DY COMMISSIONER OF INCOME TAX, SATARA vs. KAY BOUVET ENGINEERING LIMITED, SATARA

Bench: Shri R. K. Panda & Ms. Astha Chandra

Loss Account including, in particular, sales and various expenses as also the quantitative details of purchases/sales/manufacturing/consumption etc. Further complete quantitative records of stock have been maintained in which no discrepancies have been found either by the auditors or the Assessing Officer. In particular, the Tax Audit Report furnished u/s 44AB of the Act gives the complete quantitative total

RAHUL CABLES PVT.LTD,,PUNE vs. PR. COMMISSIONER OF INCOME TAX -3,, PUNE

In the result, appeal of the assessee is allowed

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.1168 To 1170/Pun/2017 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2009-10 To 2011-12 वष"

carried forward and no addition is called for on this account as the CIT did not make out a case of cessation of liabilities. Ld. Counsel submitted that the said balances are genuine. There is no cessation of liabilities. There is no scope for application of provisions u/s.41(1) of the Act for making of additions as implied

RAHUL CABLES PVT.LTD,,PUNE vs. PR. COMMISSIONER OF INCOME TAX -3,, PUNE

In the result, appeal of the assessee is allowed

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.1168 To 1170/Pun/2017 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2009-10 To 2011-12 वष"

carried forward and no addition is called for on this account as the CIT did not make out a case of cessation of liabilities. Ld. Counsel submitted that the said balances are genuine. There is no cessation of liabilities. There is no scope for application of provisions u/s.41(1) of the Act for making of additions as implied

RAHUL CABLES PVT.LTD,,PUNE vs. PR. COMMISSIONER OF INCOME TAX -3,, PUNE

In the result, appeal of the assessee is allowed

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.1168 To 1170/Pun/2017 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2009-10 To 2011-12 वष"

carried forward and no addition is called for on this account as the CIT did not make out a case of cessation of liabilities. Ld. Counsel submitted that the said balances are genuine. There is no cessation of liabilities. There is no scope for application of provisions u/s.41(1) of the Act for making of additions as implied

DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), PUNE vs. M/S. BILCARE LIMITED, PUNE

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.273/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 Dcit, Central Circle-2(2), Vs. M/S. Bilcare Limited, Pune. 601, Icc Trade Tower, Pune- 411016. Pan : Aabcb2242F Appellant Respondent आयकर अपीऱ सं. / Ita No.334/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 M/S. Bilcare Limited, Vs. Dcit, Central Circle- 6Th Floor, B Wing, Icc 2(2), Pune. Trade Tower, Senapati Bapat Road, Pune- 411006. Pan : Aabcb2242F Appellant Respondent

purchaser, therefore, the transaction was not undertaken at arm‟s length. C.O. No.14/PUN/2021 (iv) The Hon‟ble High Court of Republic Singapore had not determined the actual sale consideration and the whole transaction is premeditate, is dubious transactions entered into with the intention of claiming loss for availing the benefit of losses and proceeded to apply the ratio

M/S. BILCARE LIMITED,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-2(2), PUNE

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.273/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 Dcit, Central Circle-2(2), Vs. M/S. Bilcare Limited, Pune. 601, Icc Trade Tower, Pune- 411016. Pan : Aabcb2242F Appellant Respondent आयकर अपीऱ सं. / Ita No.334/Pun/2021 निर्धारण वर्ा / Assessment Year: 2016-17 M/S. Bilcare Limited, Vs. Dcit, Central Circle- 6Th Floor, B Wing, Icc 2(2), Pune. Trade Tower, Senapati Bapat Road, Pune- 411006. Pan : Aabcb2242F Appellant Respondent

purchaser, therefore, the transaction was not undertaken at arm‟s length. C.O. No.14/PUN/2021 (iv) The Hon‟ble High Court of Republic Singapore had not determined the actual sale consideration and the whole transaction is premeditate, is dubious transactions entered into with the intention of claiming loss for availing the benefit of losses and proceeded to apply the ratio

DY. COMMISSIONER OF INCOME TAX,SATARA CIRCLE,SATARA, SATARA vs. KAY BOUVET ENGINEERING LIMITED, SATARA

In the result, both the appeals filed by the Revenue and both the COs filed by the assessee are dismissed

