Sanjay Oilcake Industries v. CIT

Refrigerated Deistributors P.Ltd, Mumbai vs. DCIT 2(3)(1), Mumbai

In the result, all the five appeals of assessee are partly allowed and appeal of Revenue is dismissed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

…entire amount covered under such 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). Similarly, in yet another decision of Hon'ble Gujarat High Court in the case of CIT(A) vs. Simit Sheth (2013) 38 Taxmann.com 385 (Guj), Hon'ble Court was seized with a similar issue where the AO had found that some of the alleged suppliers of steel to the assessee had not supplied any goods but had only provided sale bills and hence, purch…

Refrigerated Deistributors P.Ltd, Mumbai vs. DCIT 2(3)(1), Mumbai

In the result, all the five appeals of assessee are partly allowed and appeal of Revenue is dismissed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

…entire amount covered under such 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). Similarly, in yet another decision of Hon'ble Gujarat High Court in the case of CIT(A) vs. Simit Sheth (2013) 38 Taxmann.com 385 (Guj), Hon'ble Court was seized with a similar issue where the AO had found that some of the alleged suppliers of steel to the assessee had not supplied any goods but had only provided sale bills and hence, purch…

Refrigerated Deistributors P.Ltd, Mumbai vs. DCIT 2(3)(1), Mumbai

In the result, all the five appeals of assessee are partly allowed and appeal of Revenue is dismissed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

…entire amount covered under such 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). Similarly, in yet another decision of Hon'ble Gujarat High Court in the case of CIT(A) vs. Simit Sheth (2013) 38 Taxmann.com 385 (Guj), Hon'ble Court was seized with a similar issue where the AO had found that some of the alleged suppliers of steel to the assessee had not supplied any goods but had only provided sale bills and hence, purch…

DCIT 2(3)(1), Mumbai vs. Refrigerated Distributors P.Ltd, Mumbai

In the result, all the five appeals of assessee are partly allowed and appeal of Revenue is dismissed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

…entire amount covered under such 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). Similarly, in yet another decision of Hon'ble Gujarat High Court in the case of CIT(A) vs. Simit Sheth (2013) 38 Taxmann.com 385 (Guj), Hon'ble Court was seized with a similar issue where the AO had found that some of the alleged suppliers of steel to the assessee had not supplied any goods but had only provided sale bills and hence, purch…

DCIT 15(2)(2), Mumbai vs. Pci Analytics P.Tld, Mumbai

The appeals of the Revenue are dismissed

Bench: Shri Joginder Singh & Shri N.K. Pradhan

…nished 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". 6.5 In the case of MIs Sanjay Oilcake Industries v. Commissioner of Income-tax reported in 316 ITR 274(Guj), the Hon'ble court had upheld the action of the CIT(A) and ITAT in determining estimated addition of 25% of the purchases in cases involving bogus purchases. The head note is as under- Assessment—Income from undisclosed sources--Additions on account of inflated purchase price--Estimate--Not a question of law--No material produced by assessee…

ACIT 21(1), Mumbai vs. Girish J Gada, Mumbai

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri Amit Shukla () & Shri Ashwani Taneja ()

…e finished goods. In that view of the matter, as natural corollary, not the entire amount covered under such purchase, but the profit element embedded therein would be subject to tax. This we. the view of this court in the case of Sanjay coke Industries v CIT 316 ITR 274 (Gui). Such decision is also followed by this court in a judgment dated August 16, 2011, in Tax Appeal No.679 of 2010 in the case of CIT v. Kishor Amrutlal Patel. In the result, tax appeal is dismissed.' 27. In view of the facts and circumstances and the judicial pronouncements cited above, what can be disallowed or taxed in the instant case of…

ACIT 21(1), Mumbai vs. Girish J Gada, Mumbai

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri Amit Shukla () & Shri Ashwani Taneja ()

