. Poonam Rani (2010) 326 ITR 223/ 41 DTR 194 (Del.) (HC) (iii) Ashok Refractories Pvt. Ltd. Vs. CIT 279 ITR 457 (Cal.) (HC) (iv) PCIT Vs. Bhawani Silicate Industries (2016) 236 Taxman 596 (Raj.) (HC) 2. On merit it is submitted that during the year the assessee mainly executed the work which was awarded to him in FY 2011-12 & 2012- 13. In between the rate of sand, bricks, cement and steel increased between 10% to 20%. Further due to financial constraints…

SMT. SWAPNA MANNA,PURBA MEDINIPUR vs. PR.CIT-9, KOLKATA

In the result, the appeal of the assessee is allowed

ITA 1072/KOL/2019[2014-15]Status: DisposedITAT Kolkata23 Jun 2021AY 2014-15

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Section 143(1)Section 143(2)Section 263

…h in turn affect the profit i.e. reduction in profit; and so when there was in this case substantial increase in sale, corresponding G.P. dropped. Further according to Ld. AR, the Hon’ble Calcutta High Court in the case of Ashoka Refractories (P) Ltd. vs. CIT 279 ITR 457 (Cal), while approving the decision of the Hon’ble Punjab and Haryana High Court in the 9 Smt. Swapna Manna, AY 2014-15 case of Pandit Brothers 26 ITR 159 (Punj), has held that books of account cannot be rejected merely due to low GP the relevant finding is reproduced here: “6.7. We may draw support for our views from the decisions relied upon b…

ITO, NEW DELHI vs. SH. SUNIL NAYYAR, DELHI

In the result, the appeal of the revenue is dismissed and Cross

ITA 6168/DEL/2016[2012-13]Status: DisposedITAT Delhi24 Feb 2020AY 2012-13

Bench: Sh. Kuldip Singhdr. B. R. R. Kumarita No. 6168/Del/2016 : Asstt. Year : 2012-13 Income Tax Officer, Vs Sh. Sunil Nayyar, Ward-49(3), R/O 81-A, Vikrant Enclave, New Delhi Mayapuri, New Delhi-110064 (Appellant) (Respondent) Pan No. Abvpn3963B

For Appellant: Sh. Jagdish Ajmani, CAFor Respondent: Sh. Saras Kumar, Sr. DR
Section 68

…arious factors and has not omitted to consider the materials before him. It is for the AO to establish the incompleteness or incorrectness of the accounts. Unless the AO perform his duty the books of accounts cannot be rejected". Ashok Refractories Pvt. Ltd. (279 ITR 457) (Cal.) When the books of accounts of the assessee had not been rejected and assessment having not been framed under section 144 of the Income Tax Act the said authorities were in error in resorting to an estimation of income and such exercise undertaken by them was not sustainable. ITO vs M/S Anil Kumar & Co I.T.A. No.200001/2014, Karnataka “T…

THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1),, AHMEDABAD vs. M/S. ASIAN GRANITO INDIA LTD.,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

ITA 2451/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad23 Oct 2019AY 2013-14
For Appellant: Shri Ankit Talsania, A.RFor Respondent: Shri O.P. Sharma, C.I.T.DR
Section 10(34)Section 115JSection 14A

…accounts cannot be rejected. The assessee to support its contentions referred to the following judgments: Page 15 of 36 ITA nos.1517 & 2451/AHD/2016 Asstt. Years 2012-13 & 2013-14 (a) Pundit Bros V CIT 26 ITR 159 (Punj) (b) Ashoke Refactories (P) Ltd v CIT 279 ITR 457 (Cul) 13.6 The assessee further submitted that the AO has not pointed out any material defects in its books of accounts. Therefore the AO was under the obligation to accept the results shown by the assessee in its books of accounts. The assessee in support of his contention referred the following orders: (a) CIT v Vikram Plastics & ORS reported i…

THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1),, AHMEDABAD vs. M/S. ASIAN GRANITO INDIA LTD.,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

ITA 1517/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad23 Oct 2019AY 2012-13
For Appellant: Shri Ankit Talsania, A.RFor Respondent: Shri O.P. Sharma, C.I.T.DR
Section 10(34)Section 115JSection 14A

