Vijay Proteins Ltd. v. Asst. CIT

ACIT 1(3)(1), Mumbai vs. Sovika Chemicals Pvt. Ltd., Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2012-13 Acit-1(3)(1), M/S Sovika Chemicals Pvt. Room No.540, 5Th Floor, Ltd. बनाम/ Aayakar Bhavan, B/2, Parekh Mahal, 80, Vs. M.K. Road, Veer Nariman Road, Mumbai-400020 Churchgate, Mumbai-400020 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaacs5390N

…but the profit margin embedded in such amount would be subjected to tax. The Tribunal relied on its earlier decision in the case of Sanket Steel Traders and also made reference to the Tribunal's decision in the case of Vijay Proteins Ltd. v. Asst. CIT [1996] 58 ITD 428 (Ahd). 6. We are of the opinion that the Tribunal committed no error. Whether the purchases themselves were bogus or whether the parties from whom such purchases were allegedly made were bogus is essentially a question of fact. The Tribunal having examined the evidence on record came to the conclusion that the assessee did purchase the cloth and…

DCIT Cir. 13(1)(2), Mumbai vs. P-Cube Construction Pvt. Ltd., Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2009-10 Dcit, M/S P-Cube Construction Circle-13(1)(2), Private Ltd. बनाम/ Room No.218, 02Nd Floor, 1/A/101, Umiya Nagar, Vs. Aayakar Bhavan, M. K. Road, Visheshwar Nagar Road, Mumbai-400020 Off Aarey Road, Goregaon (East), Mumbai-400054 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aadcp9320N

…but the profit margin embedded in such amount would be subjected to tax. The Tribunal relied on its earlier decision in the case of Sanket Steel Traders and also made reference to the Tribunal's decision in the case of Vijay Proteins Ltd. v. Asst. CIT [1996] 58 ITD 428 (Ahd). 6. We are of the opinion that the Tribunal committed no error. Whether the purchases themselves were bogus or whether the parties from 6 P-Cube Construction Pvt. Ltd. whom such purchases were allegedly made were bogus is essentially a question of fact. The Tribunal having examined the evidence on record came to the conclusion that the ass…

DCIT CC 6(4), Mumbai vs. J Kumar Infrapojects Ltd, Mumbai

In the result, all the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: S/Shri B.R. Baskaran (Am) & Amarjit Singh (Jm)

…Mistry Construction Ltd. [2013] 355 /TR 498 (Guj) and in the case of CIT Vs. Bholanath Poly Fab (P) Ltd. (2013) 355 ITR 290 (Guj). The view taken by the Tribunal in the case of Vijay Proteins Ltd. Vs. Asstt. 15 M/s. J. Kumar Infraprojects Limited CIT (1996) 58 ITD 428 (Ahd) came to be approved. 8. If the entire purchases were wholly bogus and there was a finding of fact on record that no purchases were made at all, counsel for the Revenue would be justified in arguing that the entire amount of such bogus purchases should be added back to the income of the assessee. Such were the facts in the case of Pawanraj B…

ITO 27(2)(2), Navi Mumbai vs. Manisha Hemant Mehta, Mumbai

In the result, the appeal is partly allowed

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2010-11 Ito-27(2)(2) Smt. Manisha Hemant R.N. 414, 4Th Floor, Tower Mehta C/O Manisha Vs. No. 6, Vashi Railway Station Enterprises A-13, Complex Vashi Yashwant Building, 90 Ft. Navi Mumbai-400703 Road, Gatkopar (E) Mumbai-400077 Pan No. Agtpm8940N Appellant Respondent Revenue By : Shri Rajat Mittal, Dr Assessee By : Shri Hemant Mehta, Ar Date Of Hearing : 24/08/2017 Date Of Pronouncement : 31/10/2017

