Sanjay Oilcake Industries v. CIT

DCIT 13(1)(1), Mumbai vs. United Asphalters P.Ltd, Mumbai

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwal

…us decisions from Hon'ble High Courts/Hon'ble ITA No. 1728, 1729, 2598, 4 2599 & 2600/Mum/2016 M/s. United Asphalters P. Ltd. Apex Court, so that we can reach to a proper conclusion. The Hon'ble Gujarat High Court in Sanjay Oilcakes Industries vs CIT (2009) 316 ITR 274 (Guj.) held as under:- “11. Having heard the learned advocates appearing for the respective parties, it is apparent that no interference is called for in the impugned order of the Tribunal dated April 29, 1994, read with the order dated September 29, 1994, made in miscellaneous application. In the principal order the Tribunal has recorded the fo…

DCIT 5(2)(1), Mumbai vs. Karp Impex Ltd, Mumbai

Bench: Shri Rajendra, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 6761, 6760 & 6759/Mum/2016 (निर्धारणवर्ा / Assessment Year: 2007-08, 2009-10 & 2010-11)

…015) 54 taxmann.com 258. Therefore cosindering the peculiar upon the following judgments:- 1) ClT vs Bholanath Poly Fab Ltd. (2013) 355 ITR 290 (Guj). (HC), 2. CIT v Simit D, Sheth (2013) 356 ITR 451 (Guj)-(HC) and 3. CIT vs. Sanjay Oil Cake Industries (2009) 316 ITR 274 (Guj) (1C) and taking into consideration the facts of the present case, and to account for the profit element embedded in these purchase transactions to factorize profit earned by assessee against purchase of material in the grey market and undue benefit of VAT against bogus purchases, we are of the considered view that restricting the additions…

DCIT Cen Cir 3, Mumbai vs. Swan Energy Ltd, Mumbai

Bench: Shri Rajendra, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 6662 & 3870/Mum/2014 (निर्धारणवर्ा / Assessment Year: 2011-12 & 2010-11) Dcit Cen Cir 3 M/S Swan Energy Ltd. Room No. 905, Pratistha Formerly Known As Swan Mills Ltd, 2Nd Bhavan, Marines Lines, बिधम/ Mumbai-400020. Floor, Feltham House, Vs. Ballard Estate, J.N. Herdia Marg, Mumbai- 400001. स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aabcs7890Q & आयकरअपीलसं./ I.T.A. No. 5778 & 2924/Mum/2014 (निर्धारणवर्ा / Assessment Year:2011-12 & 2010-11) M/S Swan Energy Ltd. Acit Rg 7(2) Formerly Known As Swan Room No. 626, M. K. बिधम/ Mills Ltd, 2Nd Floor, Feltham Road, Churchgate, Vs. House, Ballard Estate, J.N. Mumbai-400020. Herdia Marg, Mumbai- 400001. अपीलाथीकीओरसे/ Appellant By : Sh. J. P. Bairagazd प्रत्यथीकीओरसे/Respondentby : Ms. Abha Kala Chanda सुनवाईकीतारीख/ : 27/09/2017 Date Of Hearing घोषणाकीतारीख / : 06/12/2017 Date Of Pronouncement M/S Swan Energy Ltd..

…f the present case and while relying upon the following judgments:- 1) ClT vs Bholanath Poly Fab Ltd. (2013) 355 ITR 290 (Guj). (HC), 2. CIT v Simit D, Sheth M/s Swan Energy Ltd.. (2013) 356 ITR 451 (Guj)-(HC) and 3. CIT vs. Sanjay Oil Cake Industries (2009) 316 ITR 274 (Guj) (1C) and taking into consideration the facts of the present case, and to account for the profit element embedded in these purchase transactions to factorize profit earned by assessee against purchase of material in the grey market, we are of the considered view that restricting the additions @ 6.5% of purchases by Ld. CIT(A) is unreasonable…

Dilip B Shah, Mumbai vs. ITO 14(1)(1), Mumbai

In the result, this appeal filed by the assessee stands dismissed

Bench: Shri Shamim Yahya, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./I.T.A. No.5560/Mum/2016 ("नधा"रण वष" / Assessment Year: 2009-10) Shri Dilip B. Shah Ito-14(1)(1), बनाम/ 2Nd Floor, Earnest House, 5/20 A, Gita Building, Gamdevi, Vs. Grant Road, Mumbai-400 002 Nariman Point, Mumbai-400 021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aapps 9105 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Ms. Ruchi M. Rathod ""यथ" क" ओर से/Respondent By : Shri Ram Tiwari