…accounts cannot be rejected. The assessee to support its contentions referred to the following judgments: Page 15 of 36 ITA nos.1517 & 2451/AHD/2016 Asstt. Years 2012-13 & 2013-14 (a) Pundit Bros V CIT 26 ITR 159 (Punj) (b) Ashoke Refactories (P) Ltd v CIT 279 ITR 457 (Cul) 13.6 The assessee further submitted that the AO has not pointed out any material defects in its books of accounts. Therefore the AO was under the obligation to accept the results shown by the assessee in its books of accounts. The assessee in support of his contention referred the following orders: (a) CIT v Vikram Plastics & ORS reported i…

ACIT, CHENNAI vs. M/S. TAJMAHAL AGRO INDUSTRIES PVT LTD., CHENNAI

In the result, the assessee’s appeal for the assessment year 2004-05 & 2006-07 are partly allowed and the appeal for assessment year 2007-08 is dismissed

ITA 1940/CHNY/2010[2007-08]Status: DisposedITAT Chennai09 Sept 2019AY 2007-08

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: 11.06.2019
Section 50CSection 80G

…for sale of by-products of bran and broken rice. It is submitted that the Ld. CIT(A) erred in upholding the rejection of books of account for mere deficiency of stock particulars and in this regard, the assessee relied on the decisions of the Refineries P Ltd 279 ITR 457 etc. With regard to the disallowance of expenses incurred for sale of by-products of bran and broken rice, the Ld. AR submitted that the AO assessed the entire receipt without allowing any deduction for the expenses incurred for earning the income. It was pleaded that the by products were the property of the lessee and to earn the income from suc…

M/S. TAJMAHAL AGRO INDUSTRIES (P) LTD.,CHENNAI vs. ITO, CHENNAI

In the result, the assessee’s appeal for the assessment year 2004-05 & 2006-07 are partly allowed and the appeal for assessment year 2007-08 is dismissed

ITA 1874/CHNY/2010[2007-08]Status: DisposedITAT Chennai09 Sept 2019AY 2007-08

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: 11.06.2019
Section 50CSection 80G

…for sale of by-products of bran and broken rice. It is submitted that the Ld. CIT(A) erred in upholding the rejection of books of account for mere deficiency of stock particulars and in this regard, the assessee relied on the decisions of the Refineries P Ltd 279 ITR 457 etc. With regard to the disallowance of expenses incurred for sale of by-products of bran and broken rice, the Ld. AR submitted that the AO assessed the entire receipt without allowing any deduction for the expenses incurred for earning the income. It was pleaded that the by products were the property of the lessee and to earn the income from suc…

M/S. TAJMAHAL AGRO INDUSTRIES (P) LTD.,CHENNAI vs. ITO, CHENNAI

In the result, the assessee’s appeal for the assessment year 2004-05 & 2006-07 are partly allowed and the appeal for assessment year 2007-08 is dismissed

ITA 1873/CHNY/2010[2006-07]Status: DisposedITAT Chennai09 Sept 2019AY 2006-07

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: 11.06.2019
Section 50CSection 80G

…for sale of by-products of bran and broken rice. It is submitted that the Ld. CIT(A) erred in upholding the rejection of books of account for mere deficiency of stock particulars and in this regard, the assessee relied on the decisions of the Refineries P Ltd 279 ITR 457 etc. With regard to the disallowance of expenses incurred for sale of by-products of bran and broken rice, the Ld. AR submitted that the AO assessed the entire receipt without allowing any deduction for the expenses incurred for earning the income. It was pleaded that the by products were the property of the lessee and to earn the income from suc…

M/S. TAJMAHAL AGRO INDUSTRIES (P) LTD.,CHENNAI vs. ITO, CHENNAI

In the result, the assessee’s appeal for the assessment year 2004-05 & 2006-07 are partly allowed and the appeal for assessment year 2007-08 is dismissed

ITA 1872/CHNY/2010[2004-05]Status: DisposedITAT Chennai09 Sept 2019AY 2004-05

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: 11.06.2019
Section 50CSection 80G

…for sale of by-products of bran and broken rice. It is submitted that the Ld. CIT(A) erred in upholding the rejection of books of account for mere deficiency of stock particulars and in this regard, the assessee relied on the decisions of the Refineries P Ltd 279 ITR 457 etc. With regard to the disallowance of expenses incurred for sale of by-products of bran and broken rice, the Ld. AR submitted that the AO assessed the entire receipt without allowing any deduction for the expenses incurred for earning the income. It was pleaded that the by products were the property of the lessee and to earn the income from suc…