…ition of Rs.2,58,637/- as unexplained cash credit u/s 68 of the Act. 4. Aggrieved by the order of the AO, the assessee filed an appeal before the Ld. CIT(A). We find that the Ld. CIT(A) has followed the decision in the case of Vijay Proteins Pvt. Ltd. vs. CIT 58 ITD 428 and restricted the disallowance to 25% on such alleged bogus purchases. However, in the case of the addition of Rs.2,58,637/- made by the AO as unexplained cash credit u/s 68, the Ld. CIT(A) deleted the same on the reason that no specific ground has been made by the AO in the assessment order. 5. Before us, the Ld. DR submits that as the assessee…

Bulakidas Premram Mistry, Mumbai vs. ACIT - 21(1), Mumbai

In the result appeal of the assessee in ITA no

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.5084 To 5086/Mum/2016 (नििाारण वर्ा / Assessment Year : 2009-10, 2010-11 & 2011-12)

…A) restricted the addition to 25% of alleged bogus purchases by relying on CIT v. Simit P Sheth in ITA no. 553 of 2012 , order dated 16-01-2013 passed by Hon‟ble Gujarat High Court and also decision of ITAT in Vijay Proteins Private Limited v. CIT reported in 58 ITD 428, as the purchases were unverifiable as to the parties from it was made as the parties were not traceable. The learned CIT(A) observed that either purchases are over- invoiced or the assessee has purchased material from grey market without proper billing in his appellate order dated 20-05-2016. We have observed that the assessee has achieved turnov…

Amity Leather International, Mumbai vs. ACIT Range - 3, Thane

In the result, appeal of the assessee is partly allowed

Bench: Shri P.K. Bansal, Vice- & Shri Pawan Singhm/S Amity Leather International Acit, Cir-Palghar. Saphale, 201-E, Gurukrupa Co-Op Palghar. Hsg, Opp. Plaza Cinema, Dadar Vs. (W), Mumbai-400028. Pan: Aaefa7271K (Appellant) (Respondent)

…appeal before the ld. CIT(A), the disallowance was restricted to 25% of the purchases. The ld. CIT(A) sustained the addition @ 25% on the basis of decision in (i) Sanjay Oil Cake Industries Vs. CIT (2008) 316 ITR 274 (Guj) (ii) Vijay Proteins Ltd. Vs ACIT 58 ITD 428 (Abd) (iii) M/s Nand Kishore Meghraj Jewellers, 3 ITA No. 4692/M/2016- M/s Amity Leather International Saphale Jaipur Co. No. 105/JP/09 arising out of ITA No. 433/JP/2009 by ITAT Jaipur & (iv) M/s. Trident Jewellers ITAT Jaipur ITA No. 552/JP/2013. 5. We have seen that the AO while passing the assessment order relied upon the third party infor…

Mithalal D Mutha, Mumbai vs. ITO WD 16(3)(1), Mumbai

The appeal of the assessee is dismissed as already a justified view has been taken by the Ld

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2009-10

…but the profit margin embedded in such amount would be subjected to tax. The Tribunal relied on its earlier decision in the case of Sanket Steel Traders and also made reference to the Tribunal's decision in the case of Vijay Proteins Ltd. v. Asst. CIT [1996] 58 ITD 428 (Ahd). 6. We are of the opinion that the Tribunal committed no error. Whether the purchases themselves were bogus or 41 Shri Mithalal D Mutha whether the parties from whom such purchases were allegedly made were bogus is essentially a question of fact. The Tribunal having examined the evidence on record came to the conclusion that the assessee di…

Rakeshkumar S. Khandelwal, Mumbai vs. ACIT - 13(2)(2), Mumbai

In the result, appeal filed by the assessee is partly allowed, for statistical

Bench: Shri Mahavir Singh () & Shri G Manjunatha ()

…such purchases. Various Courts and Tribunals, in case of bogus purchases have taken a consistent view that only the profit element embedded in such purchases needs to be taxed. The Ahmedabad 6 Bench of the Tribunal, in the case of CIT vs Vijay Proteins Ltd 58 ITD 428 (Ahd), under similar set of facts, directed the AO to estimate net profit of 12.5%. In the case of CIT vs Simit P Sheth (supra), the Hon’ble Gujarat High Court observed that no uniform yardstick can be applied for estimation of net profit as it is dependent upon facts and circumstances of each case. The co-ordinate bench of ITAT, Mumbai has ta…

