Sanjay Oilcake Industries v. CIT

316 ITR 274High Court2009#154 most cited

What is Sanjay Oilcake Industries v. CIT authority for?

In cases of alleged bogus or unverifiable purchases, rather than disallowing the entire purchase value, a reasonable profit element or a proportionate percentage of the purchases should be added back to the assessee's income.

460

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2011 to 2026.

Also referred to as

Sanjay Oilcake Industries · 316 ITR 274 · bogus purchases · unverifiable purchases · proportionate disallowance · profit element · section 68 · section 69B · section 131 · section 133A · estimation of income

Sections most often in play

Section 153ASection 68Section 131Section 133ASection 115BBESection 153CSection 69BSection 143(3)
Read the full judgment

Issues it is cited on

section 69bsection 292csection 292section 44absection 201section 69csection 133asection 29escapement of incomesection 145(3)section 131commissioner (appeals)

Judgments citing Sanjay Oilcake Industries v. CIT

Gemco International, Jaipur vs. Income Tax Officer Ward 2(1), Jaipur

In the result, the appeal filed by the assessee stands partly allowed with no order as to cost

ITA 410/JPR/2024[2012-13]Status: DisposedITAT Jaipur04 Oct 2024AY 2012-13

Bench: SHRI SANDEEP GOSAIN (Judicial Member)

For Appellant: Shri Vivek Bhargava, CAFor Respondent: Shri Gautam Singh Choudhary,JCIT-DR
Section 143(3)Section 147Section 148Section 153ASection 153C

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, ‘’SMC” JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ds le{k BEFORE: Hon’ble SHRI SANDEEP GOSAIN, JUDICIAL MEMBER vk;dj vihy la-@ITA No. 410/JP/2024 fu/kZkj.k o"kZ@Assessment Year : 2012-13 M/s. Gemco International cuke The ITO Vs. 3950, Lal Haweli, MSB Ka Rasta Ward 2(1) Johari Bazar, Jaipur 302 003 Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAJFG 9238 R vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@Assessee by : Shri Vivek Bhargava, CA jktLo dh vksj ls@Revenue by: Shri Gautam Singh Choudhary,JCIT-DR…

Income Tax Officer, Mumbai Ayakar Bhawan Churchgate vs. Varsha Corporation Limited, Malad (West)

In the result, the appeal of the revenue is allowed for statistical purposes

ITA 348/MUM/2024[2017-18]Status: DisposedITAT Mumbai01 Oct 2024AY 2017-18

Bench: Ms. Kavitha Rajagopal & Shri Gagan Goyalito, R. No. 227, Aayakar Bhavan, M. K. Road, Mumbai Maharashtra - 400 020. ..... Appellant Vs. M/S. Varsha Corporation Ltd. 13, Adarsh Society, Varsha Ramachandra Lane Extn. Malad (West), Mumbai- 400 064. Pan No.Aabcv2293E ..... Respondent

For Appellant: Ms. Rajeshwari Menon, Ld. DRFor Respondent: Shri Mahesh Rajora, Ld.AR
Section 133(6)Section 143(1)Section 143(3)Section 250

…6.04.2015 whereby the Supreme Court has dismissed the SLP and 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. 4. We remit back the case to the Assessing Officer for deciding afresh on the factual matrix. The authority will accept the law but the transaction whether it is g…

ITO-19(3)(1), Mumbai vs. Thana Ram Mangi Lal Choudhary, Mumbai

In the result, the appeal is partly allowed

ITA 2698/MUM/2024[2009-10]Status: DisposedITAT Mumbai29 Aug 2024AY 2009-10

Bench: Shri Amarjit Singh, Hon’Ble & Shri Anikesh Banerjee, Hon’Bleassessment Year: 2009-10 Ito-19(3)(1), Mumbai Thana Ram Mangi Lal Choudhary Vs 33/36, Prabhu Shree Ram Mandir, 4Th Kumbharwada, Maharashtra-400004. Pan: Afepc 1898 P (Appellant) (Respondent)

For Appellant: NoneFor Respondent: Shri P.D. Chougule Addl. CIT/ Sr. DR
Section 142(1)Section 145(3)Section 147Section 148