THE ASSTT. COMMR. INCOME TAX, CIRCLE-1,, RAJKOT-GUJARAT vs. M/S KRISHNA DEVELOPERS,, RAJKOT-GUJARAT

In the result, the appeal filed by the Revenue is dismissed, and the ground raised by the assessee in the CO is allowed

ITA 620/RJT/2014[2011-12]Status: DisposedITAT Rajkot27 May 2019AY 2011-12

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No.620/Rjt/2014 With C.O.No.4/Rjt/2015 "नधा"रण वष"/Asstt. Year: 2011-2012 A.C.I.T., M/S.Krishna Developers, Circle-1, Business Centre, Vs. Junagadh. 1St Floor, Bus Station Road, Lal Bahadur Society, Junagadh.

For Appellant: Shri Mehul Ranpura, A.R
Section 145(3)

…e stock register cannot be the basis for rejecting the books of accounts maintained by the assessee. In holding so, we find support and guidance from the judgment of Hon’ble Calcutta High Court in the case of Ashoke refractories private Ltd Vs.CIT reported in 279 ITR 457 wherein it was held as under: “In order to reject the books of account, the Assessing Officer has to come to an opinion that the methods applied are such that the income cannot properly be deduced from the accounts so maintained. It is not a question of establishment of the same by the assessee. It is an opinion of the Assessing Officer, which is…

M/S THE KESHAB JEWELLERS,KOLKATA vs. JCIT, R-50, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

ITA 1225/KOL/2016[2011-2012]Status: DisposedITAT Kolkata01 Aug 2018AY 2011-2012

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1225/Kol/2016 Assessment Year : 2011-12 M/S The Keshab Jewellers -Vs- Jcit, Range-50, Kolkata [Pan: Aabft 5144 R ] (Appellant) (Respondent)

For Appellant: Shri Manoj Kr. Tiwari, FCAFor Respondent: Shri Sallong Yaden, Addl. CIT, Sr. DR
Section 143(3)

…y register was not maintained by the assessee. We find that this issue is directly addressed by the Hon’ble Jurisdictional High Court in favour of the 5 M/s the Keshab Jewellers A.Yr.2011-12 assessee in the case of Ashoke Refractories P Ltd vs CIT reported in 279 ITR 457 (Cal) wherein it was held as under:- Conclusion : 7. For all these reasons, the rejection of the books of account only in the absence of stock register for the year 1990-91 as discussed above having regard to the availability of other materials from which the income could be deduced, the rejection of the books of account by the learned Tribunal w…

ITO, WARD - 12(2), KOLKATA, KOLKATA vs. M/S. ARCHANA CONSTRUCTION PVT. LTD., KOLKATA

Appeal is dismissed

ITA 235/KOL/2016[2010-2011]Status: DisposedITAT Kolkata24 May 2018AY 2010-2011

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2010-11 Income Tax Officer, V/S. M/S Archana Construction Ward-12(2), Aaayakar Pvt. Ltd., 132, Dr. Bhawan, P-7, Meghnad Saha Sarani, Chowringhee Square, Kolkata-700029 Kolkata-69 [Pan No.Aaeca 8420 F] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri S. Dasgupta, Addl. Cit-Dr अपीलाथ" क" ओर से/By Appellant None ""यथ" क" ओर से/By Respondent 16-05-2018 सुनवाई क" तार"ख/Date Of Hearing 24-05-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Revenue’S Appeal For Assessment Year 2010-11, Is Directed Against Commissioner Of Income Tax (Appeals)-4, Kolkata’S Order Dated 16.12.2015 In Case No.194/Cit(A)-4/Ward-12(2)/Kol/14-15, Reversing The Assessing Officer’S Action Rejecting Assessee’S Books Thereby Estimating Net Profit @ 3% To The Tune Of ₹74,20,370/-, In Proceedings U/S 144/145(3) Of The Income Tax Act, 1961; In Short As ‘The Act’. Case Called Twice. None Appears At Assessee’S Behest. It Is Therefore Proceed Ex Parte.

