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

2. The Ld. CIT(A) has erred in law and on facts in partly confirming the addition of bogus purchases made by Ld. AO without providing information/ document/ material used against the appellant and opportunity of cross-examination resulting in gross violation of principles of natural justice. 3. The Ld. CIT(A) has erred in law and on facts

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

2. The Ld. CIT(A) has erred in law and on facts in partly confirming the addition of bogus purchases made by Ld. AO without providing information/ document/ material used against the appellant and opportunity of cross-examination resulting in gross violation of principles of natural justice. 3. The Ld. CIT(A) has erred in law and on facts

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

2. The Ld. CIT(A) has erred in law and on facts in partly confirming the addition of bogus purchases made by Ld. AO without providing information/ document/ material used against the appellant and opportunity of cross-examination resulting in gross violation of principles of natural justice. 3. The Ld. CIT(A) has erred in law and on facts

SHRI BHUPENDRA S. CHOKSHI,VADODARA vs. THE DCIT, CIRCLE 1 (2), , VADODARA

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

Bench: Smt.Annapurna Guptaasstt.Year : 2007-08 Shri Bhupendra S. Chokshi Dcit, Cir.1(2) Prop: S. Kanjibhai Jewellers Vs Vadodara. Sb-35-36, Siddarth Complex Rc Dutt Road Vadodara 390 005 Pan : Abfpc 5333C

2 & 3 are dismissed. 7. The ld.counsel for the assessee pointed out from the above that the ld.CIT(A) dismissed the assesses alternative contention and confirmed the entire addition of bogus purchases noting the fact that the impugned purchases had been admitted to be bogus by the parties from whom the purchases had been made and admitted to be only

THE ITO, WARD-2(1)(1),, AHMEDABAD vs. M/S. GUJARAT TERCE LABORATORIES LTD.,, AHMEDABAD

The appeal of the Revenue are allowed

2. The assessee company is engaged in trading of polished diamond. The assessee company showed turnover of Rs. 1,86,36,447/- and gross profit of Rs. 1,93,105/- which comes to 1.03%. During the assessment proceedings, the details of purchase was called for and the list of purchase parties was submitted by the company. During the assessment proceedings

THE ITO, WARD-2(1)(1),, AHMEDABAD vs. M/S. GUJARAT TERCE LABORATORIES LTD.,, AHMEDABAD

The appeal of the Revenue are allowed

2. The assessee company is engaged in trading of polished diamond. The assessee company showed turnover of Rs. 1,86,36,447/- and gross profit of Rs. 1,93,105/- which comes to 1.03%. During the assessment proceedings, the details of purchase was called for and the list of purchase parties was submitted by the company. During the assessment proceedings

THE ACIT, CIRCLE-2(1)(1),, AHMEDABAD vs. M/S. GUJARAT TERCE LABORATORIES LTD.,, AHMEDABAD

The appeal of the Revenue are allowed

2. The assessee company is engaged in trading of polished diamond. The assessee company showed turnover of Rs. 1,86,36,447/- and gross profit of Rs. 1,93,105/- which comes to 1.03%. During the assessment proceedings, the details of purchase was called for and the list of purchase parties was submitted by the company. During the assessment proceedings

SHRI PRAVIN SHIVLAL SHAH,,VADODARA vs. THE ITO, WARD-5(3),, BARODA

In the result, both the appeals filed by the Assessee is partly allowed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed)

bogus nature of the above transaction to the tune of Rs. 1,18,58,604 - and income of Rs. 1,18,58,604/- has escaped assessment within the meaning of section 147 of the Act, for which the assessment needs to be re-opened by issuing notice us. 148 of the Act." 2. The assessee, has not filed any return

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 and 15% of the purchases was considered as income of the assessee and accordingly an addition of Rs.43,70,583/- was made. No transaction was found made with the other party M/s. A.M. Enterprise during the year. The assessment was completed under Section 143(3) read with Section 147 of the Act on 27.12.2019 at total income of Rs.42