Hightech Engineers, Mumbai vs. ACIT 19(1), Mumbai

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Mahavir Singh () & Shri G Manjunatha ()

…see and also by relying upon certain judicial precedents including the decision of Hon’ble Gujarat High Court in CIT vs Simit P Sheth (2013) 38 Taxman.com 385 (Guj) and the decision of Ahmedabad Bench of the Tribunal in the case of CIT vs Vijay Proteins Ltd 58 ITD 428 (Ahd) directed the AO to estimate net profit of 15% on total alleged bogus purchases. Aggrieved by the order of CIT(A), the revenue is in appeal before us. 4. We have heard the Ld.DR and perused material available on record. The AO made addition towards purchases on the basis of information received from Maharashtra Sales-tax department which inf…

Vinod H. Sanghvi, Mumbai vs. DCIT 15(2)(Old), Mumbai

Bench: Shri B.R. Baskaran, Am & Shri Ravish Sood, Jm आमकय अऩीर सं./ I.T.A. Nos. 125 To 127/Mum/2016 (निर्धारण वषा / Assessment Year‟S: 2009-10, 2010-11 & 2011-12) Vinod H. Sanghvi, Dcit-15(2) (Old), 297, Tardeo, 1St Floor, Willie Acit 19(3) (Present) बिधम/ Vs. Mansion; Opp. Bank Of India 2Nd Floor, Matru Mandir, Mumbai- 400 007 Tardeo Road, Mumbai-400 007 स्थामीरेखासं./ जीआइआयसं./ Pan/Gir No. Afmps3101F (अऩीराथी/Appellant) (प्रत्मथी / Respondent) :

…ts the A.O taking support of the order of the ITAT, Ahmedabad Bench in Vinod H Sanghvi vs. ACIT- ITA No. 125 to 127/Mum/2016 6 ACIT Vs. Vinod H. Sanghvi – ITA No. 121-123/Mum/2016 A.Ys. 2009-10 to 2011-12 the case of M/s Vijay Proteins Ltd. Vs. ACIT (1996) 58 ITD 428, therein held a conviction that an addition in respect of peak amount of investment made by the assessee for making of purchases of the aforementioned goods from unidentified parties, would be justified. The A.O calculated the peak addition in the hands of the assessee, on the following basis : a). Cash was paid by the assessee on the date on whi…

Asst CIT 19(3), Mumbai vs. Vinod H. Sanghvi, Mumbai

Bench: Shri B.R. Baskaran, Am & Shri Ravish Sood, Jm आमकय अऩीर सं./ I.T.A. Nos. 125 To 127/Mum/2016 (निर्धारण वषा / Assessment Year‟S: 2009-10, 2010-11 & 2011-12) Vinod H. Sanghvi, Dcit-15(2) (Old), 297, Tardeo, 1St Floor, Willie Acit 19(3) (Present) बिधम/ Vs. Mansion; Opp. Bank Of India 2Nd Floor, Matru Mandir, Mumbai- 400 007 Tardeo Road, Mumbai-400 007 स्थामीरेखासं./ जीआइआयसं./ Pan/Gir No. Afmps3101F (अऩीराथी/Appellant) (प्रत्मथी / Respondent) :

…ts the A.O taking support of the order of the ITAT, Ahmedabad Bench in Vinod H Sanghvi vs. ACIT- ITA No. 125 to 127/Mum/2016 6 ACIT Vs. Vinod H. Sanghvi – ITA No. 121-123/Mum/2016 A.Ys. 2009-10 to 2011-12 the case of M/s Vijay Proteins Ltd. Vs. ACIT (1996) 58 ITD 428, therein held a conviction that an addition in respect of peak amount of investment made by the assessee for making of purchases of the aforementioned goods from unidentified parties, would be justified. The A.O calculated the peak addition in the hands of the assessee, on the following basis : a). Cash was paid by the assessee on the date on whi…

