ASSTT. COMMR. OF INCOME TAX, CEN. CIR-1,, RAJKOT vs. RAJESHKUMAR GOVINDBHAI PATEL,, RAJKOT

In the result both the appeals filed by the Revenue and the Cross Objections filed by the assessee are hereby dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

reassess the income in respect of these years. A combined reading of both the provisions indicates that where a pending assessment has abated, the total income will comprise of the normal income on the basis of returned income plus the income escaping assessment on the basis of seized material found in the course of search. Where the assessment has reached

ASSTT. COMMR. OF INCOME TAX, CEN. CIR-1,, RAJKOT vs. RAJESHKUMAR GOVINDBHAI PATEL,, RAJKOT

In the result both the appeals filed by the Revenue and the Cross Objections filed by the assessee are hereby dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

reassess the income in respect of these years. A combined reading of both the provisions indicates that where a pending assessment has abated, the total income will comprise of the normal income on the basis of returned income plus the income escaping assessment on the basis of seized material found in the course of search. Where the assessment has reached

SIX TWENTY REALTY PVT. LTD.,RAJKOT vs. DCIT, CC-1, RAJKOT, RAJKOT

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

undisclosed income of the assessee for the block period, but only net profit rate could be applied on unaccounted sales/receipts for the purpose of making the addition.  Hon'ble ITAT Surat bench in the case of ACIT v. Mansi Reality Pvt. Ltd. in ITA No. 540/AHD/2016wherein net profit of on-money receipts was adopted

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

undisclosed income represented in the form of\nan \"asset\" of Rs.50 lakh or more (for searches on/after 01.04.2017). Since these\nconditions are not satisfied, the jurisdiction assumed under section 153A of the\nAct should be quashed.\n36. Moreover, the “satisfaction note” has not been approved by the higher\nauthority. Hence, on this count the satisfaction note prepared by the assessing

THE ITO, WARD-3(1)(1),, RAJKOT-GUJARAT vs. SHRI GIRISHKUMAR M. PURUSWANI,, RAJKOT-GUJARAT

In the result, the appeal filed by the Revenue is hereby dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

undisclosed. However the law requires that the A.O. should have a primary belief that such amount is the income escaped. This requirement is clearly absent in the reasons recorded. I am therefore inclined to accept the contention of the appellant that the mandate of Section 147 i.e. reason to believe that income has escaped is absent and therefore, the proceedings

THE ITO, WARD-3(1)(1),, RAJKOT-GUJARAT vs. SHRI GIRISHKUMAR M. PURUSWANI,, RAJKOT-GUJARAT

In the result, the appeal filed by the Revenue is hereby dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

undisclosed. However the law requires that the A.O. should have a primary belief that such amount is the income escaped. This requirement is clearly absent in the reasons recorded. I am therefore inclined to accept the contention of the appellant that the mandate of Section 147 i.e. reason to believe that income has escaped is absent and therefore, the proceedings

THE ITO, WARD-3(1)(1),, RAJKOT-GUJARAT vs. SHRI GIRISHKUMAR M. PURUSWANI,, RAJKOT-GUJARAT

In the result, the appeal filed by the Revenue is hereby dismissed

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

undisclosed. However the law requires that the A.O. should have a primary belief that such amount is the income escaped. This requirement is clearly absent in the reasons recorded. I am therefore inclined to accept the contention of the appellant that the mandate of Section 147 i.e. reason to believe that income has escaped is absent and therefore, the proceedings

R K DREAMLAND,RAJKOT vs. DCIT, CC-1, RAJKOT, RAJKOT

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

R K DREAMLAND,RAJKOT vs. DCIT, CC-1, RAJKOT, RAJKOT

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

R K DREAMLAND,RAJKOT vs. DCIT, CC-1, RAJKOT, RAJKOT

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

SIX TWENTY REALTY PVT LTD,RAJOT vs. DCIT, CC-1, RAJKOT, RAJKOT

undisclosed income of the assessee for the block period, but\nonly net profit rate could be applied on unaccounted sales/receipts for the purpose\nof making the addition.\n\n• Hon'ble ITAT Surat bench in the case of ACIT v. Mansi Reality Pvt. Ltd. in ITA No.\n540/AHD/2016wherein net profit of on-money receipts was adopted by the Ld.\nCIT

DCIT, CENTRAL CIRCLE-1, RAJKOT, RAJKOT vs. SIX TWENTY REALTY PRIVATE LIMITED, RAJKOT

undisclosed income of the assessee for the block period, but\nonly net profit rate could be applied on unaccounted sales/receipts for the purpose\nof making the addition.\n\n• Hon'ble ITAT Surat bench in the case of ACIT v. Mansi Reality Pvt. Ltd. in ITA No.\n540/AHD/2016wherein net profit of on-money receipts was adopted by the Ld.\nCIT

