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. 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

56,84,864/-.\n2.10 However, in the return of income filed, the appellant has\nadmitted only Rs.23,11,810/- as additional income on the issue of\nbogus purchases. In response to the show cause notice, the\nappellant stated that they were able to obtain confirmation from\nMr. Abdul Rasheed and Mr. Sayyed Ibrahim and they were also in\nthe process

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

56,46,839/- under the head “income from business and profession” on the turnover of Rs.175,50,27,988/- which worked out at net profit rate of 10.01% of the turnover for the assessment year 2015-16 and according to him income chargeable under head from business to be computed at 13.42% of the turnover. Accordingly, the assessee agreeing with

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

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

56,850/- under the facts and circumstances of the case. 2 a) The assessment completed under section 153C of the Act - is bad in law as the appellant is the person searched and thus the assessment ought to have been completed under section 153A of the Act under the facts & circumstances of the case. b) The learned CIT(A) erred

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

56,850/- under the facts and circumstances of the case. 2 a) The assessment completed under section 153C of the Act - is bad in law as the appellant is the person searched and thus the assessment ought to have been completed under section 153A of the Act under the facts & circumstances of the case. b) The learned CIT(A) erred

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

56,850/- under the facts and circumstances of the case. 2 a) The assessment completed under section 153C of the Act - is bad in law as the appellant is the person searched and thus the assessment ought to have been completed under section 153A of the Act under the facts & circumstances of the case. b) The learned CIT(A) erred

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

56,84,864/-.\n2.10 However, in the return of income filed, the appellant has\nadmitted only Rs.23,11,810/- as additional income on the issue of\nbogus purchases. In response to the show cause notice, the\nappellant stated that they were able to obtain confirmation from\nMr. Abdul Rasheed and Mr. Sayyed Ibrahim and they were also in\nthe process

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

56,850/- under the facts and\ncircumstances of the case.\n2\na) The assessment completed under section 153C of the Act\nis bad in law as the appellant is the person searched and\nthus the assessment ought to have been completed under\nsection 153A of the Act under the facts & circumstances\nof the case.\nb) The learned CIT(A) erred

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

M/S. HARIS MARINE PRODUCTS,MANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1,, MANGALORE

In the result, both the appeals of the assessee are\nallowed

bogus so as to disallow the same and brought to tax as\nundisclosed income of the assessee.\n5.7 Further, there was a CBDT circular file no.286/98/2013-IT\n(Inv.II) dated 18.12.2014 which states as under:\n“Instances/complaints of undue influence/coercion have come to notice of\nthe CBDT that some assessees were coerced to admit undisclosed income\nduring Searches/Surveys conducted

M/S. HARIS MARINE PRODUCTS,MANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, , MANGALORE

In the result, both the appeals of the assessee are\nallowed

bogus so as to disallow the same and brought to tax as\nundisclosed income of the assessee.\n5.7 Further, there was a CBDT circular file no.286/98/2013-IT\n(Inv.II) dated 18.12.2014 which states as under:\n“Instances/complaints of undue influence/coercion have come to notice of\nthe CBDT that some assessees were coerced to admit undisclosed income\nduring Searches/Surveys conducted

LATE SHRI MAHABIR PRASAD(LEGAL HEIR MS. PARUL KANSARIA),BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3) , BENGALURU

In the result, the appeal filed by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

1,55,60,250/- from M/s ExCom enterprises. 50. The first contention of the assessee is that assessment year 2018-19 is a concluded assessment which could have been disturbed only based on incriminating material found during search. If that be so the addition made by the ld AO of Bogus purchases did not arise from the incriminating material

DCIT, CENTRAL CIRCLE-1(3), BAENGALURU vs. LATE SHRI MAHABIR PRASAD(LEGAL HEIR MS. PARUL KANSARIA), BENGALURU

In the result, the appeal filed by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

1,55,60,250/- from M/s ExCom enterprises. 50. The first contention of the assessee is that assessment year 2018-19 is a concluded assessment which could have been disturbed only based on incriminating material found during search. If that be so the addition made by the ld AO of Bogus purchases did not arise from the incriminating material