…आयकर अपील"य अ"धकरण “एच” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, AM AND SHRI SANDEEP GOSAIN, JM आयकर अपील सं./I.T.A. No.5560/Mum/2016 ("नधा"रण वष" / Assessment Year: 2009-10) Shri Dilip B. Shah ITO-14(1)(1), बनाम/ 2nd Floor, Earnest House, 5/20 A, Gita Building, Gamdevi, Vs. Grant Road, Mumbai-400 002 Nariman Point, Mumbai-400 021 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. AAPPS 9105 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant by : Ms. Ruchi M. Rathod ""यथ" क" ओर से/Respondent by : Shri Ram Tiwari सुनवाई क" तार"ख / : 14.09.2017 D…

ITO 19(2)(4), Mumbai vs. Naitik Gems, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: Shri P.K. Bansal, Vice- & Shri Pawan Singhito -19(2)(4), M/S Naitik Gems Room No. 217, Matru Mandir, 1304, Prasad Chambers, Vs. Mumbai-400007. Opera House, Mumbai-400004. Pan: Aaafn5200F (Appellant) (Respondent)

…No. 6718/M/2016- M/s Naitik Gems purchase would not be subjected to tax and only the profit element embedded therein was to be taxed. While coming to the above conclusion, the Hon'ble High Court also relied on the decision in the case of Sanjay Oil Cake Ind. 316 ITR 274 (Guj). 8.11 In Sanjay Oilcake Industries v. Commissioner of Income-tax [2009] 316 ITR 274 (Guj), it was held as under: "12. Thus, it is apparent that both the Commissioner (Appeals) and the Tribunal have concurrently accepted the finding of the Assessing Officer that the apparent sellers who had issued sale bills were not traceable. That goods…

Samkit Diamonds Exporters, Mumbai vs. ACIT 19(3), Mumbai

In the result both the appeals of the assessee as well of the revenue are allowed for statistical purposes

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.4133/Mum/2016 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ Samkit Diamonds Exporters Acit 19(3) 111 Prasad Chambers, Tata Mumbai Road No.2, Opera House, V. Mumbai 400004 स्थायी ऱेखा सं./ Pan : Aakfs5302F (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…fit element embedded therein was to be taxed. While coming to the above conclusion, the Hon'ble High Court also relied on the decision in the case of Sanjay Oil Cake Ind. 316 ITR 27(Guj). 6.12 In Sanjay Oilcake Industries Vs Commissioner of Income- tax [2009] 316 ITR 274 (Guj), it was held as under: “12. Thus, it is apparent that both the Commissioner (A) and the Tribunal have concurrently accepted the finding of the Assessing Officer that the apparent sellers who had issued sale bills were not traceable. That goods were received from the parties other than the persons who had issued bills for such goods. Though…

ITO 5(2)(1), Mumbai vs. N.K. Ferromate(India) P. Ltd, Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Income Tax Officer-5(2)(1), M/S N.K. Ferromate (India) R. No.567, P. Ltd. बनाम/ Aayakar Bhavan, 32/40, Krishna Baug, Vs. M.K. Road, Shop No.6, 2Nd Parshiwada, Mumbai-400020 V.P. Road, Mumbai-400004 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Aaccn4388N Assessment Year: 2009-10 M/S N.K. Ferromate (India) Income Tax Officer-5(2)(1), P. Ltd. R. No.567, बनाम/ 32/40, Krishna Baug, Aayakar Bhavan, Vs. Shop No.6, 2Nd Parshiwada, M.K. Road, V.P. Road, Mumbai-400020 Mumbai-400004 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.Aaccn4388N M/S N.K. Ferromate (India) Ltd.

…facts of the present appeals before us, we deem it appropriate to consider various decisions from Hon'ble High Courts/Hon'ble Apex Court, so that we can reach to a proper conclusion. The Hon'ble Gujarat High Court in Sanjay Oilcakes Industries vs CIT (2009) 316 ITR 274 (Guj.) held as under:- “11. Having heard the learned advocates appearing for the respective parties, it is apparent that no interference is called for in the impugned order of the Tribunal dated April 29, 1994, read with the M/s N.K. Ferromate (India) Ltd. order dated September 29, 1994, made in miscellaneous application. In the principal order…

V & V Pharma Industries, Thane vs. ACIT Cir. 3, Thane

In the result , appeal of the assessee in ITA no

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No. 6056 & 6057/Mum/2016 (नििाारण वर्ा / Assessment Year : 2010-11 & 2011-12)