…rofit goes up and whether the resultant gross profit is higher than the gross profit normally shown in the earlier years.” 6.4 25% disallowance of bogus/unverifiable purchases has been upheld in following cases:- 1. Sanjay Oil Cake Industries Vs. CIT (2008) 316 ITR 274 (Gujarat HC) 2. Vijay Proteins Ltd Vs. ACIT 58 ITD 428 (Ahmedabad) 6 Thana Ram Mangi Lal Choudhary A.Y. 2009-10 3. M/s. Nand Kishore MeghrajJewellers, Jaipur Co. No. 105/JP/09 arising out of ITA No. 433/JP/2009 by ITAT Jaipur 4. M/s. Trident Jewellers ITAT Jaipur ITA No. 552/JP/2013. Disallowance @ 25% out of Bogus purchases, was held as a rea…

Kissan Fats Ltd., Bathinda vs. DCIT, CC-1, Ludhiana

In the result, the appeal of the assessee is allowed

ITA 408/CHANDI/2023[2013-14]Status: DisposedITAT Chandigarh26 Aug 2024AY 2013-14

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

For Appellant: Shri Sudhir Sehgal, AdvocateFor Respondent: Smt. Amanpreet Kaur, Sr. DR
Section 133(6)Section 143(3)Section 147Section 148Section 151(1)Section 250(6)Section 253

…uld have made addition of total purchases – Held, yes [Para 6] [In favour of revenue]” The Ld. CIT(A) in the impugned order also has placed reliance on the judgment of Hon’ble Gujarat High Court in case of Sanjay Oil Cake Industries Vs. CIT reported in (2009) 316 ITR 274 (Gujarat) that “Where certain additions were made on account of inflated purchase price and alleged sellers were not traceable and though payments had been made by account payee cheques, entire amounts so deposited had been withdrawn by bearer cheques, Tribunal was justified in sustaining addition.” The Ld. CIT(A) in the impugned order has also…

Govindam Export, Jaipur, Rajasthan vs. DCIT, Circle-1, Jpr, Jaipur, Rajasthan

In the results all the appeals filed by the assessee ITA Nos

ITA 429/JPR/2024[1998-99]Status: DisposedITAT Jaipur01 Aug 2024AY 1998-99

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. Vijay Agarwal, CA &For Respondent: Sh. Arvind Kumar, CIT-DR
Section 145(3)Section 153DSection 260ASection 80H

…06.04.2015 whereby the supreme court has dismissed the SLP and confirmed the order dated 09.12.2014 passed by the Gujrat 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 principal of law pronounced in the aforesaid three judgement. 4. We remit back the case to the Assessing Officer for deciding afresh on the factual matrix. The authority will accept the law but the transaction whether it is gen…

K L Tambi and Co, Jaipur vs. Deputy Commissioner of Income-Tax, Central Circle-2, Jaipur

27. As a result, the appeal is partly allowed, and addition of 20% of bogus or purchases from unverifiable persons or entities is upheld as regards AY 2005-06

ITA 104/JPR/2024[2005-06]Status: DisposedITAT Jaipur01 Aug 2024AY 2005-06

Bench: This Appellate Tribunal

For Appellant: Sh. S. R. Sharma, CA &For Respondent: Sh. A. S. Nehra (Addl.CIT)
Section 143(3)Section 145(3)Section 271(1)(c)

…that in Gems Paradise case (supra), Hon’ble High Court observed that the parties to the said 5 M/s K L Tambi & Co. vs DCIT, Jaipur appeal were bound by principle of law pronounced in the following three cases: i. Sanjay Oilcake Industries vs. CIT [2009] 316 ITR 274 (Gujarat) ii. Vijay Proteins Ltd. vs. CIT [2015] 58 taxmann.com 44(Guj.) iii. N. K. Indsutries Ltd. vs. DCIT [2016] 72 taxmann.com 289 (Gujarat) The contention raised by ld. AR for the appellant is that facts of the above said three cases are different from the facts of the present appeal, and as such, ld. CIT(A) has erred in upholding the d…

Dinesh Haldia, Jaipur vs. DCIT Circle 1, Jaipur

In the result, the appeal of the assessee is partly allowed

ITA 384/JPR/2024[2007-08]Status: DisposedITAT Jaipur30 Jul 2024AY 2007-08

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. Dheeraj Borad, CAFor Respondent: Sh. Arvind Kumar, CIT
Section 132(1)Section 133ASection 139(1)Section 153ASection 260ASection 69C

