THE ACIT, CENTRAL-2, INDORE vs. M/S. SHAKTI PUMPS (INDIA) LTD., INDORE

Bench: Ms. Madhumita Roy & Shri B.M. Biyani(Virtual Hearing) Assessment Year: 2010-11 Acit (Central)-2, Shakti Pumps (India) Ltd. Indore 226, Shastri Market, बनाम/ M.G. Road, Vs. Indore (Appellant / Revenue) (Respondent / Assessee) Pan: Aaecs 5027 L Revenue By Shri P.K. Mishra, Cit-Dr Assessee By Ms. Nisha Lahoti & Vijay Bansal, Ars Date Of Hearing 23/11/2022 / 22.02.2023 Date Of Pronouncement 26.04.2023

transfer of goods or services. 2.29 The contention of the appellant are found to be correct in as much as that the Ld. AO has passed the assessment order u/s 143(3) but has approached on an estimation basis which is arbitrary, adhoc and devoid of any basis. The Ld. AO is free to resort to making assessment

M/S. S.R. FERRO ALLOYS,JHABUA vs. THE PCIT, BHOPAL

In the result, the appeal of assessee is allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanis.R. Ferro Alloys Pr. Cit, Central 9, Siddheswar Colony Bhopal Vs. Jhabua (Appellant / Assessee) (Revenue) Pan: Abhfs7377Q Appellant By Shri Sumit Nema, Sr. Adv. & Gagan Tiwari, Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 12.10.2023 Date Of Pronouncement 09.11.2023

price. A method of accounting adopted by the trader consistently and regularly cannot be discarded by departmental authorities on the view that he should have adopted a different method of keeping accounts or of valuation. The method of accounting regularly employed may be discarded only, if, in the opinion of taxing authorities, income of the trade cannot be property Page

M/S BHOOMIYAJI LAND & FINANCE CO.,DEWAS vs. THE ITO, DEWAS

In the result ground No.3& 4 are dismissed

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2006-07

price of the plot. On that account he had surrendered Rs. 5,00,000/- during the survey, although later on he has retracted from his statement and explained that the entries recorded in the diaries were only estimates. But, it does not change the facts of the case that appellant has not recorded sale proceeds entirely in its books

THE DCIT, 1(1), UJJAIN vs. M/S BHOOMIYAJI LAND & FINANCE CO.,, DEWAS

In the result ground No.3& 4 are dismissed

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2006-07

price of the plot. On that account he had surrendered Rs. 5,00,000/- during the survey, although later on he has retracted from his statement and explained that the entries recorded in the diaries were only estimates. But, it does not change the facts of the case that appellant has not recorded sale proceeds entirely in its books

M/S BHOMIYAJI LAND & FINANCE CO.,DEWAS vs. THE ACIT 1(1), UJJAIN

In the result ground No.3& 4 are dismissed

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2006-07

price of the plot. On that account he had surrendered Rs. 5,00,000/- during the survey, although later on he has retracted from his statement and explained that the entries recorded in the diaries were only estimates. But, it does not change the facts of the case that appellant has not recorded sale proceeds entirely in its books

THE DCIT, 1(1), UJJAIN vs. M/S. BHOOMIYAJI LAND & FINANCE CO.,, DEWAS

In the result ground No.3& 4 are dismissed

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2006-07

price of the plot. On that account he had surrendered Rs. 5,00,000/- during the survey, although later on he has retracted from his statement and explained that the entries recorded in the diaries were only estimates. But, it does not change the facts of the case that appellant has not recorded sale proceeds entirely in its books

M/S. BHOMIYAJI LAND & FINANCE CO.,DEWAS vs. THE ITO, DEWAS

In the result ground No.3& 4 are dismissed

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2006-07

price of the plot. On that account he had surrendered Rs. 5,00,000/- during the survey, although later on he has retracted from his statement and explained that the entries recorded in the diaries were only estimates. But, it does not change the facts of the case that appellant has not recorded sale proceeds entirely in its books

THE DCIT, 1(1), UJJAIN vs. M/S. BHOOMIYAJI LAND & FINANCE CO.,, DEWAS

In the result ground No.3& 4 are dismissed

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2006-07

price of the plot. On that account he had surrendered Rs. 5,00,000/- during the survey, although later on he has retracted from his statement and explained that the entries recorded in the diaries were only estimates. But, it does not change the facts of the case that appellant has not recorded sale proceeds entirely in its books

THE DCIT, 1(1), UJJAIN vs. M/S. BHOOMIYAJI LAND & FINANCE LTD., DEWAS

In the result ground No.3& 4 are dismissed

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2006-07

price of the plot. On that account he had surrendered Rs. 5,00,000/- during the survey, although later on he has retracted from his statement and explained that the entries recorded in the diaries were only estimates. But, it does not change the facts of the case that appellant has not recorded sale proceeds entirely in its books

