Sri Ram Tandon v. CIT

DCIT, DELHI vs. JMK JEWELS PRIVATE LIMITED, DELHI

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwalassessment Year: 2017-18 M/S. Jmk Jewels Pvt. Ltd., Vs. Acit, Shop No. 302, Building New Delhi No.2678/1, Diamond Mall, Main Gurudwara Road, Karol Bagh, New Delhi Pan: Aabch6018F (Appellant) (Respondent) With Assessment Year: 2017-18 Dcit, Vs. M/S. Jmk Jewels Pvt. Ltd., New Delhi Shop No. 302, Building No.2678/1, Diamond Mall, Main Gurudwara Road, Karol Bagh, New Delhi Pan: Aabch6018F (Appellant) (Respondent) Assessee By Sh. Pranshu Singhal, Ca Sh. Rahul Bhardwaj, Adv. Department By Sh. Mahesh Kumar, Cit(Dr), Sh. Rajesh Tiwari, Sr. Dr

…eposits are a regular feature of business activities of the assessee in the previous years as well as in current years. Reliance is placed on the following: a) Kailash Jewellery House ITA No. 613/2010 dt. 09.04.2010 (Delhi High Court) b) Sri Ram Tandon (1961) 42 ITR 689 (Allahabad High court) c) Kanpur Steel co. Ltd. (1957) 32 ITR 56 (All) d) Agson Global Pvt Ltd ITA No. 3741 3742, 3743, 3744, 3745 & 3746, 5264, 5265, 5266, 5267, 5268 & 5269/Del/2019, cit. 31010.2019 e) AK Lumber Ltd ITA Nos. 8761/Dcl/2019 dated 10.072020 (Delhi Trib) f) M/s. Hirapanna Jewellers ITA No. 253/Viz./2020, dt 12.05.2021 (Vishakhapatna…

JMK JEWELS PRIVATE LIMITED,DELHI vs. ASSISTANT COMMISSIONER OF INCOME TAX, DELHI

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwalassessment Year: 2017-18 M/S. Jmk Jewels Pvt. Ltd., Vs. Acit, Shop No. 302, Building New Delhi No.2678/1, Diamond Mall, Main Gurudwara Road, Karol Bagh, New Delhi Pan: Aabch6018F (Appellant) (Respondent) With Assessment Year: 2017-18 Dcit, Vs. M/S. Jmk Jewels Pvt. Ltd., New Delhi Shop No. 302, Building No.2678/1, Diamond Mall, Main Gurudwara Road, Karol Bagh, New Delhi Pan: Aabch6018F (Appellant) (Respondent) Assessee By Sh. Pranshu Singhal, Ca Sh. Rahul Bhardwaj, Adv. Department By Sh. Mahesh Kumar, Cit(Dr), Sh. Rajesh Tiwari, Sr. Dr

…eposits are a regular feature of business activities of the assessee in the previous years as well as in current years. Reliance is placed on the following: a) Kailash Jewellery House ITA No. 613/2010 dt. 09.04.2010 (Delhi High Court) b) Sri Ram Tandon (1961) 42 ITR 689 (Allahabad High court) c) Kanpur Steel co. Ltd. (1957) 32 ITR 56 (All) d) Agson Global Pvt Ltd ITA No. 3741 3742, 3743, 3744, 3745 & 3746, 5264, 5265, 5266, 5267, 5268 & 5269/Del/2019, cit. 31010.2019 e) AK Lumber Ltd ITA Nos. 8761/Dcl/2019 dated 10.072020 (Delhi Trib) f) M/s. Hirapanna Jewellers ITA No. 253/Viz./2020, dt 12.05.2021 (Vishakhapatna…

