M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

purchases recorded in the computer of the assessee firm containing date wise purchases made by the assessee from Malpe were found. When confronted, the partner present during the course of the survey proceedings, clarified that the purchases under the column "MalpePur Actual" represented the actual purchases for which payments had been made by NEFT/RTGS and ITA Nos.62 to 66/Bang/2023

M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

purchases recorded in the computer of the assessee firm containing date wise purchases made by the assessee from Malpe were found. When confronted, the partner present during the course of the survey proceedings, clarified that the purchases under the column "MalpePur Actual" represented the actual purchases for which payments had been made by NEFT/RTGS and ITA Nos.62 to 66/Bang/2023

M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

purchases recorded in the computer of the assessee firm containing date wise purchases made by the assessee from Malpe were found. When confronted, the partner present during the course of the survey proceedings, clarified that the purchases under the column "MalpePur Actual" represented the actual purchases for which payments had been made by NEFT/RTGS and ITA Nos.62 to 66/Bang/2023

M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

purchases recorded in the computer of the assessee firm containing date wise purchases made by the assessee from Malpe were found. When confronted, the partner present during the course of the survey proceedings, clarified that the purchases under the column "MalpePur Actual" represented the actual purchases for which payments had been made by NEFT/RTGS and ITA Nos.62 to 66/Bang/2023

M/S. SPR SPIRITS PRIVATE LIMITED (FORMERLY KNOWN AS SPR GROUP HOLDINGS PRIVATE LIMITED),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

In the result, the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 37(1) of Income Tax Act. 9.3 Further, Shri Janardhan V, in his statement also admitted that (vide answer to question no.5) the payments made to the extents of Rs. 27,49,31,189/-for the various years listed against parties in whose name the same have been booked was bogus as there was no purchase

M/S. SPR SPIRITS PRIVATE LIMITED (FORMERLY KNOWN AS SPR GROUP HOLDINGS PRIVATE LIMITED),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

In the result, the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 37(1) of Income Tax Act. 9.3 Further, Shri Janardhan V, in his statement also admitted that (vide answer to question no.5) the payments made to the extents of Rs. 27,49,31,189/-for the various years listed against parties in whose name the same have been booked was bogus as there was no purchase

M/S. SPR SPIRITS PRIVATE LIMITED (FORMERLY KNOWN AS SPR GROUP HOLDINGS PRIVATE LIMITED),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

In the result, the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 37(1) of Income Tax Act. 9.3 Further, Shri Janardhan V, in his statement also admitted that (vide answer to question no.5) the payments made to the extents of Rs. 27,49,31,189/-for the various years listed against parties in whose name the same have been booked was bogus as there was no purchase

M/S. SPR SPIRITS PRIVATE LIMITED (FORMERLY KNOWN AS SPR GROUP HOLDINGS PRIVATE LIMITED),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

In the result, the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 37(1) of Income Tax Act. 9.3 Further, Shri Janardhan V, in his statement also admitted that (vide answer to question no.5) the payments made to the extents of Rs. 27,49,31,189/-for the various years listed against parties in whose name the same have been booked was bogus as there was no purchase

M/S. EAGLE TRADERS & LOGISTICS,BELLARY vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 2(3), BANGALORE

Accordingly, the appeals filed by the assessee are allowed in above terms

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubey

1. Full and true disclosure of the parties along with their PANs from whom the unregistered iron ore is claimed to be purchased for the purpose of verification, 2. Copies of mining lease held if any by the parties from whom the unregistered purchases of iron ore has been made. 4. In response to the above, the assessee filed

M/S. EAGLE TRADERS & LOGISTICS,BELLARY vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 2(3), BANGALORE

Accordingly, the appeals filed by the assessee are allowed in above terms

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubey

1. Full and true disclosure of the parties along with their PANs from whom the unregistered iron ore is claimed to be purchased for the purpose of verification, 2. Copies of mining lease held if any by the parties from whom the unregistered purchases of iron ore has been made. 4. In response to the above, the assessee filed