…e finished goods. In that view of the matter, as natural corollary, not the entire amount covered under such purchase, but the profit element embedded therein would be subject to tax. This we. the view of this court in the case of Sanjay coke Industries v CIT 316 ITR 274 (Gui). Such decision is also followed by this court in a judgment dated August 16, 2011, in Tax Appeal No.679 of 2010 in the case of CIT v. Kishor Amrutlal Patel. In the result, tax appeal is dismissed.' 27. In view of the facts and circumstances and the judicial pronouncements cited above, what can be disallowed or taxed in the instant case of…

Gits Food Products P. Ltd, Mumbai vs. DCIT Cir 10(1), Mumbai

In the result, appeal filed by assessee is allowed

Bench: Shri B.R.Baskaran & Shri Pawan Singh

…it is only the part profit of the supplies may be disallowed on issue as the assessee is a manufactures”. And the Ld. CIT(A) directed the AO to add only 25% of the purchase order as bogus purchases by referring the decision of Sanjay Oilcake Industry vs. CIT 316 ITR 274 (Guj.) and Vijay Protins Ltd. vs. ACIT 58 ITD 528 (Ahd.). In fact the assessee has not manufactured any product from the material purchased from M/s R.K. Steel Mercantile Pvt Ltd. The assessee purchased stainless steel Spoons to distribute the same with his product. From the bare reading of orders of authorities below, it is quite clear that neit…

Innovators Facade Systems P.Ltd, Thane vs. ACIT Cir 2, Thane

In the result, appeals of assessee are allowed in part

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm

…CIT vs. M.K. Brothers [(1987) 163 ITR 249 (Guj)] v) M/s Imperial imp & exp vs ITO(ITA 5427/Mum/2015) vi) Deepak Popat Lal Ghada vs. ITO(ITA 6203/Mum/2013) vii) DCIT vs. Shri Jitendra S. Motani [ITA 6178/M/2007 (Mum)] CIT vs. Sanjay Oil Cake Industries v. CIT [316 ITR 274 (Guj)] viii) 14. On the other hand, it was contended by learned DR that the AO had received information that the purchases amounting to Rs.10,69,87,060/- for the three A Ys i.e. 2009-10, 2010-11 and 2011-12 had been shown by the assessee from the parties who were appearing in the list of hawala dealers as mentioned on the official website of t…

G.L. Constructions P.Ltd, Mumbai vs. DCIT 8(1) Or DCIT City 8, Mumbai

In the result, appeal of assessee is allowed in part, in terms indicated hereinabove

…CIT vs. M.K. Brothers [(1987) 163 ITR 249 (Guj)] v) M/s Imperial imp & exp vs ITO(ITA 5427/Mum/2015) vi) Deepak Popat Lal Ghada vs. ITO(ITA 6203/Mum/2013) vii) DCIT vs. Shri Jitendra S. Motani [ITA 6178/M/2007 (Mum)] CIT vs. Sanjay Oil Cake Industries v. CIT [316 ITR 274 (Guj)] viii) 7. With regard to share capital, it was contended by ld. AR that the assessee had already filed with the A.O a letter dated 05/02/2013 & again on 26/312013 inclusive of following papers :- 1) Confirmations along with the PAN, . 2) Acknowledgement of ITRs filed, . 3) Bank statements of share holders & Sources from where share applicat…

Addl CIT 24(3), Mumbai vs. Indervadan H Jain, Mumbai

In the result, appeal of revenue is allowed in part

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘आई’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “I”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI PAWAN SINGH, JM आमकय अऩीर सं./ITA No.103/Mum/2013 (नििाारण वषा / Assessment Year :2009-10) ADCIT-24(3), Bandra, Vs. Shri Indervadan H. Jain, 26, Mumbai-51 Vijay Villa, 23, Jawahar Nagar, Goregaon(W), Mumbai-400062 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AAAPJ 9737 B (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue by : Shri Bhanwar Singh Ratnoo ननधाारयती की ओर से /Assessee by : Shri Pramod Kumar Parida & Priya Baldev Bhalwal सुनवाई की तायीख / Date…