JET AIR AGENCIES PVT LTD,WEST BENGAL vs. CENTRAL CIRCLE 2(3)AHMEDABAD, AHMEDABAD

In the result, Ground Nos

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

set of facts and judicial precedents highlighted above, in our view, the assessee’s challenge to reopening of reassessment is liable to be dismissed. On Merits (A.Y. 2010-11) 13. The additions have been made by the AO on primarily two counts for the impugned year under consideration. Firstly, the AO observed that during the year under consideration, the assessee

JET AIR AGENCIES PVT. LTD,WEST BENGAL vs. THE ACIT, CENTRA CIRCLE-2(3), AHMEDABAD

In the result, Ground Nos

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

set of facts and judicial precedents highlighted above, in our view, the assessee’s challenge to reopening of reassessment is liable to be dismissed. On Merits (A.Y. 2010-11) 13. The additions have been made by the AO on primarily two counts for the impugned year under consideration. Firstly, the AO observed that during the year under consideration, the assessee

JET AIR AGENCIES PVT. LTD,WEST BENGAL vs. THE ACIT, CENTRA CIRCLE-2(3), AHMEDABAD

In the result, Ground Nos

Bench: Smt. Annapurna Gupta& Shri Siddhartha Nautiyal

set of facts and judicial precedents highlighted above, in our view, the assessee’s challenge to reopening of reassessment is liable to be dismissed. On Merits (A.Y. 2010-11) 13. The additions have been made by the AO on primarily two counts for the impugned year under consideration. Firstly, the AO observed that during the year under consideration, the assessee

VICKY RAJESH JHAVERI,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

loss as bogus in nature which have been elaborated in the preceding paragraph. 9.2 It is the admitted position that the core business of the assessee was dealing in shares. The assessee during the year under consideration has shown total purchases of different scripts at a value of Rs. 80,78,04,800.00 against the gross sales

VICKY RAJESH JHAVERI,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

loss as bogus in nature which have been elaborated in the preceding paragraph. 9.2 It is the admitted position that the core business of the assessee was dealing in shares. The assessee during the year under consideration has shown total purchases of different scripts at a value of Rs. 80,78,04,800.00 against the gross sales

VICKY RAJESH JHAVERI,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

loss as bogus in nature which have been elaborated in the preceding paragraph. 9.2 It is the admitted position that the core business of the assessee was dealing in shares. The assessee during the year under consideration has shown total purchases of different scripts at a value of Rs. 80,78,04,800.00 against the gross sales

SAGAR RAJESH JHAVERI,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

loss as bogus in nature which have been elaborated in the preceding paragraph. 9.2 It is the admitted position that the core business of the assessee was dealing in shares. The assessee during the year under consideration has shown total purchases of different scripts at a value of Rs. 80,78,04,800.00 against the gross sales

SAGAR RAJESH JHAVERI,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

loss as bogus in nature which have been elaborated in the preceding paragraph. 9.2 It is the admitted position that the core business of the assessee was dealing in shares. The assessee during the year under consideration has shown total purchases of different scripts at a value of Rs. 80,78,04,800.00 against the gross sales

SAGAR RAJESH JHAVERI,AHMEDABAD vs. THE DCIT, CENT. CIR. 1(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

loss as bogus in nature which have been elaborated in the preceding paragraph. 9.2 It is the admitted position that the core business of the assessee was dealing in shares. The assessee during the year under consideration has shown total purchases of different scripts at a value of Rs. 80,78,04,800.00 against the gross sales

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

bogus purchases, as supported by legal precedents, particularly the Supreme Court's ruling in the N.K. Proteins case. The Principal CIT highlighted that the A.O.’s failure to recognize and rectify the erroneous assessment constituted a significant underassessment, leading to a loss of tax revenue. Consequently, it was held that the assessment order is erroneous and prejudicial to the Revenue

AAGAM REALTY PVT. LTD.,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-1(1)(1),, AHMEDABAD

In the result, the appeal of the assessee is allowed for statistical\npurposes

purchase, the Assessing Officer observed\nthat the assessee had entered into transaction with M/s. Adventures India,\na member of Multi Commodity Exchange of India and on this trade, the\nassessee had suffered a loss of Rs.9,18,72,450/-, which was adjusted by\nthe assessee against the income from sale of properties (referred to above).\nHowever, on further verification

JAI TRIPATI STEELS PVT LTD,AHMEDABAD vs. PCIT-1, AHMEDABAD

In the result, the appeal of the assesse is allowed

Bench: Smt.Annapurna Gupta & Shri Siddhartha Nautiyalassessment Year : 2015-16 Jai Tripati Steels P.Ltd. Vs. The Ld.Pr.Cit-1 402, Maurya Atria Ahmedabad. Opp: Kalgi Stats Bodakdev, Ahmedabad. Pan : Aabcj 5104 E (Applicant) (Responent) : Shri Chetan Agarwal, Ar Assessee By : Shri Prathvi Raj Meena, Cit-Dr Revenue By सुनवाई क" तारीख/Date Of Hearing : 26/12/2025 घोषणा क" तारीख /Date Of Pronouncement: 14/02/2025 आदेश आदेश/O R D E R आदेश आदेश

purchase and sale of equity shares and derivative trading, amounting to Rs.75,78,885/- which was found not commensurate with the return of income filed by the assessee, had escaped assessment. But as per the ld.Pr.CIT, the AO despite information in his possession failed to verify this issue, and accordingly, he assumed jurisdiction under section

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

bogus and accommodative loss. Once loss incurred by appellant is speculative in nature, such loss cannot be set off against any taxable income whereas speculative income can be set off against any business loss. Considering this fact, alternate contention of appellant that there is no loss of revenue cannot be accepted.” ITA Nos. 464 & 546/Ahd/2022 Assessee- NK Proteins Ltd Asst

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

bogus and accommodative loss. Once loss incurred by appellant is speculative in nature, such loss cannot be set off against any taxable income whereas speculative income can be set off against any business loss. Considering this fact, alternate contention of appellant that there is no loss of revenue cannot be accepted.” ITA Nos. 464 & 546/Ahd/2022 Assessee- NK Proteins Ltd Asst

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

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