INCOME TAX OFFICER, WARD-1(8), BHAVNAGAR vs. MADHAV COPPER LIMITED, BHAVNAGAR

In the result, all six appeals, three by the Revenue and three by the assessee, stand dismissed

Bench: S/Shri Sanjay Garg & Makarand V.Mahadeokar

business of manufacturing copper and copper-based products and had made purchases from suppliers after due verification, supported by copies of purchase invoices, ledger confirmations of parties, PAN and GST registration details, quantitative records of input/output, stock registers and evidence of payment through regular banking channels. The assessee pointed out that the purchases were duly accounted for in its books

MADHAV COPPER LTD.,BHAVNAGAR vs. THE INCOME TAX OFFICER, WARD-1(8), BHAVNAGAR

In the result, all six appeals, three by the Revenue and three by the assessee, stand dismissed

Bench: S/Shri Sanjay Garg & Makarand V.Mahadeokar

business of manufacturing copper and copper-based products and had made purchases from suppliers after due verification, supported by copies of purchase invoices, ledger confirmations of parties, PAN and GST registration details, quantitative records of input/output, stock registers and evidence of payment through regular banking channels. The assessee pointed out that the purchases were duly accounted for in its books

INCOME TAX OFFICER, WARD-1(8), BHAVNAGAR, BHAVNAGAR vs. MADHAV COPPER LIMITED, BHAVNAGAR

In the result, all six appeals, three by the Revenue and three by the assessee, stand dismissed

Bench: S/Shri Sanjay Garg & Makarand V.Mahadeokar

business of manufacturing copper and copper-based products and had made purchases from suppliers after due verification, supported by copies of purchase invoices, ledger confirmations of parties, PAN and GST registration details, quantitative records of input/output, stock registers and evidence of payment through regular banking channels. The assessee pointed out that the purchases were duly accounted for in its books

MADHAV COPPER LTD.,BHAVNAGAR vs. THE INCOME TAX OFFICER, WARD-1(8), BHAVNAGAR

In the result, all six appeals, three by the Revenue and three\nby the assessee, stand dismissed

income on alleged bogus purchases\nagainst the estimated profit.\n6. Both the lower authorities have passed the orders without properly\nappreciating the facts and they further erred in grossly ignoring various\nsubmissions, explanations and information submitted by the appellant\nfrom time to time which ought to have been considered before passing\nthe impugned order. The action of the lower authorities

MADHAV COPPER LTD.,BHAVNAGAR vs. THE INCOME TAX OFFICER, WARD-1(8), BHAVNAGAR

In the result, all six appeals, three by the Revenue and three\nby the assessee, stand dismissed

income of assessee on ground that same were bogus\npurchases, since it was not disputed that purchases were actually made and\npayments for same were made through account payee cheque and further, assessee\nhad already declared 7.5 per cent as gross profit, Tribunal was justified in\nrestricting addition to 8 per cent of gross profit on impugned purchase transactions.\n6.7

RUDRA GLOBAL INFRA PRODUCTS LTD.,BHAVNAGAR vs. THE ACIT, CIRCLE-1, BHAVNAGAR

In the result, the appeal of the assessee is partly allowed

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

business expenditure being alleged bogus purchases without any application of Section 115BBE Rudra Global Infra Products Ltd. vs. ACIT Asst.Year –2018-19 - 2– of the Act as evident from the computation sheet issued along with the assessment order. 4. Alternatively and without prejudice, the Ld. CIT(A) has erred in law and on facts of the case in upholding

GUJARAT VAIBHAV PUBLICATIONS PVT. LTD.,AHMEDABAD vs. THE ITO, WARD-2(1)(1), AHMEDABAD

In the result, the appeal of the assessee is partly allowed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha

bogus purchases which was reduced to 8% by the Ld. CIT(A). He contended that the lower authorities had adopted profit rate on ad hoc basis. According to the Ld. Sr. Counsel, average gross profit margin earned by the assessee was 2.76% only, considering which the addition sustained at the rate of 8% was excessive. According

GUJARAT VAIBHAV PUBLICATIONS PVT. LTD.,AHMEDABAD vs. THE ITO, WARD-2(1)(1), AHMEDABAD

In the result, the appeal of the assessee is partly allowed

Bench: Shri Sanjay Garg & Shri Narendra Prasad Sinha

bogus purchases which was reduced to 8% by the Ld. CIT(A). He contended that the lower authorities had adopted profit rate on ad hoc basis. According to the Ld. Sr. Counsel, average gross profit margin earned by the assessee was 2.76% only, considering which the addition sustained at the rate of 8% was excessive. According

ACIT, CIRCLE-1, BHAVNAGAR, BHAVNAGAR vs. LEELA GREENSHIP RECYCLING PRIVATE LIMITED, BHAVNAGAR

In the result, both the appeals are treated as partly allowed for statistical purposes in terms of above directions