Bench: Shri R. K. Panda & Ms. Astha Chandra

carried out only paper entry transactions without actual movement of goods / material being bogus purchases and bogus sales as circular trading for inflation of turnover. As per information it was found that the assessee is one of the beneficiaries who had CO Nos.28 & 33/PUN/2025 indulged in such bogus transactions and received accommodation entries to the tune of Rs.5

KHANDESH BUILDERS LTD. vs. DEPUTY COMMISISONER OF INCOME-TAX,,

Appeal is dismissed

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury

bogus and iii. Not allowing speculation losses to be carried forward and no set off of speculation loss. 2. In facts, circumstances and position of law ld. CIT-Appeals II, Nashik erred in confirming addition of Rs. 2,55,00,000/- on account of shares subscription money received. 3. Appellant craves leave to add, alter, amend or substitute

DEPUTY COMMISSIONER OF INCOME-TAX vs. SERUM INSTITUTE OF INDIA LTD.,, PUNE

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

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.549 & 550/Pun/2016 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2011-12 & 2012-13 वष"

loss account and claimed that the same should be allowed while computing the capital gains. Assessee relied on the decision of Bangalore Bench of the Tribunal in the case of Infosys Technologies Vs. JCIT 109 TTJ 631 (Bang.). Assessee contended that the said expenses has been incurred in the normal course of business and the dematerialization helped the assessee significantly

DEPUTY COMMISSIONER OF INCOME-TAX vs. SERUM INSTITUTE OF INDIA LTD.,, PUNE

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

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.549 & 550/Pun/2016 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2011-12 & 2012-13 वष"

loss account and claimed that the same should be allowed while computing the capital gains. Assessee relied on the decision of Bangalore Bench of the Tribunal in the case of Infosys Technologies Vs. JCIT 109 TTJ 631 (Bang.). Assessee contended that the said expenses has been incurred in the normal course of business and the dematerialization helped the assessee significantly

SERUM INSTITUTE OF INDIA LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

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

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.549 & 550/Pun/2016 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2011-12 & 2012-13 वष"

loss account and claimed that the same should be allowed while computing the capital gains. Assessee relied on the decision of Bangalore Bench of the Tribunal in the case of Infosys Technologies Vs. JCIT 109 TTJ 631 (Bang.). Assessee contended that the said expenses has been incurred in the normal course of business and the dematerialization helped the assessee significantly

SERUM INSTITUTE OF INDIA LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

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

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita Nos.549 & 550/Pun/2016 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Years : 2011-12 & 2012-13 वष"

loss account and claimed that the same should be allowed while computing the capital gains. Assessee relied on the decision of Bangalore Bench of the Tribunal in the case of Infosys Technologies Vs. JCIT 109 TTJ 631 (Bang.). Assessee contended that the said expenses has been incurred in the normal course of business and the dematerialization helped the assessee significantly

INCOME-TAX OFFICER vs. M/S. RAJAMUKHA STEEL AND ALLOYS LTD.,, JALNA

In the result, the appeal of Revenue is partly allowed

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

carried the matter before Ld.CIT(A), who directed AO to restrict the addition to Rs.5,00,000/- instead of Rs.4,11,18,717/- made by the AO by observing as under : “5. I have duly considered the submissions of the appellant. The AO noticed that the assessee company had made purchases of s.4,11,18,717/- from M/s. J.B.D. Enterprises

ASSISTANT COMMISSIONER OF INCOME TAX vs. M/S. RDS CONSTRUCTION CO.,, KOLHAPUR

In the result, the appeal of the Revenue in ITA No

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं. / Ita Nos.2731 To 2733/Pun/2016 िनधा"रण वष" / Assessment Years : 2008-09, 2010-11 & 2012-13 Acit, Circle-2, .......अपीलाथ" / Appellant Kolhapur. बनाम / V/S. M/S. Rds Construction Co., 233/3, Malati Towers, Tarabai Park, Kolhapur-416003. Pan : Aabfr4457M ……""यथ" / Respondent Revenue By : Shri Sanjeev Ghai Assessee By : Shri Nikhil Pathak सुनवाई क" तारीख / Date Of Hearing : 11.03.2019 घोषणा क" तारीख / Date Of Pronouncement : 08.05.2019 आदेश / Order Per D. Karunakara Rao, Am: There Are Three Appeals Under Consideration. Ita Nos.2731 & 2732/Pun/2016 Filed By The Revenue Are Against The Common Orders Of Cit(A)-2, Kolhapur Dated 26.09.2016 U/S 271(1)(C) Of The Act For The Assessment Years 2008-09 & 2010-11 Respectively.

