Surinder Pal Verma v. ACIT

Shivam Readymix Private Limited, Jaipur vs. ACIT, Jaipur

In the result, the appeal of the assessee is allowed

…Vs. Maniklal Dey ITA No. 2436 /Kol/2016 (ITAT-Kol): Turnover includes cost or purchases and gross profit. Only gross profit can be termed as the income of the appellant. The action of the AO for adding entire turnover is baseless. Surinder Pal Verma Vs. ACIT 89 ITD 129 (Chd. TM) When unrecorded sales were noted during the survey or otherwise only the normal G.P. could be applied. It would be patently illegal to add the entire sales as income of the assessee. K Venkatesh vs Income Tax Officer (2016) 47 CCH 0447 Banglore Tribunal "14. I have heard the rival submissions and considered the relevant material on recor…

DCIT, CC-2, Jaipur vs. Shri Jitendra Kumar Agarwal, Jaipur

In the result, appeal of the assessee is dismissed and that of the revenue is also stands dismissed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…16 (ITAT-Kol): Turnover includes cost or purchases and gross profit. Only gross profit can be termed as the income of the appellant. The action of the AO for adding entire turnover is baseless. Shri Jitendra Kumar Agarwal vs. DCIT Surinder Pal VermaVs. ACIT 89 ITD 129 (Chd. TM) When unrecorded sales were noted during the survey or otherwise only the normal G.P. could be applied. It would be patently illegal to add the entire sales as income of the assessee. Assessee’s grounds of appeal no. 6 &7 and Departmental Grounds of Appeal No. 13 to 15 : All these grounds of appeal relate to additions made by ld.AO in re…

DCIT, CC-2, Jaipur vs. M/S. Royal Jewellers, Jaipur

In the result, appeal of the assessee in ITA No

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…Vs. Maniklal Dey ITA No. 2436/Kol/2016 (ITAT-Kol): Turnover includes cost or purchases and gross profit. Only gross profit can be termed as the income of the appellant. The action of the AO for adding entire turnover is baseless. Surinder Pal Verma Vs. ACIT 89 ITD 129 (Chd. TM) When unrecorded sales were noted during the survey or otherwise only the normal G.P. could be applied. It would be patently illegal to add the entire sales as income of the assessee. Further, the ld. AO has made addition on account of alleged net profit found noted in the some papers by considering them to the alleged parallel Balance s…

DCIT, CC-2, Jaipur vs. M/S. Royal Jewellers, Jaipur

In the result, appeal of the assessee in ITA No

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…Vs. Maniklal Dey ITA No. 2436/Kol/2016 (ITAT-Kol): Turnover includes cost or purchases and gross profit. Only gross profit can be termed as the income of the appellant. The action of the AO for adding entire turnover is baseless. Surinder Pal Verma Vs. ACIT 89 ITD 129 (Chd. TM) When unrecorded sales were noted during the survey or otherwise only the normal G.P. could be applied. It would be patently illegal to add the entire sales as income of the assessee. Further, the ld. AO has made addition on account of alleged net profit found noted in the some papers by considering them to the alleged parallel Balance s…

DCIT, CC-2, Jaipur vs. M/S. Royal Jewellers, Jaipur

In the result, appeal of the assessee in ITA No

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…Vs. Maniklal Dey ITA No. 2436/Kol/2016 (ITAT-Kol): Turnover includes cost or purchases and gross profit. Only gross profit can be termed as the income of the appellant. The action of the AO for adding entire turnover is baseless. Surinder Pal Verma Vs. ACIT 89 ITD 129 (Chd. TM) When unrecorded sales were noted during the survey or otherwise only the normal G.P. could be applied. It would be patently illegal to add the entire sales as income of the assessee. Further, the ld. AO has made addition on account of alleged net profit found noted in the some papers by considering them to the alleged parallel Balance s…