Section 144Section 145(3)

…reject the accounts u/s. 145(3). The books cannot be rejected on insignificant mistake a held by the Apex Court in the case of CIT vs. Padmachand – 76 ITR 719. The jurisdictional Calcutta High Court in the case of Ashoke Refractories Pvt. Ltd. vs. CIT (2005) 279 ITR 457 has also given the same view. Having regard to the entire factum of the matter and having also considered the judicial precedence in this regard as in the foregoing. I do not find any merit in the action of the AO in rejecting the books and estimating the net profit @ 3%. The action of the AO thus stands reversed and the said estimation deleted.”…

MRS SABIHA SULTANA,KOLKATA vs. ITO, WD-35(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

ITA 2316/KOL/2016[2004-05]Status: DisposedITAT Kolkata07 Mar 2018AY 2004-05

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 2316/Kol/2016 Assessment Year : 2004-05 Mrs. Sabiha Sultana -Vs- Ito, Ward-35(2), Kolkata (L/H Of Late Nafisul Hassan) [Pan: Aaqph 9866 D] (Appellant) (Respondent)

For Appellant: Shri Miraj D ShahFor Respondent: Shri Arindam Bhattacharjee, Addl. CIT
Section 143(3)Section 145

…g out specific defects thereon, the ld AO could not have got the powers to estimate the GP in terms of section 145 of the Act. The assessee placed reliance on the decision of Hon’ble Jurisdictional High Court in the case of Ashoke Refractories Ltd reported in 279 ITR 457 (Cal). 7. The ld CITA upheld the action of the ld AO by observing as under:- Para 12. Findings of the CIT(A) I have perused the assessment order and submissions made by the Ld. A/R of the appellant. The appellant could have produced the books of accounts before 4 Mrs. Sabiha Sultana A.Yr.2004-05 undersigned. However the appellant has not compli…

SHASHI KANT KHETAN,JHUNJHUNU vs. ASSISTANT COMMISSIONER OF INCOME TAX , JHUNJHUNU

In the result, the appeal of the assessee is allowed

ITA 986/JPR/2017[2013-14]Status: DisposedITAT Jaipur24 Jan 2018AY 2013-14

Bench: The Itat By Taking Following

For Appellant: Shri Vijay Goyal (CA)For Respondent: Shri Jagdish Chand Kulhari (JCIT)
Section 145(3)

…prepared by assessee. Without prejudice to above this is to submit that even if stock register is not maintained the books of accounts cannot be rejected on this ground. Reliance is place on following decisions: - a) Ashok Refractories Pvt. Ltd Vs CIT (2005) 279 ITR 457 (cal) b) Avdesh Pratap Singh abdul Rehman & Bros Vs CIT (1994) 210 ITR 406 (All) c) Pandit Bros Vs CIT (1954) 26 ITR 159 (Pun) iii) Major expenses debited under the single head i.e. contract expenses The A.O. has stated in his order that all the expenses have been debited in single head Contract Expenses but the Income Tax Act does not provide a…

ANKUR GOEL,KARNAL vs. JCIT, KARNAL

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

ITA 6213/DEL/2013[2009-10]Status: DisposedITAT Delhi15 Dec 2017AY 2009-10

Bench: Shri R. K. Panda & Ms. Suchitra Kambleassessment Year : 2009-10 Ankur Goel, Jcit, Range Karnal, 2201/13, Urban Estate, Karnal. Vs. Karnal.

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri R. C. Dandey, Sr.DR

…stock register 8 was not maintained in a particular form. He also relied on the following decisions :- (i) CIT vs. Jacksons House, (2011) 198 Taxman 385. (ii) CIT vs. Bindals Apparels, (2011) 332 ITR 410. (iii) Ashoke Refractories (P.) Ltd. vs. CIT, (2005) 279 ITR 457. (iv) Harlal Hemraj vs. ITO, (1982) 14 TTJ 505. (v) Pandit Bros. vs. CIT, (1954) 26 ITR 159. (vi) DCIT vs. Paras Dyeing & Printing Mills (P.) Ltd., (2010) 4 ITR 29. (vii) Pushpanjali Dyeing & Printing Mills (P.) Ltd. vs. JCIT, (2001) 72 TTJ 886. He accordingly submitted that the addition made by the Assessing Officer and sustained by the ld. CIT(…

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R.B. Bansil Abirchand Spinning and Weaving Mills. Vs. CIT, 75 ITR 260; Pandit Brothers v. CIT (279 ITR 457) — Cited in 29 Judgments | BharatTax