bogus purchases are very much recorded in the books of account. 10.1 Considering the above, we are of the opinion, the penalty levied by the Assessing Officer in both the appeals are unsustainable on legal issue. Therefore, we find the orders of the CIT(A) in both the years are fair and reasonable and they do not call

ASSISTANT COMMISSIONER OF INCOME TAX vs. M/S. RDS CONSTRUCTION CO.,, KOLHAPUR

In the result, the appeal of the Revenue in ITA No

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं. / Ita Nos.2731 To 2733/Pun/2016 िनधा"रण वष" / Assessment Years : 2008-09, 2010-11 & 2012-13 Acit, Circle-2, .......अपीलाथ" / Appellant Kolhapur. बनाम / V/S. M/S. Rds Construction Co., 233/3, Malati Towers, Tarabai Park, Kolhapur-416003. Pan : Aabfr4457M ……""यथ" / Respondent Revenue By : Shri Sanjeev Ghai Assessee By : Shri Nikhil Pathak सुनवाई क" तारीख / Date Of Hearing : 11.03.2019 घोषणा क" तारीख / Date Of Pronouncement : 08.05.2019 आदेश / Order Per D. Karunakara Rao, Am: There Are Three Appeals Under Consideration. Ita Nos.2731 & 2732/Pun/2016 Filed By The Revenue Are Against The Common Orders Of Cit(A)-2, Kolhapur Dated 26.09.2016 U/S 271(1)(C) Of The Act For The Assessment Years 2008-09 & 2010-11 Respectively.

bogus purchases are very much recorded in the books of account. 10.1 Considering the above, we are of the opinion, the penalty levied by the Assessing Officer in both the appeals are unsustainable on legal issue. Therefore, we find the orders of the CIT(A) in both the years are fair and reasonable and they do not call

ASSISTANT COMMISSIONER OF INCOME TAX vs. M/S. RDS CONSTRUCTION CO.,, KOLHAPUR

In the result, the appeal of the Revenue in ITA No

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं. / Ita Nos.2731 To 2733/Pun/2016 िनधा"रण वष" / Assessment Years : 2008-09, 2010-11 & 2012-13 Acit, Circle-2, .......अपीलाथ" / Appellant Kolhapur. बनाम / V/S. M/S. Rds Construction Co., 233/3, Malati Towers, Tarabai Park, Kolhapur-416003. Pan : Aabfr4457M ……""यथ" / Respondent Revenue By : Shri Sanjeev Ghai Assessee By : Shri Nikhil Pathak सुनवाई क" तारीख / Date Of Hearing : 11.03.2019 घोषणा क" तारीख / Date Of Pronouncement : 08.05.2019 आदेश / Order Per D. Karunakara Rao, Am: There Are Three Appeals Under Consideration. Ita Nos.2731 & 2732/Pun/2016 Filed By The Revenue Are Against The Common Orders Of Cit(A)-2, Kolhapur Dated 26.09.2016 U/S 271(1)(C) Of The Act For The Assessment Years 2008-09 & 2010-11 Respectively.

bogus purchases are very much recorded in the books of account. 10.1 Considering the above, we are of the opinion, the penalty levied by the Assessing Officer in both the appeals are unsustainable on legal issue. Therefore, we find the orders of the CIT(A) in both the years are fair and reasonable and they do not call

SOPAN D. PATIL,,KOLHAPUR vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

In the result, the appeal for the A

Bench: Shri R.S. Syal & Shri Partha Sarathi Chadhury

loss account of the assessee indicates total purchases of Rs.7.48 crore against total contract receipts of Rs.27.40 crore. The percentage of purchase to contract receipts comes at 27.29%. The ld. AR has placed on record a year-wise chart of Purchases, Contract receipts and Percentage of purchases to contract receipts in the preceding three years. Such a chart shows percentage

SOPAN D. PATIL,,KOLHAPUR vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

In the result, the appeal for the A

Bench: Shri R.S. Syal & Shri Partha Sarathi Chadhury

loss account of the assessee indicates total purchases of Rs.7.48 crore against total contract receipts of Rs.27.40 crore. The percentage of purchase to contract receipts comes at 27.29%. The ld. AR has placed on record a year-wise chart of Purchases, Contract receipts and Percentage of purchases to contract receipts in the preceding three years. Such a chart shows percentage