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No. 2111/Ahd/2024 िनधा"रण वष" /Assessment Year : 2018-19 Leela Greenship Recycling Pvt. Ltd., The Deputy Office No.303, 3Rd Floor, बनाम/ Commissioner V/S. B Wing, Leela Efcee, Of Income Tax, Near Aksharwadi Temple, Circle-1, Waghawadi Road, Bhavnagar. Bhavnagar-364002. "थायी लेखा सं./Pan: Aagcg8956L

business profit. 5. The Ld. CIT(A) has erred in law and on facts in not granting set off of the profit already declared in the return of income on alleged bogus purchases

BALDEVBHAI LALABHAI LUHAR,AHMEDABAD vs. INCOME TAX OFFICER, WARD-1(1)(2), PRATYAKSHAR BHAVAN,AHMEDABAD

In the result, the ground no

Bench: Shri Siddhartha Nautiyal & Shri Makarand Vasant Mahadeokar

business of trading of rice and wheat etc.) and therefore, the AO applied the ratio of Simit V/s. Commissioner of Income-tax In Tax Baldevbhai L Luhar vs. ITO Asst.Year 2015-16 - 7– Appeal No. 553 2012, Gujarat High Court wherein it was held that where purchases were not bogus

DCIT, CIRCLE -2(1)(1), AHMEDABAD, PRAHLAD NAGAR vs. PANCHAM DEVELOPERS, CHANDKHEDA

In the result, the appeal of the Revenue is partly allowed

Bench: Shri Tr Senthil Kumar & Shri Narendra Prasad Sinhaassessment Years: 2017-18

income of Rs.99,03,586/-. The case was selected for scrutiny under CASS. The assessee is a partnership firm engaged in the business of real estate construction and development activity. In the course of assessment, the DCIT Vs Pancham Developers, AY- 2017-18 2 AO had called for the details of purchases made by the assessee. Out of the details

TAHOORA PROTEINS,PANCHMAHAL vs. THE ITO, WARD-2 NOW WARD-1, GODHRA

In the result, the appeal filed by the Assessee is hereby allowed

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

bogus purchase or purchased of items which are different. Any discrepancies in treating stock is ‘income from business’ and taxable

LEELA GREENSHIP RECYCLING PVT. LTD.,BHAVNAGAR vs. THE DY. CIT, CIRCLE-1, BHAVNAGAR

In the result, both the appeals are treated as partly allowed for\nstatistical purposes in terms of above directions

business profit.\n5. The Ld. CIT(A) has erred in law and on facts in not granting set off of the profit\nalready declared in the return of income on alleged bogus purchases

SANKET RAMNIKLAL JOISAR,AHMEDABAD vs. INCOME TAX WARD 1(2)(1), AHD, AHMEDABAD

In the result, appeal filed by the assessee is allowed in above\nterms

income of the assessee of Rs.1,50,07,646/- by\nestimating the profits earned by the asessee from its business after\nrejecting the books of accounts of the assessee for the reason that\nthe assessee had allegedly booked bogus purchases

N.K. INDUSTRIES LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-3(1)(1), AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

bogus. The loss represents the interest expenses represented by trading loss and therefore the loss claimed is genuine having regard to the facts and circumstances of the case. The Ld.AR submitted that the funds received from NKPL are utilized for the purpose of making payment for purchases from suppliers. The funds utilized are for the purpose of business and, therefore

N.K. INDUSTRIES LTD.,AHMEDABAD vs. THE DY.CIT, CIRCLE-3(1)(1), AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

bogus. The loss represents the interest expenses represented by trading loss and therefore the loss claimed is genuine having regard to the facts and circumstances of the case. The Ld.AR submitted that the funds received from NKPL are utilized for the purpose of making payment for purchases from suppliers. The funds utilized are for the purpose of business and, therefore

THE DY.CIT, CIRCLE-3(1)(1)., AHMEDABAD vs. N.K. INDUSTRIES LTD., AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

bogus. The loss represents the interest expenses represented by trading loss and therefore the loss claimed is genuine having regard to the facts and circumstances of the case. The Ld.AR submitted that the funds received from NKPL are utilized for the purpose of making payment for purchases from suppliers. The funds utilized are for the purpose of business and, therefore

THE DY.CIT, CIRCLE-3(1)(1)., AHMEDABAD vs. N.K. INDUSTRIES LTD., AHMEDABAD

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

bogus. The loss represents the interest expenses represented by trading loss and therefore the loss claimed is genuine having regard to the facts and circumstances of the case. The Ld.AR submitted that the funds received from NKPL are utilized for the purpose of making payment for purchases from suppliers. The funds utilized are for the purpose of business and, therefore

SHRI MUKESH RASIKLAL SHAH,,AHMEDABAD vs. THE ACIT, CIRCLE-9, NOW CIRCLE-4(2),, AHMEDABAD

In the result, the appeals filed by the assessee are hereby dismissed

Bench: Dr. B.R.R. Kumar, Vice-Shri T.R. Senthil Kumar

purchase gold in that country with a view to smuggling it into India. The confiscation of the currency Officer then took proceedings determined his tax liability. A sum notes was ordered The Assessing for assessing the assessee income and of Rs 60,500/- out of Rs 65,500/- was held to constitute the income of the assessee from undisclosed sources