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

M/S. WORLD TRADE IMPEX LTD.,,BARODA vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX, CIRCLE-5,, BARODA

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

Bench: Ms Suchitra Kamble & Shri Waseem Ahmed

bogus sales in the name of the party has written off the trading liability and therefore such liability has ceased to exist in the books of accounts which requires to be treated as deemed profit and gains of the assessee under the provisions of section 41(1) of the Act. In this regard, we note that the revenue

WORLD TRADE IMPEX LTD.,,BARODA vs. THE ACIT.,CIRCLE-4,, BARODA

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

Bench: Ms Suchitra Kamble & Shri Waseem Ahmed

bogus sales in the name of the party has written off the trading liability and therefore such liability has ceased to exist in the books of accounts which requires to be treated as deemed profit and gains of the assessee under the provisions of section 41(1) of the Act. In this regard, we note that the revenue

DCIT, CENTRAL CIRCLE1(2), AHMEDABAD, AHMEDABAD vs. PARUL AROGYA SEVA MANDAL TRUST, AHMEDABAD

Appeals are allowed

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

41,045 ITA No 991,992,993,1018 & 1019/Ahd/2023. Parul Arogya Seva Mandal Trust & Parul University (ITA 993/Ahd/2023) Asst. Years :2016-17 & 2017-18 8 October 2016 79,54,059 9 November 2016 74,77,138 Total 6,93,09,682 2.6. During the course of survey action, the trustees of Parul Arogya Seva Mandal Trust and Parul University explained

PARUL UNIVERSITY,VADODARA vs. THE DY.CIT,EXEMPTION CIRCLE-1, AHMEDABAD

Appeals are allowed

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

41,045 ITA No 991,992,993,1018 & 1019/Ahd/2023. Parul Arogya Seva Mandal Trust & Parul University (ITA 993/Ahd/2023) Asst. Years :2016-17 & 2017-18 8 October 2016 79,54,059 9 November 2016 74,77,138 Total 6,93,09,682 2.6. During the course of survey action, the trustees of Parul Arogya Seva Mandal Trust and Parul University explained

DCIT, CENTRAL CIRCLE-1(2), AHMEDABAD, AAYAKAR BHAWAN, ASHRAM ROAD, AHMEDABAD vs. PARUL AROGYA SEVA MANDAL TRUST, , AHMEDABAD

Appeals are allowed

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

41,045 ITA No 991,992,993,1018 & 1019/Ahd/2023. Parul Arogya Seva Mandal Trust & Parul University (ITA 993/Ahd/2023) Asst. Years :2016-17 & 2017-18 8 October 2016 79,54,059 9 November 2016 74,77,138 Total 6,93,09,682 2.6. During the course of survey action, the trustees of Parul Arogya Seva Mandal Trust and Parul University explained

PARUL AROGYA SEVA MANDAL TRUST,AHMEDABAD vs. THE DY.CIT, CENTRAL CIRCLE-1(2), AHMEDABAD

Appeals are allowed

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

41,045 ITA No 991,992,993,1018 & 1019/Ahd/2023. Parul Arogya Seva Mandal Trust & Parul University (ITA 993/Ahd/2023) Asst. Years :2016-17 & 2017-18 8 October 2016 79,54,059 9 November 2016 74,77,138 Total 6,93,09,682 2.6. During the course of survey action, the trustees of Parul Arogya Seva Mandal Trust and Parul University explained

PARUL AROGYA SEVA MANDAL TRUST,AHMEDABAD vs. THE DY.CIT, CENTRAL CIRCLE-1(2), AHMEDABAD

Appeals are allowed

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar, Accountnat Member

41,045 ITA No 991,992,993,1018 & 1019/Ahd/2023. Parul Arogya Seva Mandal Trust & Parul University (ITA 993/Ahd/2023) Asst. Years :2016-17 & 2017-18 8 October 2016 79,54,059 9 November 2016 74,77,138 Total 6,93,09,682 2.6. During the course of survey action, the trustees of Parul Arogya Seva Mandal Trust and Parul University explained

