THE INCOME TAX OFFICER-WARD-2, , GANDHIDHAM - KUTCH vs. M/S. RIDDHI SIDDHI JEWELLERS, GANDHIDHAM - KUTCH

In the result, appeal of the Revenue isdismissed

Bench: Smt.Annapurna Gupta & Smt. Madhumita Royassessment Year :2014-15 Ito, Ward-2 Vs. M/S.Riddhi Siddhi Jewellers Gandhidham. Shop No.1, Plot No.68 Bba (Sough) Gandhidham-Kutch. 0 अपीलाथ"/ (Appellant) "" यथ"/(Respondent) Assessee By : Shri D.M. Rindani, Ar Revenue By : Shri B.D. Gupta, Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 11/04/2023 घोषणा क" तार"ख /Date Of Pronouncement: 05/07/2023

undisclosed income. The statement of appellant and subsequent confirmation of the said statement by way of affidavit has been totally disregarded by the A.O. without any reason or logic. There is not an iota of doubt that there was no other plausible source of income available to the appellant and source of excess stock, cash etc found during survey

PANKAJKUMAR CHIMANLAL LODHIYA,RAKJOT vs. THE ACIT, CENTRAL CIRCLE-2, RAJKOT, RAJKOT

Income earned out of credit entries in undisclosed foreign account :\nRs.1,04,61,096/-\n(2) Deemed rent of more than one properties, reflected in the Balance\nSheet Rs.1,80,000/-\n(3) Disallowance

THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, RAJKOT vs. SHRI PANKAJ CHIMANLAL LODHIYA, RAJKOT

In the result, assessee's ground No

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinha

income earned out of credit entries in undisclosed foreign Bank account to Rs. 1,80, 12,961/- [Revenue has raised this ground No. 1 in ITA No. 46/RJT/2019 for AY 2010-11, ground No. 1 in ITA No. 47/RJT/2019 for AY 2011-12, ground No. 1 in ITA No. 48/RJT/2019 for AY 2012-13, ground

THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, RAJKOT vs. SHRI PANKAJ CHIMANLAL LODHIYA, RAJKOT

In the result, assessee's ground No

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinha

income earned out of credit entries in undisclosed foreign Bank account to Rs. 1,80, 12,961/- [Revenue has raised this ground No. 1 in ITA No. 46/RJT/2019 for AY 2010-11, ground No. 1 in ITA No. 47/RJT/2019 for AY 2011-12, ground No. 1 in ITA No. 48/RJT/2019 for AY 2012-13, ground

THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, RAJKOT vs. SHRI PANKAJ CHIMANLAL LODHIYA, RAJKOT

In the result, assessee's ground No

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinha

income earned out of credit entries in undisclosed foreign Bank account to Rs. 1,80, 12,961/- [Revenue has raised this ground No. 1 in ITA No. 46/RJT/2019 for AY 2010-11, ground No. 1 in ITA No. 47/RJT/2019 for AY 2011-12, ground No. 1 in ITA No. 48/RJT/2019 for AY 2012-13, ground

BUILDFOLIO REALITIES LLP,RAJKOT vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1, RAJKOT

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं/.Ita No. 509 & 510/Rjt/2024 "नधा"रणवष"/ Assessment Year: 2021-22 & 2022-23 (Hybrid Hearing) Buildfolio Realities Llp The Deputy Commissioner Of Vs Income Tax, Central-1 . Shop No. 5Gf, Business Edifice, Canal Road 37, Income Tax Office, Amruta Karanpura Corner, Rajkot Estate Building, Near Girnar Cinema, M G Road, Rajkot Rajkot-360005 Rajkot-360001 "ायीलेखासं/.जीआइआरसं/.Pan/Gir No.: Aawfb8233C (अपीलाथ"/Appellant) (""थ"/Respondent)

undisclosed receipts (sales) cannot constitute income. The sales only represent the price received by the seller of the units for which the seller has already incurred the cost in order to acquire or process the inventory. Therefore, it is the realization of excess consideration over the cost incurred which should be assessed as profit or income. In other words, profit

BUILDFOLIO REALITIES LLP,RAJKOT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1,, RAJKOT

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं/.Ita No. 509 & 510/Rjt/2024 "नधा"रणवष"/ Assessment Year: 2021-22 & 2022-23 (Hybrid Hearing) Buildfolio Realities Llp The Deputy Commissioner Of Vs Income Tax, Central-1 . Shop No. 5Gf, Business Edifice, Canal Road 37, Income Tax Office, Amruta Karanpura Corner, Rajkot Estate Building, Near Girnar Cinema, M G Road, Rajkot Rajkot-360005 Rajkot-360001 "ायीलेखासं/.जीआइआरसं/.Pan/Gir No.: Aawfb8233C (अपीलाथ"/Appellant) (""थ"/Respondent)

undisclosed receipts (sales) cannot constitute income. The sales only represent the price received by the seller of the units for which the seller has already incurred the cost in order to acquire or process the inventory. Therefore, it is the realization of excess consideration over the cost incurred which should be assessed as profit or income. In other words, profit