SMT. MAMTA SINGH,INDORE vs. ASSISTANT COMMISSIONER OF INCOME TAX- 3(1), INDORE

In the result appeal of the assessee is partly allowed for

Bench: Hon'Ble Kul Bharat & Hon'Ble Manish Boradassessment Year 2013-14 Smt. Mamta Singh Vs Acit-3(1) Ef-14, Scheme No.54, Indore Vijay Nagar, Indore

price. Gross Profit rate remains consistent. Books of accounts have been duly audited. Quantitative details of various qualities of goods have been maintained. We find that in the similar set of facts the Co-ordinate Bench in the case of ACIT Vs Avinash Chalana & Co (2016) 28 ITJ 295, after considering the position of strict regulation and condition over

JCIT(OSD),-2(1),INDORE, INDORE vs. SHRI KESHAV KUMAR NACHANI, INDORE

In the result, all the appeals of the Revenue are dismissed

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

section 145(3) of the Act. He accordingly reversed the action of the AO in rejecting the books of accounts of the assessee by holding that the AO was not correct in rejecting the books of accounts. Thereafter, the ld.CIT(A) deleted additions made on account of estimation of gross profit in the transactions of sale of gold and silver

THE DCIT, 2(1), INDORE vs. SHRI KESHAV KUMAR NACHANI, INDORE

In the result, all the appeals of the Revenue are dismissed

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

section 145(3) of the Act. He accordingly reversed the action of the AO in rejecting the books of accounts of the assessee by holding that the AO was not correct in rejecting the books of accounts. Thereafter, the ld.CIT(A) deleted additions made on account of estimation of gross profit in the transactions of sale of gold and silver

THE DCIT, 2(1), INDORE vs. SHRI KESHAV KUMAR NACHANI, INDORE

In the result, all the appeals of the Revenue are dismissed

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

section 145(3) of the Act. He accordingly reversed the action of the AO in rejecting the books of accounts of the assessee by holding that the AO was not correct in rejecting the books of accounts. Thereafter, the ld.CIT(A) deleted additions made on account of estimation of gross profit in the transactions of sale of gold and silver

THE DCIT 1(1), INDORE vs. M/S ANANT STEEL P LTD, INDORE

In the result appeal of the assessee raised vide ITA

Bench: Hon’Ble Kul Bharat & Hon’Ble Manish Borad

section 145A of the Act. 8. Sundry creditor shown outstanding for last two to three years old. 9. The assessee has claimed burning loss at 12.48% and shown yield at 87.51%. However, in the case of iron industries the percentage of burning loss was hardly 4 to 5%. 10. The assessee has received shown cause notice from the excise department

M/S ANANT STEEL P LTD,INDORE vs. THE DCIT 1(1), INDORE

In the result appeal of the assessee raised vide ITA

Bench: Hon’Ble Kul Bharat & Hon’Ble Manish Borad

section 145A of the Act. 8. Sundry creditor shown outstanding for last two to three years old. 9. The assessee has claimed burning loss at 12.48% and shown yield at 87.51%. However, in the case of iron industries the percentage of burning loss was hardly 4 to 5%. 10. The assessee has received shown cause notice from the excise department

M/S CENTURY 21 MALLS P. LTD.,INDORE vs. THE ACIT 2(1), INDORE

In the result, all appeals of the Revenue are dismissed, while all appeals of the assessee are allowed

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

145(3), even though he has hold that the impugned material so found recorded in Rahul Pen Drive are belonging to director Shri Keshav Kumar Nachani and confirming addition on this account in his hands and thus, there remains no materials on the strength of which rejection of books may be justified. 3.1. On the facts and in the circumstances

THE DCIT-2(1), INDORE vs. M/S. CENTURY 21 MALL (P) LTD., INDORE

In the result, all appeals of the Revenue are dismissed, while all appeals of the assessee are allowed

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

145(3), even though he has hold that the impugned material so found recorded in Rahul Pen Drive are belonging to director Shri Keshav Kumar Nachani and confirming addition on this account in his hands and thus, there remains no materials on the strength of which rejection of books may be justified. 3.1. On the facts and in the circumstances

THE DCIT, 2(1), INDORE vs. M/S. CENTURE 21 MALL PVT. LTD., INDORE

In the result, all appeals of the Revenue are dismissed, while all appeals of the assessee are allowed

Bench: Smt. Madhumita Roy & Shri Bhagirath Mal Biyani

145(3), even though he has hold that the impugned material so found recorded in Rahul Pen Drive are belonging to director Shri Keshav Kumar Nachani and confirming addition on this account in his hands and thus, there remains no materials on the strength of which rejection of books may be justified. 3.1. On the facts and in the circumstances