ITO WARD-7(2), JAIPUR, WARD-7(2), JAIPUR vs. M/S. SILVEX & COMPANY G-1/35 TO 37, 47, 48 EPIP, JEWELLERY ZONE, SITAPURA INDUSTRIAL AREA, JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed and cross appeal of the Revenue is dismissed

section rate of 12.5% on bogus 145(3) and GP rate was applied. Since the purchases. assessment was already completed u/s 143(3) therefore, the facts of the case are totally distinguishable from the case relied upon by revenue the where no assessment was completed u/s 143(3) and reassessment proceedings were initiated for unverifiable purchases in the order

INCOME TAX OFFICER, JAIPUR vs. MOTISONS JEWELLERS LTDL, JAIPUR

section 115BBE of the Act. 4.1. Finding of ld.AO: - The findings and observations of ld. AO are at page 2 to 23 of the assessment order. In view of the observations and findings the ld. AO alleged that the sales made, amount realized from debtors and advances received from customers, which was utilized to deposit in bank account in demonetized

M/S. VAIBHAV GLOBAL (GEMS) LTD.,JAIPUR vs. ACIT, CIRCLE-5, JAIPUR

In the result, appeals for the A

bogus would not amount to non disclosure of the necessary facts by the assessee. In view of the above facts and circumstances of the case as well as the various decisions as relied upon by the ld. A/R of the assessee, we are of the considered view that when there is no allegation of the AO in the reasons recorded

M/S. VAIBHAV GLOBAL (GEMS) LTD.,JAIPUR vs. ACIT, CIRCLE-5, JAIPUR

In the result, appeals for the A

bogus would not amount to non disclosure of the necessary facts by the assessee. In view of the above facts and circumstances of the case as well as the various decisions as relied upon by the ld. A/R of the assessee, we are of the considered view that when there is no allegation of the AO in the reasons recorded

M/S. VAIBHAV GLOBAL (GEMS) LTD.,JAIPUR vs. ACIT, CIRCLE-5, JAIPUR

In the result, appeals for the A

bogus would not amount to non disclosure of the necessary facts by the assessee. In view of the above facts and circumstances of the case as well as the various decisions as relied upon by the ld. A/R of the assessee, we are of the considered view that when there is no allegation of the AO in the reasons recorded

SH. TARACHAND GUPTA,ALWAR vs. ACIT, CENTRAL CIRCLE, ALWAR, ALWAR

In the result the appeal filed by the revenue in ITA no

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM आयकर अपील सं. / ITA. Nos.447 to 449/JP/2024 निर्धारण वर्ष / Assessment Years : 2015-16 to 2017-18 Shri Tarachand Gupta 9 Keshav Nagar Sch 13, Alwar बनाम Vs. ACIT, Central Circle, Alwar स्थायी लेखा सं./ जीआईआर सं./PAN/GIR No.: AAYPC 5777 E अपीलार्थी / Appellant प्रत्यर्थी / Respondent आयकर अपील सं./ITA. No. 514/JP/2024 निर्धारण वर्ष / Assessment Year : 2017-18 ACIT, Central Circle, Alwar बनाम Shri Tarachand Gupta 9 Ke

bogus purchases. Similarly Gujarat High Court decision is in respect of fictitious purchase invoices where the High Court disallowed 25% of such purchases. Hence this decision is also distinguishable on facts. Considering that overall facts we direct the ld. AO to consider the income on the transaction to the extent of the gross profit declared Sh. Tarachand Gupta

ACIT, CENTRAL CIRCLE, ALWAR vs. SH. TARA CHAND GUPTA, ALWAR

In the result the appeal filed by the revenue in ITA no

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI, AM आयकर अपील सं./ITA. Nos.447 to 449/JP/2024 निर्धारण वर्ष / Assessment Years : 2015-16 to 2017-18 Shri Tarachand Gupta 9 Keshav Nagar Sch 13, Alwar बनाम ACIT, Vs. Central Circle, Alwar स्थायी लेखा सं./ जीआईआर सं./PAN/GIR No.: AAYPC 5777 E अपीलार्थी / Appellant प्रत्यर्थी / Respondent आयकर अपील सं./ITA. No. 514/JP/2024 निर्धारण वर्ष / Assessment Year : 2017-18 ACIT, Central Circle, Alwar बनाम Shri Tarachand Gupta 9 Kesh

bogus purchases. Similarly Gujarat High Court decision is in respect of fictitious purchase invoices where the High Court disallowed 25% of such purchases. Hence this decision is also distinguishable on facts. Considering that overall facts we direct the ld. AO to consider the income on the transaction to the extent of the gross profit declared Sh. Tarachand Gupta

RAVINDER SINGH THAKKAR,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, JAIPUR

In the result the appeal of the assessee in ITA no

bogus. On being argued before\nthe Ld. Appellant Assistant Commissioner of not providing opportunity of cross\nexamination of these partners to the assessee by the Ld. AO, the Ld. AAC\nprovided the opportunity of cross examination and there also the partners of\nthose firms could not say that these transactions were genuine. It is further\nsubmitted that while deciding