KHOOBSOORAT FABRICS PVT LTD.,NEW DELHI vs. ITO WARD 14(3), NEW DELHI

Appeal are allowed

Bench: Shri Kul Bharat[Assessment Year: 2017-18

…IIR 288 (SC) Lal Chand BhagatAmbica Ram vs. CIT v) In spite of the fact that there was space for name, is address, TIN of buyers on the invoices, these were not 37 ITR 2716SC) Uma Charan Shaw & Bros. Co. v. CIT reported in mentioned in invoices as a result of 42 ITR 689 (All) Sri Ram Tandon, vs. which these are not verifiable. Such CIT (extract at pages 195-196 of omission seems deliberate, (para (iv) page 13) Paper Book) 91 ITR 8 (SC) CIT Calcutta Discount Company Ltd. It is submitted that admittedly it cannot be said that in the case of cash sales, the appellant is bound to keep record of names and address of t…

RAKESH VAID,NEW DELHI vs. ITO WARD - 62(2), NEW DELHI

In the result, assessee’s appeal, ITA no

Bench: Shri Kul Bharat[Assessment Year: 2010-11]

…idence furnished by the ii) 30 ITR 181 (SC) Mehta Parikh & Co. vs. CIT assessee under Rule 46A is devoid of merit, iii) 37 ITR 288 (SC) Lalchand Bhagar Ambica Ram vs. suffers from factual inaccuracies and is not CIT fit to be evidence in true sense of the iv) 42 ITR 689 (all) Sri Ram Tandon vs. CIT word. 6. the outset, it is submitted that, the issue stands concluded by learned Assessing Officer in the subsequent years in the case of appellant Moreover, even applying the rule of consistency, disallowance made is untenable. It is submitted that, once subsequent assessment years namely Assessment Years 2011-12 to…

BALWANT SINGH,GURGAON vs. ITO,WARD-1(3),, GURGAON

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri N. K. Billaiya & Ms Suchitra Kamble

…n irrelevant grounds. The Ld. AR relied upon the following decisions: i) Chunnilal Tikaamchand Coal Ltd. vs. CIT 27 ITR 602 (Pat) ii) Mehta Parikh & Co. vs. CIT 30 ITR 181 (SC) iii) Lalchand Bhagat Ambica Ram vs. CIT 37 ITR 288 (SC) iv) Sri Ram Tandon vs. CIT 42 ITR 689 (All) The Ld. AR submitted that in absence of maintenance of books of accounts no addition can be made u/s 68 of the Act on account of cash deposit in bank account. The Ld. AR further submitted that where the assessee is neither required by law nor is maintaining books of account, provisions of Section 68 cannot be applied to the assessee. The Ld…

SRI JAGDISH PRASAD SHARMA,NEW DELHI vs. ITO, GHAZIABAD

The appeal of the assessee is dismissed

Bench: Shri Prashant Maharishi & Shri K.N.Charysri Jagdish Prasad Sharma, Vs. Ito, C/O. Mr. Sandeep Bhatnagar, Ward-1(3), Flat No. 12, 2Nd Floor, Sheel Tara Ghaziabad House, 4866/24, Ansari Road, Darya Ganj, New Delhi Pan: Azpps2130R (Appellant) (Respondent)

…) 138. 35. R.B.N.J. Naidu v. CIT (1956) 29 ITR 194 (Nag), Chunilal Tikamchand Coal Co. Ltd. v. CIT (1955) 27 ITR 602 (Pat), Mehta Parikh & Co. v. CIT (1956) 30 ITR 181 (SC), Lalchand BhagatAmbica Ram v. CIT (1959) 37 ITR 288 (SC), Sri Ram Tandon v. CIT (1961) 42 ITR 689 (All) and Kanpur Steel Co. Ltd. v. CIT (1957) 32 ITR 56 (All)]. 36. Mehta Parikh & Co. v. CIT (1956) 30 ITR 181 (SC) and Lalchand Bhagat Ambica Ram v. CIT (1959) 37 ITR 288 (SC)]. 37. ITO v. Suresh Kalmadi (1988) 32 TTJ (Pune-Trib)(TM) 300. 38. [DCIT v. Rohini Builders (2002) Case laws on which assessee has relied on Gifts. 1 ITOv.DharamVirTuli (2…