…gross profit goes up and whether the resultant gross profit is higher than the gross profit normally shown in the earlier years." 25% disallowance of bogus /unverifiable purchases had been upheld in following cases (1) Sanjay Oil Cake Industries Vs CIT (2008) 316 ITR 274 (Guj) (2) Vijay Proteins Ltd Vs ACIT 58 ITD 428 (Abad) (3) M/s Nand Kishore Meghraj Jewellers, Jaipur CO. No. 10S/JP/09 arising out of ITA No.'433/JP/2009 by ITAT Jaipur (4) M/s. Trident Jewellers ITAT Jaipur ITA 552/JP/2013. Disallowance @ 25% out of Bogus purchases, held as a reasonable in the case of Viiay Proteins Ltd., in view of the fact th…

ITO 32(1)(4), Mumbai vs. Darshan Gautam Salot, Mumbai

The appeal of the Revenue is allowed for

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Income Tax Officer-32(1)(4), Shri Darshan Gautam Salot, R. No.202, C-11, 2Nd Floor, A-3.4, Soni Tower, बनाम/ Pratyaksha Kar Bhavan, Ram Nagar, Borivali (East), Vs. Bandra Kurla Complex, Mumbai-400092 Bandra (East), Mumbai-400051 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Bmops4552G

…cts of the present appeals before us, we deem it appropriate to consider various decisions from Hon'ble High Courts/Hon'ble Apex Court, so that we can reach to a proper conclusion. The Hon'ble Gujarat High Court in Sanjay Oilcakes Industries vs CIT (2009) 316 ITR 274 (Guj.) held as under:- “11. Having heard the learned advocates appearing for the respective parties, it is apparent that no interference is called for in the impugned order of the Tribunal dated April 29, 1994, read with the order dated September 29, 1994, made in miscellaneous 4 Darshan Gautam Salot application. In the principal order the Trib…

Satish R. Rathod, Mumbai vs. ITO 15(3)(1), Mumbai

In the result, both the appeals are hereby ordered to be dismissed

Bench: Shri P. K. Bansal, Vp & Shri Amarjit Singh, Jm

…e assessee had failed to discharge the onus to prove the genuineness of the transactions, mere mentioning of section 68 did not affect the addition made when transactions were found bogus. 5.13 In Sanjay Oilcake Industries vs. Commissioner of Income- tax 2009 316 ITR 274 (GUJ), it was held as under Thus, it is apparent that both the Commissioner (Appeals) and the Tribunal have concurrently accepted the finding of the Assessing Officer that the apparent sellers who had issued sale bills were not traceable. That goads were received from the patties other than the person who had issued bills for such goods. Though t…

Hitesh Tilokchand Bohra, Mumbai vs. Income Tax Officer-19(1)(5), Mumbai

In the result, appeal for A

Bench: Shri R.C. Sharma

…IN THE INCOME TAX APPELLATE TRIBUNAL "SMC" Bench, Mumbai Before Shri R.C. Sharma, Accountant Member ITA Nos. 4945 & 4946 /Mum/2017 (Assessment Years: 2010-11 & 2011-12) Shri Hitesh Tilokchand Bohra Income Tax Officer-19(1)(5) Shree Chandra Bhawan Room No. 215 Vs. 11/13, Parsiwada Lane Matrumandir, Tardo Road Mumbai 400004 Mumbai 400007 PAN – AERPB7638E Appellant Respondent Appellant by: None Respondent by: Smt. N. Hemalatha Date of Hearing: 24.10.2017 Date of Pronouncement: 09.11.2017 O R D E R Per R.C. Sharma, A.M. These are appeals filed by the assessee against the order of the CIT(A)- 29, Mumbai for assessmen…

Mrunal Shamsunder Naik, Mumbai vs. ACIT 15(2), Mumbai

Bench: Sh. R. C. Sharma, Am & Sh. Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 911/Mum/2017, (निर्धारणवर्ा / Assessment Year: 2010-11)

…in it's books of account. 7.1 The issue has been considered by Hon'ble ITAT Ahmedabad in the case of Vijay proteins Ltd. Vs ACIT (1996) 58 lTD 428 (Ahd.) This issue has subsequently came under consideration in CIT v. Sanjay OIL Cake Industries v. CIT (2009) 316 ITR 274 (GuJ.)(HC). where in AO had information that these parties are hawala entry givers and entire purchases were added. Tribunal restricted the addition to 25% of purchases as profit of the assessee . Both the assessee and Revenue 14 I.T.A. No. 911/Mum/2017 Mrunal Shamsunder Naik filed an appeal before the Court, but the Hon'bte High Court affirmed…

Muffazal Hakim Penwala, Mumbai vs. ITO 17(2)(4), Mumbai

In the result, this appeal filed by the assessee stands dismissed

Bench: Shri Shamim Yahya, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./I.T.A. No. 3740/Mum/2017 ("नधा"रण वष" / Assessment Year: 2010-11) Shri Muffazal Hakim Penawala Cit(A)-28, India House, Ground Floor, Earnest House, Ncpa Marg, बनाम/ Shop No. 1-2, 246, A. R. Street, Nairman Point, Mumbai-400 021 Vs. Mumbai-400 003 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabpp 1934 H (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Ms. Ruchi M. Rathod ""यथ" क" ओर से/Respondent By : Shri M. V. Rajguru