RAVINDER SINGH THAKKAR,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, JAIPUR

In the result the appeal of the assessee in ITA no

bogus. On being argued before\nthe Ld. Appellant Assistant Commissioner of not providing opportunity of cross\nexamination of these partners to the assessee by the Ld. AO, the Ld. AAC\nprovided the opportunity of cross examination and there also the partners of\nthose firms could not say that these transactions were genuine. It is further\nsubmitted that while deciding

RAVINDER SINGH THAKKAR,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, JAIPUR

In the result the appeal of the assessee in ITA no

bogus. On being argued before\nthe Ld. Appellant Assistant Commissioner of not providing opportunity of cross\nexamination of these partners to the assessee by the Ld. AO, the Ld. AAC\nprovided the opportunity of cross examination and there also the partners of\nthose firms could not say that these transactions were genuine. It is further\nsubmitted that while deciding

RAVINDER SINGH THAKKAR,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, JAIPUR

In the result the appeal of the assessee in ITA no

bogus. On being argued before\nthe Ld. Appellant Assistant Commissioner of not providing opportunity of cross\nexamination of these partners to the assessee by the Ld. AO, the Ld. AAC\nprovided the opportunity of cross examination and there also the partners of\nthose firms could not say that these transactions were genuine. It is further\nsubmitted that while deciding

RAVINDER SINGH THAKKAR,JAIPUR vs. ASSISTANT COMMSSIONER OF INCOME TAX, JAIPUR

In the result the appeal of the assessee in ITA no

bogus. On being argued before\nthe Ld. Appellant Assistant Commissioner of not providing opportunity of cross\nexamination of these partners to the assessee by the Ld. AO, the Ld. AAC\nprovided the opportunity of cross examination and there also the partners of\nthose firms could not say that these transactions were genuine. It is further\nsubmitted that while deciding

ALOK KUMAR JAIN ,PEARL PLEASURE vs. ACIT CIR-6, JAIPUR, NEW CERNTRAL REVENUE BUILDING, BHAGWAN DASS ROAD, JAIPUR, RAJASTHAN,

Bench: Him.

bogus LTCG. Therefore, the same is assessed in the hands of the assessee as unexplained cash credit within the meaning of Section 68 r.w.s. 115BBE of the IT Act. 5.3.3 In respect of this ground, the appellant in his written submission made the following argument: 59. As stated in brief facts of the case that the Appellant purchased total

M/S AMRAPALI EXPORTS,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2, JAIPUR

In the result, the ground No

bogus concern which was operated by Shri Rajendra Jain without any physical deliveries and such purchases amounting to Rs 7,54,587/- were treated as non genuine and 25% of such purchases were brought to tax as unexplained expenditure besides addition of Rs. 15,092/-, being 2% of Rs. 7,54,587/- on account of alleged commission paid for obtaining

DALAS BIOTECH LIMITED,BHIWADI vs. THE ASSISTANT COMMISSIONER OF INCOME-TAX, ALWAR

In the result, the appeal of the assessee is allowed with no orders as to cost

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

bogus. 11 M/S. DALAS BIOTECH LTD VS ACIT, ALWAR Yet, the Tribunal has found, there is no material or evidence on record to establish that the creditors were shell companies. The observation made by the Assessing Officer in that regard is described as unfounded. Besides the above, the Tribunal has taken note of the loan confirmation, Certificate of Incorporation

SHREE SIDDHI VINAYAK INDUCTIONS PVT. LTD.,JAIPUR vs. DCIT, CENTRAL CIRCLE-3, JAIPUR

In the result ITA NO. 01/JPR/2021 for A

195 was local scrap and 600 MT was Imported scrap for which documentary evidence of clearance from Customs, CONCORE, and shipping companies, transportation of the material in closed containers from ICD Kanakpura to factory premises is available on record and the same is duly entered in the excise records too. Total consumption of Raw Material for manufacturing of Billets

SHREE SIDDHI VINAYAK INDUCTION PVT. LTD.,JAIPUR vs. DCIT, JAIPUR

In the result ITA NO. 01/JPR/2021 for A

195 was local scrap and 600 MT was Imported scrap for which documentary evidence of clearance from Customs, CONCORE, and shipping companies, transportation of the material in closed containers from ICD Kanakpura to factory premises is available on record and the same is duly entered in the excise records too. Total consumption of Raw Material for manufacturing of Billets

M/S SHRI SIDDHI VINAYAK INDUCTION P. LTD.,JAIPUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, JAIPUR

In the result ITA NO. 01/JPR/2021 for A

195 was local scrap and 600 MT was Imported scrap for which documentary evidence of clearance from Customs, CONCORE, and shipping companies, transportation of the material in closed containers from ICD Kanakpura to factory premises is available on record and the same is duly entered in the excise records too. Total consumption of Raw Material for manufacturing of Billets