Sumer Builders (P) Ltd. v. CIT

Everest Industries Ltd., Noida vs. Dy CIT Circle- 1, Thane

In the result, the appeal of the Revenue is dismissed whereas

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2006-07 Everest Industries Ltd., Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- Vs. 201301, Uttar Pradesh, India. Wing 16-Z, Wagle Industrial Estate, Thane (W)-400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2006-07 Dcit, Circle-1, Everest Industries Ltd., Ashar I.T. Park, 6Th Floor, B- G-1, A-32, Genesis Mohan Vs. Wing 16-Z, Wagle Industrial Coop. Industries, Mathura Estate, Thane (W)-400 604. Road, New Delhi-110044. Pan No. Aaace 7550 N Appellant Respondent

…Commodities Vs DCIT 4 ITR (Trib.) 551 (Hyd Rain Commodities Vs DCIT 4 ITR (Trib.) 551 (Hyd-Trib- SB) and decision of ITAT in the case of Sumer Builder SB) and decision of ITAT in the case of Sumer Builder SB) and decision of ITAT in the case of Sumer Builder 50 SOT 198 (Mumbai 50 SOT 198 (Mumbai -Trib). He accordingly rejected the Trib). He accordingly rejected the claim of the assessee of reducing the amount of sales claim of the assessee of reducing the amount of sales claim of the assessee of reducing the amount of sales- tax incentive tax incentive for the purpose of computation of the book for the purpose o…

DCIT, Circle-1, Thane vs. Everest Industries Ltd., Mumbai

In the result, the appeal of the Revenue is dismissed whereas

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2006-07 Everest Industries Ltd., Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- Vs. 201301, Uttar Pradesh, India. Wing 16-Z, Wagle Industrial Estate, Thane (W)-400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2006-07 Dcit, Circle-1, Everest Industries Ltd., Ashar I.T. Park, 6Th Floor, B- G-1, A-32, Genesis Mohan Vs. Wing 16-Z, Wagle Industrial Coop. Industries, Mathura Estate, Thane (W)-400 604. Road, New Delhi-110044. Pan No. Aaace 7550 N Appellant Respondent

…Commodities Vs DCIT 4 ITR (Trib.) 551 (Hyd Rain Commodities Vs DCIT 4 ITR (Trib.) 551 (Hyd-Trib- SB) and decision of ITAT in the case of Sumer Builder SB) and decision of ITAT in the case of Sumer Builder SB) and decision of ITAT in the case of Sumer Builder 50 SOT 198 (Mumbai 50 SOT 198 (Mumbai -Trib). He accordingly rejected the Trib). He accordingly rejected the claim of the assessee of reducing the amount of sales claim of the assessee of reducing the amount of sales claim of the assessee of reducing the amount of sales- tax incentive tax incentive for the purpose of computation of the book for the purpose o…

Everest Industries Ltd., Noida vs. Dy CIT Circle- 1, Thane

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

…h of pecial bench of Tribunal, Hyderabad in the case of Hyderabad in the case of Rain Commodities Vs DCIT 4 ITR (Trib.) Rain Commodities Vs DCIT 4 ITR (Trib.) 551 (Hyd-Trib-SB) and decision of ITAT in the case and decision of ITAT in the case of Sumer Builder 50 SOT 198 ( Builder 50 SOT 198 (Mumbai -Trib). He accordingly rejected the Trib). He accordingly rejected the claim of the assessee of reducing the amount of sales-tax incentive claim of the assessee of reducing the amount of sales claim of the assessee of reducing the amount of sales for the purpose of computation of the book profit. for the purpose of com…

DCIT Circle-1, Thane vs. M/S Everest Industries Ltd., Delhi

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

…h of pecial bench of Tribunal, Hyderabad in the case of Hyderabad in the case of Rain Commodities Vs DCIT 4 ITR (Trib.) Rain Commodities Vs DCIT 4 ITR (Trib.) 551 (Hyd-Trib-SB) and decision of ITAT in the case and decision of ITAT in the case of Sumer Builder 50 SOT 198 ( Builder 50 SOT 198 (Mumbai -Trib). He accordingly rejected the Trib). He accordingly rejected the claim of the assessee of reducing the amount of sales-tax incentive claim of the assessee of reducing the amount of sales claim of the assessee of reducing the amount of sales for the purpose of computation of the book profit. for the purpose of com…