ACIT, CENTRAL CIRCLE- 28 , NEW DELHI vs. AGSON GLOBAL PVT. LTD., DELHI

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

…h on hand for a such a large number of days. That, no doubt, is highly suspicious; but the decision of the Tribunal must rest not on suspicion but on legal testimony.” xxix. Further the Hon’ble Allahabad High Court in the case of Sri Ram Tandon Vs. CIT (1961) 42 ITR 689 ordained as under: “It appears extremely difficult to appreciate how the Tribunal thought it necessary or proper to make an estimate of 35 notes at Rs. 1,000 each to have been contained in the cash balance. The Tribunal has given no reason whatever for its finding that the assessee possessed 35 notes of Rs. 1,000 each on the day the Ordinance was…

AGSON GLOBAL PVT. LTD,DELHI vs. ACIT CENTRAL CIRCLE-28, NEW DELHI

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

…h on hand for a such a large number of days. That, no doubt, is highly suspicious; but the decision of the Tribunal must rest not on suspicion but on legal testimony.” xxix. Further the Hon’ble Allahabad High Court in the case of Sri Ram Tandon Vs. CIT (1961) 42 ITR 689 ordained as under: “It appears extremely difficult to appreciate how the Tribunal thought it necessary or proper to make an estimate of 35 notes at Rs. 1,000 each to have been contained in the cash balance. The Tribunal has given no reason whatever for its finding that the assessee possessed 35 notes of Rs. 1,000 each on the day the Ordinance was…

AGSON GLOBAL PVT. LTD,DELHI vs. ACIT CC-28, NEW DELHI

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

…h on hand for a such a large number of days. That, no doubt, is highly suspicious; but the decision of the Tribunal must rest not on suspicion but on legal testimony.” xxix. Further the Hon’ble Allahabad High Court in the case of Sri Ram Tandon Vs. CIT (1961) 42 ITR 689 ordained as under: “It appears extremely difficult to appreciate how the Tribunal thought it necessary or proper to make an estimate of 35 notes at Rs. 1,000 each to have been contained in the cash balance. The Tribunal has given no reason whatever for its finding that the assessee possessed 35 notes of Rs. 1,000 each on the day the Ordinance was…

AGSON GLOBAL PVT. LTD,DELHI vs. ACIT CC-28, NEW DELHI

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

…h on hand for a such a large number of days. That, no doubt, is highly suspicious; but the decision of the Tribunal must rest not on suspicion but on legal testimony.” xxix. Further the Hon’ble Allahabad High Court in the case of Sri Ram Tandon Vs. CIT (1961) 42 ITR 689 ordained as under: “It appears extremely difficult to appreciate how the Tribunal thought it necessary or proper to make an estimate of 35 notes at Rs. 1,000 each to have been contained in the cash balance. The Tribunal has given no reason whatever for its finding that the assessee possessed 35 notes of Rs. 1,000 each on the day the Ordinance was…

ACIT, CENTRAL CIRCLE- 28 , NEW DELHI vs. AGSON GLOBAL PVT. LTD., DELHI

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

…h on hand for a such a large number of days. That, no doubt, is highly suspicious; but the decision of the Tribunal must rest not on suspicion but on legal testimony.” xxix. Further the Hon’ble Allahabad High Court in the case of Sri Ram Tandon Vs. CIT (1961) 42 ITR 689 ordained as under: “It appears extremely difficult to appreciate how the Tribunal thought it necessary or proper to make an estimate of 35 notes at Rs. 1,000 each to have been contained in the cash balance. The Tribunal has given no reason whatever for its finding that the assessee possessed 35 notes of Rs. 1,000 each on the day the Ordinance was…

ACIT, CENTRAL CIRCLE- 28 , NEW DELHI vs. AGSON GLOBAL PVT. LTD., DELHI

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

…h on hand for a such a large number of days. That, no doubt, is highly suspicious; but the decision of the Tribunal must rest not on suspicion but on legal testimony.” xxix. Further the Hon’ble Allahabad High Court in the case of Sri Ram Tandon Vs. CIT (1961) 42 ITR 689 ordained as under: “It appears extremely difficult to appreciate how the Tribunal thought it necessary or proper to make an estimate of 35 notes at Rs. 1,000 each to have been contained in the cash balance. The Tribunal has given no reason whatever for its finding that the assessee possessed 35 notes of Rs. 1,000 each on the day the Ordinance was…