….P. rate of 30% in these two cases, and after considering the decision of Hon'ble ITAT Ahemdabad in the case of Mis Vijay Protein Ltd v/s ACIT 58 ITD 428 and also the decision of Hon'ble Gujarat High Court in the case of M/s Sanjay Gil Cake Industries v/s C1T 316 ITR 274, the disallowance to the extent of 25% out of all the unverifiable purchases which include the cash and URD purchases as well as other unverifiable purchases from tainted parties was upheld in appeal order dated 21.9.10 for A.Y 2006-07 in appeal no. 364/09-10 in the case of appellant. 3.4 Considering that the facts for the year under considerati…

M/S. Mukka Proteins Limited (Formerly Know As Mukka Sea Food Industries Ltd., Mangalore vs. Deputy Commissioner of Income Tax, Central Circle-1, Mangaluru

In the result, appeals of the assessee in ITA Nos

ITA 431/BANG/2024[2013-14]Status: DisposedITAT Bangalore03 Jul 2024AY 2013-14

Bench: Shri Chandra Poojari & Shri Keshav Dubey

For Appellant: Sri Narendra Sharma, A.RFor Respondent: Ms. Neera Malhotra, D.R
Section 132Section 132(4)Section 153ASection 153DSection 234A

…h and sell the finished fabrics. Therefore, as a natural corollary, not the entire amount covered under such purchases, but the profit element embedded therein would be subject to tax.” 5.13 In the case of Sanjay Oilcake Industries vs. CIT reported in (2009) 316 ITR 274 (Guj), the Hon’ble Gujarat High Court held as under (page 281): “7.2 . A similar question came up before this Court in the case of Sanjay Oilcake Industries vs. Commissioner of Income Tax reported in [2009] 316 ITR 274 (Guj) and this Court while deciding the said issue has held as under: “Thus, it is apparent that both the Commissioner (Appeals)…

Parmanand & Sons Food Product Pvt. Ltd, Delhi vs. DCIT, Central Circle-20

In the result, the appeals are disposed of as follows:

ITA 981/DEL/2022[2018-19]Status: DisposedITAT Delhi30 May 2024AY 2018-19

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…and sell the finished fabrics. Therefore, as a natural corollary, not the entire amount covered under such purchases, but the profit element embedded therein would be subject to tax.” In the case of Sanjay Oilcake Industries vs. CIT reported in (iii) (2009) 316 ITR 274 (Guj), the Hon’ble Gujarat High Court held as under (page 281): “7.2 . A similar question came up before this Court in the case of Sanjay Oilcake Industries vs. Commissioner of Income Tax reported in [2009] 316 ITR 274 (Guj) and this Court while deciding the said issue has held as under: “Thus, it is apparent that both the Commissioner (Appeals…

Parmanand & Sons Food Product Pvt. Ltd, Delhi vs. DCIT, Central Circle-20

In the result, the appeals are disposed of as follows:

ITA 980/DEL/2022[2017-18]Status: DisposedITAT Delhi30 May 2024AY 2017-18

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…and sell the finished fabrics. Therefore, as a natural corollary, not the entire amount covered under such purchases, but the profit element embedded therein would be subject to tax.” In the case of Sanjay Oilcake Industries vs. CIT reported in (iii) (2009) 316 ITR 274 (Guj), the Hon’ble Gujarat High Court held as under (page 281): “7.2 . A similar question came up before this Court in the case of Sanjay Oilcake Industries vs. Commissioner of Income Tax reported in [2009] 316 ITR 274 (Guj) and this Court while deciding the said issue has held as under: “Thus, it is apparent that both the Commissioner (Appeals…

DCIT, Central Circle-20, New Delhi vs. Devesh Mittal, Delhi

In the result, the appeals are disposed of as follows:

ITA 944/DEL/2022[2017--18]Status: DisposedITAT Delhi30 May 2024

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…and sell the finished fabrics. Therefore, as a natural corollary, not the entire amount covered under such purchases, but the profit element embedded therein would be subject to tax.” In the case of Sanjay Oilcake Industries vs. CIT reported in (iii) (2009) 316 ITR 274 (Guj), the Hon’ble Gujarat High Court held as under (page 281): “7.2 . A similar question came up before this Court in the case of Sanjay Oilcake Industries vs. Commissioner of Income Tax reported in [2009] 316 ITR 274 (Guj) and this Court while deciding the said issue has held as under: “Thus, it is apparent that both the Commissioner (Appeals…