ITO 27(2)(1), Navi Mumbai vs. Kaushal R. Sheth, Mumbai

In the result, appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Bleincome Tax Officer – 27(2)(1) V. Shri Kaushal R Sheth 4Th Floor, Tower No.6 Prop M/S. Paras Enterprises, Vashi Railway Station Complex Printers & Stationers, Vashi, Navi Mumbai – 400 703 House No.104, Bldg No.1/C, Mhada, Laxminagar, Ghatkopar(E) Mumbai - 75

…in Tax Appeal No. 1090 of 2009 and in case of Commissioner of Income Tax-1 vs. Bholanath Poly Fab Pvt. Ltd. vide order dated 23.10.2012 passed in Tax Appeal No. 63 of 2012. The view taken by the Tribunal in case of Vijay Proteins Pvt. Ltd. Vs. CIT reported in 58 ITD 428 came to be approved." (emphasis supplied)” f. Similarly while dealing with an identical issue, in the case of CIT, Vs. Bholanath Poly Fab (P) Ltd., I.T.A. No. 63 of 2012, in the order dated 23/10/2012, the Hon’ble High Court of Gujarat has held as under: - "We are of the opinion that the Tribunal committed no error. Whether the purchases themselve…

Kaushal Rajesj Sheth, Mumbai vs. ITO 15(3)(1), Mumbai

In the result, appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

Bench: Shri C.N. Prasad, Hon'Ble & Shri Rajesh Kumar, Hon'Bleincome Tax Officer – 27(2)(1) V. Shri Kaushal R Sheth 4Th Floor, Tower No.6 Prop M/S. Paras Enterprises, Vashi Railway Station Complex Printers & Stationers, Vashi, Navi Mumbai – 400 703 House No.104, Bldg No.1/C, Mhada, Laxminagar, Ghatkopar(E) Mumbai - 75

…in Tax Appeal No. 1090 of 2009 and in case of Commissioner of Income Tax-1 vs. Bholanath Poly Fab Pvt. Ltd. vide order dated 23.10.2012 passed in Tax Appeal No. 63 of 2012. The view taken by the Tribunal in case of Vijay Proteins Pvt. Ltd. Vs. CIT reported in 58 ITD 428 came to be approved." (emphasis supplied)” f. Similarly while dealing with an identical issue, in the case of CIT, Vs. Bholanath Poly Fab (P) Ltd., I.T.A. No. 63 of 2012, in the order dated 23/10/2012, the Hon’ble High Court of Gujarat has held as under: - "We are of the opinion that the Tribunal committed no error. Whether the purchases themselve…

Etesh Prakash Jain (HUF), Bhiwandi vs. ITO, WD-1(1), Kalyan

In the result, appeal of revenue is dismissed whereas appeal of assessee is allowed in part

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Ito Wd 1(1), Vs. Etesh P. Jain Huf It Office, 1St Floor, Mohan M/S. Shree Darshan Pipes, Plaza, Wayale Nagar 331/5, Surya Darshan Kalyan West, Building, Kasar Ali Kalyan Gokul Nagar Bhiwandi – 421 302 Pan/Gir No. Aaahe1478G Appellant) .. Respondent) Etesh P. Jain Huf Vs. Ito Wd 1(1), It Office, 1St Floor, Mohan M/S. Shree Darshan Pipes, 331/5, Surya Darshan Plaza, Wayale Nagar Building, Kasar Ali Kalyan West, Gokul Nagar Kalyan Bhiwandi – 421 302 Pan/Gir No. Aaahe1478G Appellant) .. Respondent) Revenue By Ms. Arju Garodia Assessee By Shri A.T.Jain

…rofit is higher than the gross profit normally shown in the earlier years." 25% disallowance of bogus / unverifiable purchases had been upheld in following cases (1) Sanjay Oil Cake Industries Vs CIT (2008) 316 ITR 274 (Guj) . - (2) Vijay Proteins Ltd Vs ACIT 58 ITD 428 (Abad) (3) M/s Nand Kishore Meghraj Jewellers, Jaipur CO. No. 105/JP/09 arising out ofITANo.433/JP/2009byITATJaipur (4) M/s. Trident Jewellers ITAT Jaipur ITA No. 552/JP/2013 Disallowance (a), 25% out of Bogus purchases, held as a reasonable in the case of Viiav Proteins Ltd., in view of the fact that the savings occurred to the suppliers on acc…

