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

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

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

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

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

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, 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\nby the assessee, stand dismissed

1)(a)\n(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.\n144B\n143(3) r.w.s.\n144B\n143(3) r.w.s.\n144B\nAmount of Alleged Bogus\nPurchases added (Rs.)\n92,95,26,352/-\n49,84,90,503/-\n412,48,43,029/-\nGross Profit Rate Applied

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

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

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

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

1)(a)\n(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.\n144B\n143(3) r.w.s.\n144B\n143(3) r.w.s.\n144B\nAmount of Alleged Bogus\nPurchases added (Rs.)\n92,95,26,352/-\n49,84,90,503/-\n412,48,43,029/-\nGross Profit Rate Applied

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

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

HAJIMOHMADSAFI ABDULREHMAN SHAIKH,VADODARA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), VADODARA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

bogus purchases had been set aside in entirety by the Hon’ble ITAT for fresh adjudication and therefore the earlier relief granted by the CIT(A) stood merged with the order of the Tribunal. It was observed that the Assessing Officer had rightly re-examined the entire issue in accordance with the directions of the ITAT and hence the contention