DCIT, CC-20, New Delhi vs. Devesh Mittal, Delhi

In the result, the appeals are disposed of as follows:

ITA 943/DEL/2022[2016-17]Status: DisposedITAT Delhi30 May 2024AY 2016-17

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…and sell the finished fabrics. Therefore, as a natural corollary, not the entire amount covered under such purchases, but the profit element embedded therein would be subject to tax.” In the case of Sanjay Oilcake Industries vs. CIT reported in (iii) (2009) 316 ITR 274 (Guj), the Hon’ble Gujarat High Court held as under (page 281): “7.2 . A similar question came up before this Court in the case of Sanjay Oilcake Industries vs. Commissioner of Income Tax reported in [2009] 316 ITR 274 (Guj) and this Court while deciding the said issue has held as under: “Thus, it is apparent that both the Commissioner (Appeals…

DCIT, CC-20, New Delhi vs. Devesh Mittal, Delhi

In the result, the appeals are disposed of as follows:

ITA 942/DEL/2022[2015-16]Status: DisposedITAT Delhi30 May 2024AY 2015-16

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…and sell the finished fabrics. Therefore, as a natural corollary, not the entire amount covered under such purchases, but the profit element embedded therein would be subject to tax.” In the case of Sanjay Oilcake Industries vs. CIT reported in (iii) (2009) 316 ITR 274 (Guj), the Hon’ble Gujarat High Court held as under (page 281): “7.2 . A similar question came up before this Court in the case of Sanjay Oilcake Industries vs. Commissioner of Income Tax reported in [2009] 316 ITR 274 (Guj) and this Court while deciding the said issue has held as under: “Thus, it is apparent that both the Commissioner (Appeals…

DCIT, CC-20, New Delhi vs. Devesh Mittal, Delhi

In the result, the appeals are disposed of as follows:

ITA 941/DEL/2022[2014-15]Status: DisposedITAT Delhi30 May 2024AY 2014-15

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…and sell the finished fabrics. Therefore, as a natural corollary, not the entire amount covered under such purchases, but the profit element embedded therein would be subject to tax.” In the case of Sanjay Oilcake Industries vs. CIT reported in (iii) (2009) 316 ITR 274 (Guj), the Hon’ble Gujarat High Court held as under (page 281): “7.2 . A similar question came up before this Court in the case of Sanjay Oilcake Industries vs. Commissioner of Income Tax reported in [2009] 316 ITR 274 (Guj) and this Court while deciding the said issue has held as under: “Thus, it is apparent that both the Commissioner (Appeals…

DCIT, CC-20, New Delhi vs. Globus Agrofoods Pvt. Ltd., Delhi

In the result, the appeals are disposed of as follows:

ITA 940/DEL/2022[2016-17]Status: DisposedITAT Delhi30 May 2024AY 2016-17

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…and sell the finished fabrics. Therefore, as a natural corollary, not the entire amount covered under such purchases, but the profit element embedded therein would be subject to tax.” In the case of Sanjay Oilcake Industries vs. CIT reported in (iii) (2009) 316 ITR 274 (Guj), the Hon’ble Gujarat High Court held as under (page 281): “7.2 . A similar question came up before this Court in the case of Sanjay Oilcake Industries vs. Commissioner of Income Tax reported in [2009] 316 ITR 274 (Guj) and this Court while deciding the said issue has held as under: “Thus, it is apparent that both the Commissioner (Appeals…

DCIT, CC-20, New Delhi vs. Globus Agrofoods Pvt.Ltd., New Delhi

In the result, the appeals are disposed of as follows:

ITA 939/DEL/2022[2015-16]Status: DisposedITAT Delhi30 May 2024AY 2015-16

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…and sell the finished fabrics. Therefore, as a natural corollary, not the entire amount covered under such purchases, but the profit element embedded therein would be subject to tax.” In the case of Sanjay Oilcake Industries vs. CIT reported in (iii) (2009) 316 ITR 274 (Guj), the Hon’ble Gujarat High Court held as under (page 281): “7.2 . A similar question came up before this Court in the case of Sanjay Oilcake Industries vs. Commissioner of Income Tax reported in [2009] 316 ITR 274 (Guj) and this Court while deciding the said issue has held as under: “Thus, it is apparent that both the Commissioner (Appeals…