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 and 15% of the purchases was considered as income of the assessee and accordingly an addition of Rs.43,70,583/- was made. No transaction was found made with the other party M/s. A.M. Enterprise during the year. The assessment was completed under Section 143(3) read with Section 147 of the Act on 27.12.2019 at total income of Rs.42

BHAGAT MARKETING PVT LTD,AHMEDABAD vs. PCIT-1, AHMEDABAD

In the result, in light of the above observations and the judicial precedents on the subject, the appeal of the assessee is allowed

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

2 of the notice under Section 263 of the Act and submitted that the principal CIT has itself noted the assertion of the assessee is that the assessee company has never purchased material from M/s. Varia Aluminium Pvt. Ltd. Therefore, when the contention of the assessee has all throughout been that it has not made any purchases from M/s. Varia

M/S. GSP CROP SCIENCE PVT. LTD.,,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD

In the result, both the appeals of the assessee are partly allowed

Bench: Smt.Annapurna Gupta & Shri Siddhartha Nautiyal

2) The Learned Assessing Officer and Hon. CIT (A) have erred in law and on facts in making and confirming addition of Rs.62,08,914/- holding as bogus purchases disregarding the submissions of the Assessee. 9. As is evident from the perusal of the above ground the assessee is aggrieved by the confirmation of disallowance of bogus purchases

M/S. GSP CROP SCIENCE PVT. LTD.,,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD

In the result, both the appeals of the assessee are partly allowed

Bench: Smt.Annapurna Gupta & Shri Siddhartha Nautiyal

2) The Learned Assessing Officer and Hon. CIT (A) have erred in law and on facts in making and confirming addition of Rs.62,08,914/- holding as bogus purchases disregarding the submissions of the Assessee. 9. As is evident from the perusal of the above ground the assessee is aggrieved by the confirmation of disallowance of bogus purchases

M/S. BLUERAY TRADING PVT LTD.,MAHARASTRA vs. THE PR. CIT (CENTRAL), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

2(15) of the Act. The Tribunal was of view that on principle of merger, it was not open for the Principal Commissioner to revise the order of assessment in revisionary proceedings. In further appeal the Bombay High Court held that when the Assessing Officer disallowed the claim of the assessee for benefit of exemption under Section

JT. CIT (OSD), CIRCLE-3(1)(1),, AHMEDABAD vs. M/S. PRADIP OVERSEAS LTD., AHMEDABAD

In the result, the appeal of the revenue is dismissed

2,83,77,87,618/- as not reliable and paper purchases. The A.O. concluded that the benefit derived by the assessee from, such bogus circular paper purchase bills can be around 5% and disallowed Rs. 14,18,89,380/- of purchases. 4.3.1 In assessment proceedings and before me in appellate proceedings, the appellant submitted that: (i) In circular trading, there

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 2 of the Income-tax Act, 1961 ('Act') defines the term "capital asset" to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not include any stock-in-trade or personal assets subject to certain exceptions. As regards shares and other securities, the same can be held either

THE DY. CIT., CIRCLE-3,, AHMEDABAD vs. KHANDWALA INTEGRATED FINANCIAL SERVICES PVT. LTD, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 2 of the Income-tax Act, 1961 ('Act') defines the term "capital asset" to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not include any stock-in-trade or personal assets subject to certain exceptions. As regards shares and other securities, the same can be held either

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3),, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 2 of the Income-tax Act, 1961 ('Act') defines the term "capital asset" to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not include any stock-in-trade or personal assets subject to certain exceptions. As regards shares and other securities, the same can be held either

DY.COMMISSIONER OF INCOME TAX CIRCLE-1(3),, AHMEDABAD vs. KIFS PVT.LTD.,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 2 of the Income-tax Act, 1961 ('Act') defines the term "capital asset" to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not include any stock-in-trade or personal assets subject to certain exceptions. As regards shares and other securities, the same can be held either