Sumit M. Malhotra, Kalyan vs. ITO 3(4), Mumbai

In the result, these appeals filed by the assessee stands dismissed

Bench: Shri Shamim Yahya, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./I.T.A. Nos. 6697 & 6698/Mum/2016 ("नधा"रण वष" / Assessment Years: 2009-10 & 2010-11) Mr. Sumit M. Malhotra Income-Tax Officer 3(4), Rani Mansion, 2Nd Floor, C/O. M/S. S. M. Steel Traders बनाम/ 702, “A” Wing, Archies Apartment, Murbad Road, Vs. Oak Baug, Near Railway Station, Kalyan (W) – 421 301 Kalyan (W) – 421 301 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaypm 8541 J (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : None ""यथ" क" ओर से/Respondent By : Shri V. Justin

…in Tax Appeal No. 1090 of 2009 and in case of Commissioner of Income Tax-I vs. Bholanath Poly Fab Pvt. Ltd. vide order dated 23.10.2012 passed in Tax Appeal No. 63 of 2012. The view taken by the Tribunal in case of Vijay Proteins Pvt. Ltd. Vs. CIT reported in 58 ITD 428 came to be approved. This being the position, the only question that survives is what should be the fair profit rate out of the bogus purchases which should be added back to the income of the assessee. The Commissioner adopted ratio of 30% of such total sales. The Tribunal, however, scaled down to 12.5%. We may notice that in the immediately prece…

DCIT Circle - 3, Thane vs. Shivram Narayan Kelkar, Thane

In the result, departmental appeal is dismissed

Bench: Shri D.T. Garasia & Shri Manoj Kumar Aggarwalassessment Year: 2010-11 Deputy Commissioner Of Shri Shivram Narayan Income Tax, Kelkar, Circle-3, Room No.02, Prop. Of M/S. Omega Lab 6Th Floor, Ashar It Park, Vs. Chemical, 1St Floor, Sanyog, B-Wing, Wagle Indl. Estate, Ghantali Temple, Thane (W)-400 604 Thane (W) – 400 602 Pan: Abcpk 1719R (Appellant) (Respondent)

…on, the disallowance @25% out of hawala purchases, will be reasonable, in the case of the appellant’s business, being manufacturer of laboratory chemicals. In this regard the reliance is placed on the ratio, laid down in the case of Vijay Proteins Ltd Vs ACIT 58 ITD 428 (Abad), Sanjay Oil 3 Shri Shivram Narayan Kelkar Cake Industries Vs CIT (2008) 316 ITR 274 (Guj) etc. as above. Accordingly, the disallowance of Rs.28,13,059/- (25% of Rs.1,12,52,235/-), out of hawala purchases of Rs.1,12,52,235/-, is sustained and balance amount of Rs.84,39,176/-, is hereby deleted. All the grounds of appeal are disposed off acc…

DCIT Cen Cir 2(3), Mumbai vs. Hi Point Services (India) P.Ltd, Mumbai

The appeals of the Revenue are partly allowed for

Bench: Shri Joginder Singh & Shri Rajesh Kumar

…but the profit margin embedded in such amount would be subjected to tax. The Tribunal relied on its earlier decision in the case of Sanket Steel Traders and also made reference to the Tribunal's decision in the case of Vijay Proteins Ltd. v. Asst. CIT [1996] 58 ITD 428 (Ahd). 6. We are of the opinion that the Tribunal committed no error. Whether the purchases themselves were bogus or whether the parties from whom such purchases were allegedly made were bogus is essentially a question of fact. The Tribunal having examined the evidence on record came to the conclusion that the assessee did purchase the cloth and…