…on 06.04.2015 whereby the Supreme Court has dismissed the SLP confirmed the order dated 09.12.2014 passed by the Gujarat High Court and other decisions of the High Court of Gujarat in the case of Sanjay Oilcake Industries Vs. Commissioner of Income Tax (2009) 316 ITR 274 (Guj) and N.K. Industries Ltd. Vs. Dy. C.I.T., Tax Appeal No.240/2003 decided on 20.06.2016, the parties are bound by the principle of law pronounced in the aforesaid three judgments. 15. In light of the above High Court and Hon’ble Apex Court decision, the decisions of tribunal referred by the ld. Ld. Counsel of the assessee are not being dealt…

ITO WD 5(3)(2), Mumbai vs. Shikha Diamonds P.Ltd, Mumbai

Accordingly this ground raised by the revenue is partly allowed

Bench: Shri R. C. Sharma, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 3302/Mum/2017, (निर्धारणवर्ा / Assessment Year: 2007-08)

…cts and circumstances of the present case and while relying upon the following judgments:- 1) ClT vs Bholanath Poly Fab Ltd. (2013) 355 ITR 290 (Guj). (HC), 2. CIT v Simit D, Sheth (2013) 356 ITR 451 (Guj)-(HC) and 3. CIT vs. Sanjay Oil Cake Industries (2009) 316 ITR 274 (Guj) (1C) and taking into consideration the facts of the present case, and to account for the profit element embedded in these purchase transactions to factorize profit earned by assessee against purchase of material in the grey market and undue benefit of VAT against bogus purchases, we are of the considered view that restricting the additions…

ITO 20(3)(5), Mumbai vs. Vision Enterprises, Mumbai

Accordingly this ground raised by the revenue is partly allowed

Bench: Shri R. C. Sharma, Am & Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 2422/Mum/2017, (निर्धारणवर्ा / Assessment Year: 2011-12)

…cts and circumstances of the present case and while relying upon the following judgments:- 1) ClT vs Bholanath Poly Fab Ltd. (2013) 355 ITR 290 (Guj). (HC), 2. CIT v Simit D, Sheth (2013) 356 ITR 451 (Guj)-(HC) and 3. CIT vs. Sanjay Oil Cake Industries (2009) 316 ITR 274 (Guj) (1C) and taking into consideration the facts of the present case, and to account for the profit element embedded in these purchase transactions to factorize profit earned by assessee against purchase of material in the grey market and undue benefit of VAT against bogus purchases, we are of the considered view that restricting the additions…

Sunil B. Vorani (HUF), Mumbai vs. ITO 20(3)(4), Mumbai

Accordingly these ground raised by the assessee is partly allowed

Bench: Shri R. C. Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./I.T.A. No. 1337/Mum/2017 (निर्धारण वषा / Assessment Year: 2009-10)

…the present case and while relying upon the following judgments:- 1) ClT vs Bholanath Poly Fab Ltd. (2013) 355 ITR 290 (Guj). (HC), 2. CIT v Simit D, Sheth 8 Sunil B. Vorani (HUF) (2013) 356 ITR 451 (Guj)-(HC) and 3. CIT vs. Sanjay Oil Cake Industries (2009) 316 ITR 274 (Guj) (1C) and taking into consideration the facts of the present case, and also considering the order passed by the Coordinate Bench of SMC in assessee’s own case and to account for the profit element embedded in these purchase transactions to factorize profit earned by assessee against purchase of material in the grey market and undue benefit o…

ACIT 1(3)(1), Mumbai vs. Sovika Chemicals Pvt. Ltd., Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2012-13 Acit-1(3)(1), M/S Sovika Chemicals Pvt. Room No.540, 5Th Floor, Ltd. बनाम/ Aayakar Bhavan, B/2, Parekh Mahal, 80, Vs. M.K. Road, Veer Nariman Road, Mumbai-400020 Churchgate, Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaacs5390N

…cts of the present appeals before us, we deem it appropriate to consider various decisions from Hon'ble High Courts/Hon'ble Apex Court, so that we can reach to a proper conclusion. The Hon'ble Gujarat High Court in Sanjay Oilcakes Industries vs CIT (2009) 316 ITR 274 (Guj.) held as under:- “11. Having heard the learned advocates appearing for the respective parties, it is apparent that no interference is called for in the impugned order of the Tribunal dated April 29, 1994, read with the order dated September 29, 1994, made in miscellaneous application. In the principal order the Tribunal has recorded the fo…