Shankar Export v. ACIT

Sh. Jambu Kumar Jain, Kota vs. ITO, Ward-2(2), Kota

In the result, the appeal of the assesee is allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member)

…tative record was not maintained, books of account could not be rejected. Further, merely because there was some deficiency of quality wise record in books of accounts, it would not necessarily lead to addition in income of assessee.  Shankar Export Vs. ACIT 42 DTR 441 dt. 01.06.2010 (Jpr.) In this case, assessee dealing in jewellery, diamond, precious & semi precious stones & pearls declared G.P. Rate of 17.89% as against 19.83% in the preceding year. AO rejected the books of accounts & made trading addition on the ground that assessee failed to produce 8 parties for verification for genuineness of purchases. A…

DCIT, Circle-4, Jaipur vs. M/S Kandoi Metal Powders Manufacturing Company Pvt. Ltd., Jaipur

In the result, both the appeals are partly allowed

…Assessing Officer in the assessment order are not having any basis. In view of this the Learned Assessing Officer was not justified in rejecting the books of accounts. The following case laws are quoted in support: - (i) Shankar Exporters vs. Addl. CIT (2010) 42 DTR 441 (Jaipur ITAT) In our considered view only on account of non-verifying of few purchases the rejection of books of account was not justified as there was no other defect found by the AO in maintaining books of account. It is also not the case of the Department that there is any material outside the books which indicates that these purchases are bogu…

M/S. G.B.Impex, Jaipur vs. ITO, Ward-6(3), Jaipur

In the result, the appeal of the assessee is dismissed

…proposition of law that trading addition need not necessarily made only because books of accounts are rejected. One is to consider the other facts and circumstances of the case. For this reliance was placed on the following cases:- • Shankar Export Vs. ACIT 42 DTR 441 dt. 01.06.2010(Jpr.) • CIT Vs. Smt. Poonam Rani 41 DTR 194 (Del) • Malani Ramjivan Jagannath Vs. ACIT 207 CTR 19 (Raj.) 8 M/s G.B. Impex vs. ITO • CIT Vs Gotan Lime Khaniz Udhyog 256 ITR 243 (Raj.) 8. Per contra, the ld. DR relied on the finding of the lower authorities and our reference was drawn to the findings of the ld. CIT(A) which are conta…

Shankar Jhalani, Jaipur vs. ITO, Jaipur

In the result, appeal of the assessee is dismissed

Bench: The Itat By Taking Following

…h Court in its appellate jurisdiction u/s 260A, would not de novo hold another factual inquiry with a view to find out as to whether the explanation offered by the assessee was good or bad & thus revenues appeal is to be dismissed. Shankar Exporters Vs. ACIT 42 DTR 441 dt.01.06.2010 (Jpr.) Assessee dealing in jewellery, diamond, precious &semi precious stones & pearls returned G.P. Rate of 17.89% as against 19.83% in the preceding year. AO rejected the books of accounts & made trading addition on the ground that assessee failed to produce 8 parties for verification for genuineness of purchases. Assessee has mai…