SHRI LALJIBHAI KHIMJIBHAI PATEL,,BHUJ vs. THE INCOME TAX OFFICER, WARD-2,, BHUJ

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Waseem Ahmed Hon’Ble

disallowance in computing the ITA No.712/RJT/2010 & Others Shri Laljibhai Khimjibhai Patel Vs. ITO 22 total income of the assessee for the purpose of section 271(1)(c) would be deemed to be representing the income in respect of which inaccurate particulars have been furnished. 36. In the light of the above, let us examine the facts of present case. Perusal

SHRI LALJIBHAI KHIMJIBHAI PATEL,,BHUJ vs. THE INCOME TAX OFFICER, WARD-2,, BHUJ

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Waseem Ahmed Hon’Ble

disallowance in computing the ITA No.712/RJT/2010 & Others Shri Laljibhai Khimjibhai Patel Vs. ITO 22 total income of the assessee for the purpose of section 271(1)(c) would be deemed to be representing the income in respect of which inaccurate particulars have been furnished. 36. In the light of the above, let us examine the facts of present case. Perusal

SHRI LALJI KHIMJI PATEL,,BHUJ vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRASL CIRCLE-II,, RAJKOT-GUJARAT

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Waseem Ahmed Hon’Ble

disallowance in computing the ITA No.712/RJT/2010 & Others Shri Laljibhai Khimjibhai Patel Vs. ITO 22 total income of the assessee for the purpose of section 271(1)(c) would be deemed to be representing the income in respect of which inaccurate particulars have been furnished. 36. In the light of the above, let us examine the facts of present case. Perusal

SHRI LALJI KHIMJI PATEL,,BHUJ vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRASL CIRCLE-II,, RAJKOT-GUJARAT

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Waseem Ahmed Hon’Ble

disallowance in computing the ITA No.712/RJT/2010 & Others Shri Laljibhai Khimjibhai Patel Vs. ITO 22 total income of the assessee for the purpose of section 271(1)(c) would be deemed to be representing the income in respect of which inaccurate particulars have been furnished. 36. In the light of the above, let us examine the facts of present case. Perusal

SHRI LALJIBHAI KHIMJIBHAI PATEL,,BHUJ vs. THE INCOME TAX OFFICER, WARD-2,, BHUJ

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Waseem Ahmed Hon’Ble

disallowance in computing the ITA No.712/RJT/2010 & Others Shri Laljibhai Khimjibhai Patel Vs. ITO 22 total income of the assessee for the purpose of section 271(1)(c) would be deemed to be representing the income in respect of which inaccurate particulars have been furnished. 36. In the light of the above, let us examine the facts of present case. Perusal

SHRI LALJI KHIMJI PATEL,,BHUJ vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRASL CIRCLE-II,, RAJKOT-GUJARAT

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Waseem Ahmed Hon’Ble

disallowance in computing the ITA No.712/RJT/2010 & Others Shri Laljibhai Khimjibhai Patel Vs. ITO 22 total income of the assessee for the purpose of section 271(1)(c) would be deemed to be representing the income in respect of which inaccurate particulars have been furnished. 36. In the light of the above, let us examine the facts of present case. Perusal

SHRI LALJIBHAI KHIMJIBHAI PATEL,,BHUJ vs. THE INCOME TAX OFFICER, WARD-2,, BHUJ

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Waseem Ahmed Hon’Ble

disallowance in computing the ITA No.712/RJT/2010 & Others Shri Laljibhai Khimjibhai Patel Vs. ITO 22 total income of the assessee for the purpose of section 271(1)(c) would be deemed to be representing the income in respect of which inaccurate particulars have been furnished. 36. In the light of the above, let us examine the facts of present case. Perusal

SHRI LALJI KHIMJI PATEL,,BHUJ vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRASL CIRCLE-II,, RAJKOT-GUJARAT

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Waseem Ahmed Hon’Ble

disallowance in computing the ITA No.712/RJT/2010 & Others Shri Laljibhai Khimjibhai Patel Vs. ITO 22 total income of the assessee for the purpose of section 271(1)(c) would be deemed to be representing the income in respect of which inaccurate particulars have been furnished. 36. In the light of the above, let us examine the facts of present case. Perusal