DCIT Circle-1, Thane vs. M/S Everest Industries Ltd., Delhi

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

…h of pecial bench of Tribunal, Hyderabad in the case of Hyderabad in the case of Rain Commodities Vs DCIT 4 ITR (Trib.) Rain Commodities Vs DCIT 4 ITR (Trib.) 551 (Hyd-Trib-SB) and decision of ITAT in the case and decision of ITAT in the case of Sumer Builder 50 SOT 198 ( Builder 50 SOT 198 (Mumbai -Trib). He accordingly rejected the Trib). He accordingly rejected the claim of the assessee of reducing the amount of sales-tax incentive claim of the assessee of reducing the amount of sales claim of the assessee of reducing the amount of sales for the purpose of computation of the book profit. for the purpose of com…

DCIT, Circle-1, Thane vs. Everest Industries Ltd., Mumbai

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

…h of pecial bench of Tribunal, Hyderabad in the case of Hyderabad in the case of Rain Commodities Vs DCIT 4 ITR (Trib.) Rain Commodities Vs DCIT 4 ITR (Trib.) 551 (Hyd-Trib-SB) and decision of ITAT in the case and decision of ITAT in the case of Sumer Builder 50 SOT 198 ( Builder 50 SOT 198 (Mumbai -Trib). He accordingly rejected the Trib). He accordingly rejected the claim of the assessee of reducing the amount of sales-tax incentive claim of the assessee of reducing the amount of sales claim of the assessee of reducing the amount of sales for the purpose of computation of the book profit. for the purpose of com…

Everest Industries Ltd, Noida vs. Dy CIT Cirlce-1, Thane

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

…h of pecial bench of Tribunal, Hyderabad in the case of Hyderabad in the case of Rain Commodities Vs DCIT 4 ITR (Trib.) Rain Commodities Vs DCIT 4 ITR (Trib.) 551 (Hyd-Trib-SB) and decision of ITAT in the case and decision of ITAT in the case of Sumer Builder 50 SOT 198 ( Builder 50 SOT 198 (Mumbai -Trib). He accordingly rejected the Trib). He accordingly rejected the claim of the assessee of reducing the amount of sales-tax incentive claim of the assessee of reducing the amount of sales claim of the assessee of reducing the amount of sales for the purpose of computation of the book profit. for the purpose of com…

Everest Industries Ltd, Noida vs. Dy CIT Cirlce-1, Thane

In the result, the In the result, the assessee and Revenue are are educated as under:

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

…h of pecial bench of Tribunal, Hyderabad in the case of Hyderabad in the case of Rain Commodities Vs DCIT 4 ITR (Trib.) Rain Commodities Vs DCIT 4 ITR (Trib.) 551 (Hyd-Trib-SB) and decision of ITAT in the case and decision of ITAT in the case of Sumer Builder 50 SOT 198 ( Builder 50 SOT 198 (Mumbai -Trib). He accordingly rejected the Trib). He accordingly rejected the claim of the assessee of reducing the amount of sales-tax incentive claim of the assessee of reducing the amount of sales claim of the assessee of reducing the amount of sales for the purpose of computation of the book profit. for the purpose of com…

Bhupati Investments & Finance P. Ltd, Mumbai vs. ITO 5(1)(2), Mumbai

Bench: Shri Rajendra & Shri C.N. Prasadbhupati Investments & Finances Pvt Ltd V. Income Tax Officer B-34/35, 3Rd Floor 5(1)(2) Paragon Condominium Aayakar Bhavan P.B. Marg, Room No.525/570 Worli M.K.Road Mumbai 400 001 Mumbai 400 020 Pan : Aaacb 0441 P (Appellant) (Respondent) Bhupati Investments & Finances Pvt Ltd V. Acit – 5(1) B-34/35, 3Rd Floor Room No.525/570 Paragon Condominium Aayakar Bhavan P.B. Marg, M.K.Road Worli Mumbai 400 020 Mumbai 400 001 Pan : Aaacb 0441 P (Appellant) (Respondent) Assessee By: Shri Nitesh Joshi

…as within the power of AO to go into the accounts prepared by the assessee under the Companies Act and re-cast the accounts in case the same was not prepared correctly. He placed reliance on the decision of the Tribunal in the case of Sumer Builders (P) Ltd. (50 SOT 198) in which the Tribunal after considering the judgment of the Hon'ble Supreme Court in case of 9 ITA.No.5174/Mum/2012 (A.Y. 2009-10) Bhupati Investments & Finances Pvt Ltd Apollo Tyres (supra) and the judgment of Hon’ble High Court of Bombay in case of CIT vs. Akshay Textiles Trading And Agencies P. Ltd. (supra), had upheld the adjustment made by t…