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

43,91,000 3,99,20,000 Challan No. (Form 287) 43077 43014 Challan Dated 24/03/2017 27/03/2017 2.7. The assessee was involved in this activity of taking cash back from employees since last many years. Therefore, AO on the basis of the said MS excel file and as confirmed by Trustee, extrapolated the unaccounted cash receipt out of salary. Taking

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

43,91,000 3,99,20,000 Challan No. (Form 287) 43077 43014 Challan Dated 24/03/2017 27/03/2017 2.7. The assessee was involved in this activity of taking cash back from employees since last many years. Therefore, AO on the basis of the said MS excel file and as confirmed by Trustee, extrapolated the unaccounted cash receipt out of salary. Taking

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

43,91,000 3,99,20,000 Challan No. (Form 287) 43077 43014 Challan Dated 24/03/2017 27/03/2017 2.7. The assessee was involved in this activity of taking cash back from employees since last many years. Therefore, AO on the basis of the said MS excel file and as confirmed by Trustee, extrapolated the unaccounted cash receipt out of salary. Taking

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

43,91,000 3,99,20,000 Challan No. (Form 287) 43077 43014 Challan Dated 24/03/2017 27/03/2017 2.7. The assessee was involved in this activity of taking cash back from employees since last many years. Therefore, AO on the basis of the said MS excel file and as confirmed by Trustee, extrapolated the unaccounted cash receipt out of salary. Taking

THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), AHMEDABAD vs. N K PROTEINS PRIVATE LIMITED, AHMEDABAD

In the result, no question of law arises

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

43(5) read with section 73 of the Act being Speculative Loss. Therefore Speculative loss created out of these transactions cannot be set off against the normal business income. SUMMARY 7.4 The above arguments are summarized as under: a. The assessee group is closely linked with NSEL. b. Though NKPL claimed to a broker for NSEL in effect all transactions

N K PROTEINS PVT. LIMITED,AHMEDABAD vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE- 3(1)(1), AHMEDABAD

In the result, no question of law arises

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

43(5) read with section 73 of the Act being Speculative Loss. Therefore Speculative loss created out of these transactions cannot be set off against the normal business income. SUMMARY 7.4 The above arguments are summarized as under: a. The assessee group is closely linked with NSEL. b. Though NKPL claimed to a broker for NSEL in effect all transactions

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

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

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

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

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

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

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

The appeal of the Revenue are allowed

43 taxmann.com 244 (Gujarat) I. Section 69 of the Income-tax Act, 1961 - Unexplained investments (Bogus purchases) -Assessment year 2007-08 - Assessee was in business of manufacturing and exports of de-oiled cake, starch, glucose and cotton yarn - Assessing Officer examined various purchases made by assessee and noted that entire purchases made from one 'V were bogus and added entire

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

The appeal of the Revenue are allowed

43 taxmann.com 244 (Gujarat) I. Section 69 of the Income-tax Act, 1961 - Unexplained investments (Bogus purchases) -Assessment year 2007-08 - Assessee was in business of manufacturing and exports of de-oiled cake, starch, glucose and cotton yarn - Assessing Officer examined various purchases made by assessee and noted that entire purchases made from one 'V were bogus and added entire

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

The appeal of the Revenue are allowed

43 taxmann.com 244 (Gujarat) I. Section 69 of the Income-tax Act, 1961 - Unexplained investments (Bogus purchases) -Assessment year 2007-08 - Assessee was in business of manufacturing and exports of de-oiled cake, starch, glucose and cotton yarn - Assessing Officer examined various purchases made by assessee and noted that entire purchases made from one 'V were bogus and added entire

DCIT, CIRCLE-2(1)(1),, BARODA vs. M/S. SUN PHARMACEUTICALS INDUSTRIES LTD. , BARODA

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

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

section 115JB of the Act. In view of the above, we do not find any reason to uphold the finding of the learned CIT –A. Accordingly we reverse the same and direct the AO to delete the addition made by him. Thus, the ground of appeal raised by the assessee is hereby allowed. 17. The next issue raised

SUN PHARMACEUTICALS INDUSTRIES LIMITED,,VADODARA vs. THE ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1)(1), BARODA

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

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

section 115JB of the Act. In view of the above, we do not find any reason to uphold the finding of the learned CIT –A. Accordingly we reverse the same and direct the AO to delete the addition made by him. Thus, the ground of appeal raised by the assessee is hereby allowed. 17. The next issue raised

SUN PHARMACEUTICALS INDUSTRIES LIMITED,,VADODARA vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1)(1), BARODA

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

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

section 115JB of the Act. In view of the above, we do not find any reason to uphold the finding of the learned CIT –A. Accordingly we reverse the same and direct the AO to delete the addition made by him. Thus, the ground of appeal raised by the assessee is hereby allowed. 17. The next issue raised

DCIT, CIRCLE-2(1)(1),, BARODA vs. M/S. SUN PHARMACEUTICALS INDUSTRIES LTD. , BARODA

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

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

section 115JB of the Act. In view of the above, we do not find any reason to uphold the finding of the learned CIT –A. Accordingly we reverse the same and direct the AO to delete the addition made by him. Thus, the ground of appeal raised by the assessee is hereby allowed. 17. The next issue raised

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

43,026/- made on account of alleged inflated purchases. 4. The appellant craves leave to add, alter, amend any ground of appeal. 3. At the outset, we note that there was a delay of 7 years and 3 months in filing the appeal by the assessee. There was a condonation petition and affidavit filed by the assessee. The reasons specified