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

1)(a) (Rs.)\nNA\n6,61,29,990/-\n6,58,34,650/-\nDate of AO's Order\n23.03.2023\n27.09.2022\n23.12.2022\nSection of AO's Order\n147 r.w.s.144B\n143(3) r.w.s.144B\n143(3) r.w.s.144B\nAmount of Alleged Bogus Purchases added (Rs.)\n92,95,26,352/-\n49,84,90,503/-\n412,48,43,029/-\nGross Profit Rate Applied by AO\n12.50%\n12.50

PAWAN EDIFICE PVT. LTD.,VADODARA vs. THE DY.CIT, CIRCLE-2(1)(2), VADODARA

41,07,274/-), in addition to other investments generating exempt income.\nA show cause notice was issued requiring the assessee to explain why\ndisallowance under section 14A read with Rule 8D should not be made. In\nreply, the assessee submitted a breakup of interest expenses and claimed\nthat investments yielding exempt income were made from its own funds,\nthus attracting

SADBHAV ENGINEERING LTD.,AHMEDABAD vs. DCIT, CENTRAL CIRCLE 1(3), AHMEDABAD, DCIT, CENTRAL CIRCLE 1(3), AHMEDABAD

In the result, all the appeals of the assessee are partly allowed\nand that of the Revenue are dismissed

purchase\nexpenses.\n67. ISSUE NO.4 REGARDING TREATMENT OF ALLEGED BOGUS\nSUB-CONTRACT EXPENSES UNDER SECTION 69A AND 69C OF\nTHE ACT AND CHARGING THE SAME AT THE RATE SPECIFIED\nIN TERMS OF SECTION 115BBE OF THE ACT.\n68. The next issue being taken for consideration is the\ntreatment of the alleged bogus sub-contract expenses as deemed\nincome

PAWAN EDIFICE PVT. LTD.,VADODARA vs. THE DY.CIT, CIRCLE-2(1)(2), VADODARA

Appeals are partly allowed for\nstatistical reasons

41,07,274/-), in addition to other investments generating exempt income.\nA show cause notice was issued requiring the assessee to explain why\ndisallowance under section 14A read with Rule 8D should not be made. In\nreply, the assessee submitted a breakup of interest expenses and claimed\nthat investments yielding exempt income were made from its own funds,\nthus attracting

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

1)(a) NA 6,61,29,990/- 6,58,34,650/- (Rs.) Date of AO’s Order 23.03.2023 27.09.2022 23.12.2022 Section of AO’s Order 147 r.w.s. 143(3) r.w.s. 143(3) r.w.s. 144B 144B 144B Amount of Alleged Bogus 92,95,26,352/- 49,84,90,503/- 412,48,43,029/- Purchases added (Rs.) Gross Profit Rate Applied

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

1)(a) NA 6,61,29,990/- 6,58,34,650/- (Rs.) Date of AO’s Order 23.03.2023 27.09.2022 23.12.2022 Section of AO’s Order 147 r.w.s. 143(3) r.w.s. 143(3) r.w.s. 144B 144B 144B Amount of Alleged Bogus 92,95,26,352/- 49,84,90,503/- 412,48,43,029/- Purchases added (Rs.) Gross Profit Rate Applied

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

1)(a) NA 6,61,29,990/- 6,58,34,650/- (Rs.) Date of AO’s Order 23.03.2023 27.09.2022 23.12.2022 Section of AO’s Order 147 r.w.s. 143(3) r.w.s. 143(3) r.w.s. 144B 144B 144B Amount of Alleged Bogus 92,95,26,352/- 49,84,90,503/- 412,48,43,029/- Purchases added (Rs.) Gross Profit Rate Applied

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

purchases\nfrom parties whose existence or business activity could not be\nsubstantiated. The AO once again rejected the books of account\nunder section 145(3) and applied a GP rate of 12.5%. The CIT(A),\nwhile affirming the rejection of books, accepted the assessee's\ncontention that the GP rate of 12.5% was on the higher side, and\ntherefore scaled

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

purchases\nfrom parties whose existence or business activity could not be\nsubstantiated. The AO once again rejected the books of account\nunder section 145(3) and applied a GP rate of 12.5%. The CIT(A),\nwhile affirming the rejection of books, accepted the assessee's\ncontention that the GP rate of 12.5% was on the higher side, and\ntherefore scaled