Ratnagiri Stainless (P.) Ltd. v. Income-tax Officer, 5 (3) (1), Mumbai_

80 Taxmann.com 265Reported decision2017#5132 most cited

What is Ratnagiri Stainless (P.) Ltd. v. Income-tax Officer, 5 (3) (1), Mumbai_ authority for?

Where an assessee fails to discharge the onus to prove the genuineness of purchases, and such purchases are held to be bogus, the assessing officer can estimate and add profits to the assessee's income.

23

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2019 to 2025.

Also referred to as

Ratnagiri Stainless · bogus purchases · genuine purchases · onus to prove · estimation of profit · addition to income · grey market · Section 143(3) · Section 147

Issues it is cited on

furnishing inaccurate particulars of incomefurnishing inaccurate particularsconcealment of incomereassessment proceedingssection 147section 143(3)total incomecompanydocument

Judgments citing Ratnagiri Stainless (P.) Ltd. v. Income-tax Officer, 5 (3) (1), Mumbai_

ITO 8(1)(3), Mumbai vs. M/S.Sai Samartha Casmetics Private Limited, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 6563/MUM/2018[2010-11]Status: DisposedITAT Mumbai05 Dec 2019AY 2010-11

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Bleincome Tax Officer – 8(1)(3) V. M/S. Sai Samartha Cosmetics Pvt. Ltd., Room No. 662, 6Th Floor Flat No. 402, Happy Home Plot No. 551, Tps Iii, 8Th Road Aayakar Bhavan, M.K. Road Khar (W), Mumbai – 400 052 Mumbai – 400 020 Pan: Aahcs1446G (Appellant) (Respondent) Assessee By : Shri Hiral Sampat

For Appellant: Shri Hiral SampatFor Respondent: Shri R. Bhoopathi
Section 133(6)Section 143(1)Section 147Section 69C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI BEFORE SHRI C.N. PRASAD, HON'BLE JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, HON'BLE ACCOUNTANT MEMBER Income Tax Officer – 8(1)(3) v. M/s. Sai Samartha Cosmetics Pvt. Ltd., Room No. 662, 6th Floor Flat No. 402, Happy Home Plot No. 551, TPS III, 8th Road Aayakar Bhavan, M.K. Road Khar (W), Mumbai – 400 052 Mumbai – 400 020 PAN: AAHCS1446G (Appellant) (Respondent) Assessee by : Shri Hiral Sampat Department by : Shri R. Bhoopathi Date of Hearing : 05.12.2019 Date of Pronouncement : 05.12.2019 O R D E R PER C.N. PRASAD (JM) 1. This appeal is filed…

ITO, Ward-2, Hanumangarh vs. Smt. Lalita Saraf, Hanumangarh Town

In the result, the appeals of the Department are dismissed and the Cross objections of the assessees are allowed

ITA 551/JODH/2018[ 2010-11]Status: DisposedITAT Jodhpur06 May 2019

Bench: Shri N.K. Sainithe Income Tax Officer, Vs Smt. Lalita Saraf, Ward-2, Hanumangarh C/O Mangi Lal Saraf, In Front Of Mandi Studio, Hanumangarh Town

Section 12A

…er made the addition @ 25% of the bogus purchases, therefore, the additions sustained by the Ld. CIT(A) was fully justified. It was further submitted that the Mumbai Bench of the Tribunal in the case of ‘Ratnagiri Stainless (P) Ltd Vs. ITO reported at (2017) 164 ITD 136 upheld the gross profit of Rs. 12.5% as against 4.3% declared by the assessee i.e. around three times of the bogus purchases while in the case of assessee the GP declared was at 3.01%. Therefore, no further relief is to be granted to the assessee. 18. I have considered the submissions of both the parties and perused the material available on r…

Mitesh Ilesh Gadhia, Mumbai vs. DCIT Cen Cir 4(2), Mumbai

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

ITA 354/MUM/2019[2010-11]Status: DisposedITAT Mumbai12 Apr 2019AY 2010-11

Bench: Shri B.R. Baskaran & Shri Ravish Soodshri Mitesh Ilesh Gadhia Dcit, Central Circle-4(2) 201, Vyapar Bhavan, 2Nd Floor Room No. 1918 368/270 Narshi Natha Street Vs. Air India Building Masjid Bunder (W) Nariman Point Mumbai 400009 Mumbai 400021 Pan – Aegpg2818A Appellant Respondent

For Appellant: Shri Mayur KisnadwalaFor Respondent: Shri Narendra Jang Pangi
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL "D" Bench, Mumbai Before Shri B.R. Baskaran, Accountant Member and Shri Ravish Sood, Judicial Member Shri Mitesh Ilesh Gadhia DCIT, Central Circle-4(2) 201, Vyapar Bhavan, 2nd Floor Room No. 1918 368/270 Narshi Natha Street Vs. Air India Building Masjid Bunder (W) Nariman Point Mumbai 400009 Mumbai 400021 PAN – AEGPG2818A Appellant Respondent Appellant by: Shri Mayur Kisnadwala Respondent by: Shri Narendra Jang Pangi Date of Hearing: 07.03.2019 Date of Pronouncement: 12.04.2019 O R D E R Per B.R. Baskaran, AM The appeal filed by the assessee is directed against the order…