M/S. EAGLE TRADERS & LOGISTICS,BELLARY vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 2(3), BANGALORE

Accordingly, the appeals filed by the assessee are allowed in above terms

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubey

1. Full and true disclosure of the parties along with their PANs from whom the unregistered iron ore is claimed to be purchased for the purpose of verification, 2. Copies of mining lease held if any by the parties from whom the unregistered purchases of iron ore has been made. 4. In response to the above, the assessee filed

M/S. EAGLE TRADERS & LOGISTICS,BELLARY vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 2(3), BANGALORE

section 37(1) of the Act under the facts and\ncircumstances of the case.\nc) Without prejudice, the authorities below erred in\ndisallowing the bad debts written off of Rs.3,28,25,539/-\nbeing amounts receivable from M/s. Sri Krishna Minerals,\nHospet despite the finding of the assessing officer that the\nclaim of the appellant is allowable under the facts

M/S. MUKKA PROTEINS LIMITED (FORMERLY KNOW AS MUKKA SEA FOOD INDUSTRIES LTD., ),MANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, MANGALORE

In the result, appeals of the assessee in ITA Nos

Section 132 of the Act can constitute\nthe basis for passing a block assessment order, notwithstanding the retraction from\nit, by the assessee. The discussion in this behalf reads as under:\n\"8. It cannot be doubted for a moment that the burden of proving the\nundisclosed income is squarely on the shoulders of the Department.\nAcquisition of properties

M/S. CONCORDE HOUSING CORPORATION PRIVATE LIMITED,BENGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), BENGALURU

In the result, appeal of the assessee in ITA No

Bench: Shri Chandra Poojari & Shri Prakash Chand Yadav

37,79,544/- Total income 23,94,26,383/- Addition made as per 5,00,40,364/- assessment order Assessed income as per 28,94,66,747/- assessment order Add: Additional income offered 30,90,148/- in AY 2014-15 Total income 29,25,56,895/- Total income as statement of 29,25,56,895/- income

SRI SRINIVASA EDUCATIONAL & CHARITABLE TRUST,BANGALORE vs. DCIT, CENTRAL CIRCLE-2(3), BANGALORE

section 132A. 50.3 Applicability-These\namendments will take effect from the 1st day of June, 2007.\"\n\n6.2 From the perusal of the section 153D of the Act read with the CBDT\nCircular No. 3 of 2008, dated 12-3-2008, the legislative intent can be gathered\nso far as that the legislature in its highest wisdom made it compulsory

SRI SRINIVASA EDUCATIONAL & CHARITABLE TRUST,BANGALORE vs. DCIT, CENTRAL CIRCLE-2(3), BENGALURU

Section\n153D. It is not an exercise dealing with a immaterial matter which\ncould be corrected by taking recourse to Section 292B of the Act.\n16. We are not inclined to interdict the order of the Tribunal.\n17. Accordingly, the appeal is closed.\n6.5 The above view taken by the Hon’ble Delhi High Court in the case of PCIT

M/S. MUKKA PROTEINS LIMITED (FORMERLY KNOW AS MUKKA SEA FOOD INDUSTRIES LTD., ),MANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, MANGALORE

Section 132 of the Act can constitute\nthe basis for passing a block assessment order, notwithstanding the retraction from\nit, by the assessee. The discussion in this behalf reads as under:\n\"8. It cannot be doubted for a moment that the burden of proving the\nundisclosed income is squarely on the shoulders of the Department.\nAcquisition of properties

AKSHAY KUMAR RUNGTA,BANGALORE vs. INCOME TAX OFFICER, WARD 2(1), INTERNATIONAL TAXATION

In the result, appeal filed by the assessee is allowed as per above terms

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubeyit(It)A No.66/Bang/2024 Assessment Year :2015-16

purchase of shares of Mahaveer Advanced Rem for Rs.10,60,000/- on the facts and circumstances of the case. b. The authorities below have failed to appreciate that the provisions of section 69A of the Act is not mandatory but discretionary in nature on the facts and circumstances of the case. b. The authorities below have failed to appreciate that