ITO 19(2)(5), Mumbai vs. Pushpak Metal Industries, Mumbai

In the result, this appeal filed by the Revenue stands dismissed

Bench: Shri Shamim Yahyaआयकर अपील सं./I.T.A. No. 2508/Mum/2017 ("नधा"रण वष" / Assessment Year: 2011-12) Ito-19(2)(5), M/S. Pushpak Metal Industries बनाम/ 2Nd Floor, Matru Mandir, Office No. 13, 2Nd Floor, 16 Khatri Bldg., 2Nd Carpenter Tardeo Road, Mumbai-400 007 Vs. Street Cp Tank, Mumbai-400 004 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aalfp 8826 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri/Smt. N. Hemlatha ""यथ" क" ओर से/Respondent By : None सुनवाई क" तार"ख / : 09.10.2017 Date Of Hearing घोषणा क" तार"ख / : 10.10.2017 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: This Is An Appeal By The Revenue Directed Against The Order By The Commissioner Of Income Tax (Appeals)-29, Mumbai (‘Cit(A)’ For Short) Dated 19.01.2017, Pertaining To The Assessment Year (A.Y.) 2011-12. 2. In This Appeal, The Revenue Is Aggrieved That The Ld. Cit(A) Has Not Sustained 100% Disallowance On Account Of Bogus Purchases. The Grounds Of Appeal Read As Under:-

…आयकर अपील"य अ"धकरण “एक-सद"य मामला” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI "ी शमीम याहया, लेखा सद"य के सम" । BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 2508/Mum/2017 ("नधा"रण वष" / Assessment Year: 2011-12) ITO-19(2)(5), M/s. Pushpak Metal Industries बनाम/ 2nd Floor, Matru Mandir, Office No. 13, 2nd Floor, 16 Khatri Bldg., 2nd Carpenter Tardeo Road, Mumbai-400 007 Vs. Street CP Tank, Mumbai-400 004 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. AALFP 8826 F (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant by : Shri/Smt. N. Hemlatha ""यथ"…

Iqbal Ahmed Khalilamed Subedar, Mumbai vs. ITO 22(1)(2), Navi Mumbai

In the result, the appeal of the assessee for the A

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No. 2135/Mum/2013 (नििाारण वर्ा / Assessment Year : 2009-10 ) आयकर अपीऱ सं./I.T.A. No.4896/Mum/2015 (नििाारण वर्ा / Assessment Year : 2008-09)

…It was submitted that for A.Y 2008-09 books of accounts were not rejected. It was submitted the entire addition u/s. 69C for A.Y 2008-09 be upheld and he relied upon the decision of ITAT-Ahmedabad in the case of Vijay Proteins Ltd. v. ACIT reported in (1996) 58 ITD 428(Ahd.) . The learned DR also relied upon decision of Hon‟ble Karnataka High Court in the case of P.M Abdula v ITO reported in (2015) 60 taxmann.Com 52(Kar.) and also decision of Hon‟ble Supreme Court in the case of N.K Proteins Limited v. DCIT reported in 2017-TIOL-23-SC-IT. 12. Ld. Counsel of the assessee in rejoinder submitted that additions has…

Iqbal Ahmaed Khalil Ahmed Subedar, Mumbai vs. ITO 22(1)(2), Mumbai

In the result, the appeal of the assessee for the A

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No. 2135/Mum/2013 (नििाारण वर्ा / Assessment Year : 2009-10 ) आयकर अपीऱ सं./I.T.A. No.4896/Mum/2015 (नििाारण वर्ा / Assessment Year : 2008-09)

…It was submitted that for A.Y 2008-09 books of accounts were not rejected. It was submitted the entire addition u/s. 69C for A.Y 2008-09 be upheld and he relied upon the decision of ITAT-Ahmedabad in the case of Vijay Proteins Ltd. v. ACIT reported in (1996) 58 ITD 428(Ahd.) . The learned DR also relied upon decision of Hon‟ble Karnataka High Court in the case of P.M Abdula v ITO reported in (2015) 60 taxmann.Com 52(Kar.) and also decision of Hon‟ble Supreme Court in the case of N.K Proteins Limited v. DCIT reported in 2017-TIOL-23-SC-IT. 12. Ld. Counsel of the assessee in rejoinder submitted that additions has…