ACIT, CENTRAL CIRCLE- 28 , NEW DELHI vs. AGSON GLOBAL PVT. LTD., DELHI

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

…h on hand for a such a large number of days. That, no doubt, is highly suspicious; but the decision of the Tribunal must rest not on suspicion but on legal testimony.” xxix. Further the Hon’ble Allahabad High Court in the case of Sri Ram Tandon Vs. CIT (1961) 42 ITR 689 ordained as under: “It appears extremely difficult to appreciate how the Tribunal thought it necessary or proper to make an estimate of 35 notes at Rs. 1,000 each to have been contained in the cash balance. The Tribunal has given no reason whatever for its finding that the assessee possessed 35 notes of Rs. 1,000 each on the day the Ordinance was…

ACIT, CENTRAL CIRCLE- 28 , NEW DELHI vs. AGSON GLOBAL PVT. LTD., DELHI

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

…h on hand for a such a large number of days. That, no doubt, is highly suspicious; but the decision of the Tribunal must rest not on suspicion but on legal testimony.” xxix. Further the Hon’ble Allahabad High Court in the case of Sri Ram Tandon Vs. CIT (1961) 42 ITR 689 ordained as under: “It appears extremely difficult to appreciate how the Tribunal thought it necessary or proper to make an estimate of 35 notes at Rs. 1,000 each to have been contained in the cash balance. The Tribunal has given no reason whatever for its finding that the assessee possessed 35 notes of Rs. 1,000 each on the day the Ordinance was…

ACIT, CENTRAL CIRCLE- 28 , NEW DELHI vs. AGSON GLOBAL PVT. LTD., DELHI

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

…h on hand for a such a large number of days. That, no doubt, is highly suspicious; but the decision of the Tribunal must rest not on suspicion but on legal testimony.” xxix. Further the Hon’ble Allahabad High Court in the case of Sri Ram Tandon Vs. CIT (1961) 42 ITR 689 ordained as under: “It appears extremely difficult to appreciate how the Tribunal thought it necessary or proper to make an estimate of 35 notes at Rs. 1,000 each to have been contained in the cash balance. The Tribunal has given no reason whatever for its finding that the assessee possessed 35 notes of Rs. 1,000 each on the day the Ordinance was…

AGSON GLOBAL PVT. LTD,DELHI vs. ACIT CC-28, NEW DELHI

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

…h on hand for a such a large number of days. That, no doubt, is highly suspicious; but the decision of the Tribunal must rest not on suspicion but on legal testimony.” xxix. Further the Hon’ble Allahabad High Court in the case of Sri Ram Tandon Vs. CIT (1961) 42 ITR 689 ordained as under: “It appears extremely difficult to appreciate how the Tribunal thought it necessary or proper to make an estimate of 35 notes at Rs. 1,000 each to have been contained in the cash balance. The Tribunal has given no reason whatever for its finding that the assessee possessed 35 notes of Rs. 1,000 each on the day the Ordinance was…

AGSON GLOBAL PVT. LTD,DELHI vs. ACIT CENTRAL CIRCLE-28, NEW DELHI

Appeals of the assessee are partly allowed and 6 appeals of the ld AO are dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

…h on hand for a such a large number of days. That, no doubt, is highly suspicious; but the decision of the Tribunal must rest not on suspicion but on legal testimony.” xxix. Further the Hon’ble Allahabad High Court in the case of Sri Ram Tandon Vs. CIT (1961) 42 ITR 689 ordained as under: “It appears extremely difficult to appreciate how the Tribunal thought it necessary or proper to make an estimate of 35 notes at Rs. 1,000 each to have been contained in the cash balance. The Tribunal has given no reason whatever for its finding that the assessee possessed 35 notes of Rs. 1,000 each on the day the Ordinance was…