THE DCIT CENTRAL CIRCLE-1 , RAJKOT vs. SHRI SHAMJIBHAI SADHABHAI KANGAD, GANDHIDHAM-KUTCH

In the result, appeal filed by the Revenue, in IT(SS) No

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआ.(खो और ज).सं./It(Ss)A Nos.11 To 20/Rjt/2022 "नधा"रण वष"/ Assessment Years:2011-12 To 2020-21 बनाम/ Shri Shamjibhai Sadhabhai Deputy Commissioner Of Kangad Income Tax, Central Circle-1, Vs. Bbz-S-60, Zanda Chowk, “Amruta Estate”, 2Nd Floor, Gandhidham-370 201 M.G. Road, Rajkot-360001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.:Adepk 3471 E (अपीलाथ"/Assessee) (""यथ"/Respondent) आ.(खो और ज).सं./It(Ss)A Nos.21 To 23/Rjt/2022 "नधा"रण वष"/ Assessment Years:2014-15, 2016-17 &2017-18 बनाम/ Deputy Commissioner Of Income Shri Shamjibhai Sadhabhai Tax, Central Circle-1, “Amruta Kangad Vs. Estate”, 2Nd Floor, M.G. Road, Bbz-S-60, Zanda Chowk, Rajkot-360001 Gandhidham-370 201 "थायीलेखासं./जीआइआरसं./Pan/Gir No.:Aabca 8202 E (अपीलाथ"/Assessee) (""यथ"/Respondent) आ.(खो और ज).सं./It(Ss)A Nos.15/Rjt/2023 "नधा"रण वष"/ Assessment Year:2019-20 बनाम/ Deputy Commissioner Of Shri Hetab Shamjibhai Kangad Income Tax, Central Circle-1, Bbz-South-60, Zanda Chowk, Vs. “Amruta Estate”, 2Nd Floor, Gandhidham-370 201 M.G. Road, Rajkot-360001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.:Aqtpk 7484 M (अपीलाथ"/Assessee) (""यथ"/Respondent)

undisclosed income or source of such income. It was submitted that majority of salt sale by Neelkanth Group is out of India and to listed/multi- national companies in India. All such sales are made through banking channel and duly accounted for in the audited financial statements of group concerns and the same is verifiable from the financial statements and books

PANKAJ CHIMANLAL LODHIYA,RAJKOT vs. THE ACIT, CENTRAL CIRCLE-2, RAJKOT, RAJKOT

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinha

Income earned out of credit entries in undisclosed foreign account : Rs.1,04,61,096/- (2) Deemed rent of more than one properties, reflected in the Balance Sheet Rs.1,80,000/- (3) Disallowance

PANKAJKUMAR CHIMANLAL LODHIYA,RAJKOT vs. THE ACIT, CENTRAL CIRCLE-2, RAJKOT, RAJKOT

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं/.Ita No.76 To 80/Rjt/2022 निर्धारणवर्ष /Assessment Year: 2008-09 To 2012-13 & आयकर अपीलसं/.Ita No. 81/Rjt/2022 निर्धारणवर्ष /Assessment Year: 2014-15 Shri Pankaj Chimanlal Lodhiya 3Rd Floor, Parth, Diwanpara Main Road, Rajkot-3600 001 Pan: Aampl 3903 F (अपीलार्थी/Assessee) बनाम Vs. Assistant Commissioner Of Income-Tax, Central Circle-2 Rajkot, 2Nd Floor, Amruta Estate, M.G. Rad, Rajkot-360 001 (प्रत्यर्थी/Respondent) निर्धारिती की ओर से/Assessee By : Shri Mehul Ranpura, Ar राजस्व की ओर से/Revenue By : Shri Sanjay Punglia, Cit-Dr सुनवाई की तारीख/Date Of Hearing घोषणा की तारीख/Date Of Pronouncement : 05/03/2025 : 30/04/2025 Order Per Bench, Captioned Six Appeals Filed By The Assessee, Pertaining To The Assessment Years (Ays) 2008-09 To 2012-13 & Ay 2014-15, Are Directed Against The Separate Orders Passed By The Learned Commissioner Of Income Tax (Appeals), (“Ld.Cit(A)” For Short) Under Section 250 Of The Income Tax Act, 1961 (“The Act" For Short), Which In Turn Arise Out Of Separate Penalty Orders, Passed By The Assessing Officer U/S 271(1)(C) & 271Aab(1)(C) Of The Act.

Income earned out of credit entries in undisclosed foreign account : Rs.1,04,61,096/- (2) Deemed rent of more than one properties, reflected in the Balance Sheet Rs.1,80,000/- (3) Disallowance