DCIT, CC-20, New Delhi vs. Kwality Techmech Pvt. Ltd., Delhi

In the result, the appeals are disposed of as follows:

ITA 938/DEL/2022[2017-18]Status: DisposedITAT Delhi30 May 2024AY 2017-18

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…and sell the finished fabrics. Therefore, as a natural corollary, not the entire amount covered under such purchases, but the profit element embedded therein would be subject to tax.” In the case of Sanjay Oilcake Industries vs. CIT reported in (iii) (2009) 316 ITR 274 (Guj), the Hon’ble Gujarat High Court held as under (page 281): “7.2 . A similar question came up before this Court in the case of Sanjay Oilcake Industries vs. Commissioner of Income Tax reported in [2009] 316 ITR 274 (Guj) and this Court while deciding the said issue has held as under: “Thus, it is apparent that both the Commissioner (Appeals…

DCIT Central Circle-20, Delhi vs. Kwality Techmech Pvt. Ltd., Delhi

In the result, the appeals are disposed of as follows:

ITA 937/DEL/2022[2017-18]Status: DisposedITAT Delhi30 May 2024AY 2017-18

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…and sell the finished fabrics. Therefore, as a natural corollary, not the entire amount covered under such purchases, but the profit element embedded therein would be subject to tax.” In the case of Sanjay Oilcake Industries vs. CIT reported in (iii) (2009) 316 ITR 274 (Guj), the Hon’ble Gujarat High Court held as under (page 281): “7.2 . A similar question came up before this Court in the case of Sanjay Oilcake Industries vs. Commissioner of Income Tax reported in [2009] 316 ITR 274 (Guj) and this Court while deciding the said issue has held as under: “Thus, it is apparent that both the Commissioner (Appeals…

DCIT, New Delhi vs. Parmanand and Sons Foods Products P.Ltd, New Delhi

In the result, the appeals are disposed of as follows:

ITA 934/DEL/2022[2016-17]Status: DisposedITAT Delhi30 May 2024AY 2016-17

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…and sell the finished fabrics. Therefore, as a natural corollary, not the entire amount covered under such purchases, but the profit element embedded therein would be subject to tax.” In the case of Sanjay Oilcake Industries vs. CIT reported in (iii) (2009) 316 ITR 274 (Guj), the Hon’ble Gujarat High Court held as under (page 281): “7.2 . A similar question came up before this Court in the case of Sanjay Oilcake Industries vs. Commissioner of Income Tax reported in [2009] 316 ITR 274 (Guj) and this Court while deciding the said issue has held as under: “Thus, it is apparent that both the Commissioner (Appeals…

DCIT, New Delhi vs. Parmanand and Sons Foods Products P.Ltd, Delhi

In the result, the appeals are disposed of as follows:

ITA 933/DEL/2022[2015-16]Status: DisposedITAT Delhi30 May 2024AY 2015-16

Bench: Dr. B.R.R. Kumar & Sh. Yogesh Kumar Usita No. 711, 712 & 713/Del/2022 A.Y. 2016-17, 2017-18 & 2018-19 Kwality Techmech Pvt. Ltd. Vs. Dcit/Acit, B-20, Lawrence Road Cc-20, Industrial Area , Delhi Keshav Puram, North West Delhi, Delhi-110035 Pan : Aaeck1176E Appellant Respondent

Section 69B

…and sell the finished fabrics. Therefore, as a natural corollary, not the entire amount covered under such purchases, but the profit element embedded therein would be subject to tax.” In the case of Sanjay Oilcake Industries vs. CIT reported in (iii) (2009) 316 ITR 274 (Guj), the Hon’ble Gujarat High Court held as under (page 281): “7.2 . A similar question came up before this Court in the case of Sanjay Oilcake Industries vs. Commissioner of Income Tax reported in [2009] 316 ITR 274 (Guj) and this Court while deciding the said issue has held as under: “Thus, it is apparent that both the Commissioner (Appeals…