M/S. Royal Jewellers, Jaipur vs. DCIT, Central Circle, Jaipur

In the result, appeal of the assessee in ITA No

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…Vs. Maniklal Dey ITA No. 2436/Kol/2016 (ITAT-Kol): Turnover includes cost or purchases and gross profit. Only gross profit can be termed as the income of the appellant. The action of the AO for adding entire turnover is baseless. Surinder Pal Verma Vs. ACIT 89 ITD 129 (Chd. TM) When unrecorded sales were noted during the survey or otherwise only the normal G.P. could be applied. It would be patently illegal to add the entire sales as income of the assessee. Further, the ld. AO has made addition on account of alleged net profit found noted in the some papers by considering them to the alleged parallel Balance s…

M/S. Royal Jewellers, Jaipur vs. DCIT, Central Circle, Jaipur

In the result, appeal of the assessee in ITA No

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…Vs. Maniklal Dey ITA No. 2436/Kol/2016 (ITAT-Kol): Turnover includes cost or purchases and gross profit. Only gross profit can be termed as the income of the appellant. The action of the AO for adding entire turnover is baseless. Surinder Pal Verma Vs. ACIT 89 ITD 129 (Chd. TM) When unrecorded sales were noted during the survey or otherwise only the normal G.P. could be applied. It would be patently illegal to add the entire sales as income of the assessee. Further, the ld. AO has made addition on account of alleged net profit found noted in the some papers by considering them to the alleged parallel Balance s…

M/S. Royal Jewellers, Jaipur vs. DCIT, Central Circle, Jaipur

In the result, appeal of the assessee in ITA No

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…Vs. Maniklal Dey ITA No. 2436/Kol/2016 (ITAT-Kol): Turnover includes cost or purchases and gross profit. Only gross profit can be termed as the income of the appellant. The action of the AO for adding entire turnover is baseless. Surinder Pal Verma Vs. ACIT 89 ITD 129 (Chd. TM) When unrecorded sales were noted during the survey or otherwise only the normal G.P. could be applied. It would be patently illegal to add the entire sales as income of the assessee. Further, the ld. AO has made addition on account of alleged net profit found noted in the some papers by considering them to the alleged parallel Balance s…

Shri Jitendra Kumar Agarwal, Jaipur vs. DCIT, Central Circle-2, Jaipur

In the result, appeal of the assessee is dismissed and that of the revenue is also stands dismissed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

…16 (ITAT-Kol): Turnover includes cost or purchases and gross profit. Only gross profit can be termed as the income of the appellant. The action of the AO for adding entire turnover is baseless. Shri Jitendra Kumar Agarwal vs. DCIT Surinder Pal VermaVs. ACIT 89 ITD 129 (Chd. TM) When unrecorded sales were noted during the survey or otherwise only the normal G.P. could be applied. It would be patently illegal to add the entire sales as income of the assessee. Assessee’s grounds of appeal no. 6 &7 and Departmental Grounds of Appeal No. 13 to 15 : All these grounds of appeal relate to additions made by ld.AO in re…

Dr. Archana Shukla, 26, Dayal Nagar, Gopalpura Bypass, Tonk Road, Jaipur vs. ACIT, Central Circle-4, Jaipur

In the result, the above mentioned appeals of the assessee are allowed

…sclose an amount of Rs. 12 lakhs, despite the fact that the Department did not unearth any material against him, would only suggest that there might have been some mental pressure upon the assessee to make such a confession. Surinder Pal Verma Vs. ACIT (2004) 89 ITD 129 (Chd) (TM) Confessional statement made during search are often venerable on ground that person giving such statement remain under a great mental stress and strain. They also do not have the availability of relevant details, documents and books of accounts at the time of giving statement in the absence of which precise information as to utilization…

Dr. Archana Shukla, 26, Dayal Nagar, Gopalpura Bypass, Tonk Road, Jaipur vs. ACIT, Central Circle-4, Jaipur

In the result, the above mentioned appeals of the assessee are allowed

…sclose an amount of Rs. 12 lakhs, despite the fact that the Department did not unearth any material against him, would only suggest that there might have been some mental pressure upon the assessee to make such a confession. Surinder Pal Verma Vs. ACIT (2004) 89 ITD 129 (Chd) (TM) Confessional statement made during search are often venerable on ground that person giving such statement remain under a great mental stress and strain. They also do not have the availability of relevant details, documents and books of accounts at the time of giving statement in the absence of which precise information as to utilization…