SIX TWENTY REALTY PVT. LTD.,RAJKOT vs. DCIT, CC-1, RAJKOT, RAJKOT

undisclosed income of the assessee for the block period, but\nonly net profit rate could be applied on unaccounted sales/receipts for the purpose\nof making the addition.\n\n•\nHon'ble ITAT Surat bench in the case of ACIT v. Mansi Reality Pvt. Ltd. in ITA No.\n540/AHD/2016wherein net profit of on-money receipts was adopted by the Ld.\nCIT

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. RK INFRALINK LLP, RAJKOT

In the result, ground No. 3 in Revenue`s appeal in ITA No

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकरअपीलसं./Ita No. 528/Rjt/2024 (िनधा"रणवष"/Assessment Year: (2019-20) M/S. R K Infralink Llp The Dcit, Cc-1, R K Empire, Nr. Mavdi Circle, Vs. Aayakar Bhavan, Amruta Estate, M Rajkot 360001 G Road, Rajkot 360001 "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaxfr9975L (अपीलाथ"/Assessee) (""थ"/Respondent)

undisclosed on-money receipt was required to be assessed in the year of receipt." (This is ground No.2 in Revenue`s appeal in ITA No. 518-Rjt-24 A.Y. 2019-20, Ground No.2 in ITA No. 519-Rjt-24 A.Y. 2020-21,Ground No.2 in ITA No. 520-Rjt-24 A.Y. 2021-22,Ground No.2

R K INFRALINK LLP,RAJKOT vs. ACIT, CC-1, RAJKOT, RAJOKT

In the result, ground No. 3 in Revenue`s appeal in ITA No

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकरअपीलसं./Ita No. 528/Rjt/2024 (िनधा"रणवष"/Assessment Year: (2019-20) M/S. R K Infralink Llp The Dcit, Cc-1, R K Empire, Nr. Mavdi Circle, Vs. Aayakar Bhavan, Amruta Estate, M Rajkot 360001 G Road, Rajkot 360001 "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaxfr9975L (अपीलाथ"/Assessee) (""थ"/Respondent)

undisclosed on-money receipt was required to be assessed in the year of receipt." (This is ground No.2 in Revenue`s appeal in ITA No. 518-Rjt-24 A.Y. 2019-20, Ground No.2 in ITA No. 519-Rjt-24 A.Y. 2020-21,Ground No.2 in ITA No. 520-Rjt-24 A.Y. 2021-22,Ground No.2

R K INFRALINK LLP,RAJKOT vs. ACIT, CC-1, RAJKOT, RAJKOT

In the result, ground No. 3 in Revenue`s appeal in ITA No

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकरअपीलसं./Ita No. 528/Rjt/2024 (िनधा"रणवष"/Assessment Year: (2019-20) M/S. R K Infralink Llp The Dcit, Cc-1, R K Empire, Nr. Mavdi Circle, Vs. Aayakar Bhavan, Amruta Estate, M Rajkot 360001 G Road, Rajkot 360001 "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaxfr9975L (अपीलाथ"/Assessee) (""थ"/Respondent)

undisclosed on-money receipt was required to be assessed in the year of receipt." (This is ground No.2 in Revenue`s appeal in ITA No. 518-Rjt-24 A.Y. 2019-20, Ground No.2 in ITA No. 519-Rjt-24 A.Y. 2020-21,Ground No.2 in ITA No. 520-Rjt-24 A.Y. 2021-22,Ground No.2

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. RK INFRALINK LLP, RAJKOT

In the result, ground No. 3 in Revenue`s appeal in ITA No

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकरअपीलसं./Ita No. 528/Rjt/2024 (िनधा"रणवष"/Assessment Year: (2019-20) M/S. R K Infralink Llp The Dcit, Cc-1, R K Empire, Nr. Mavdi Circle, Vs. Aayakar Bhavan, Amruta Estate, M Rajkot 360001 G Road, Rajkot 360001 "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaxfr9975L (अपीलाथ"/Assessee) (""थ"/Respondent)

undisclosed on-money receipt was required to be assessed in the year of receipt." (This is ground No.2 in Revenue`s appeal in ITA No. 518-Rjt-24 A.Y. 2019-20, Ground No.2 in ITA No. 519-Rjt-24 A.Y. 2020-21,Ground No.2 in ITA No. 520-Rjt-24 A.Y. 2021-22,Ground No.2

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. RK INFRALINK LLP, RAJKOT

In the result, ground No. 3 in Revenue`s appeal in ITA No

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकरअपीलसं./Ita No. 528/Rjt/2024 (िनधा"रणवष"/Assessment Year: (2019-20) M/S. R K Infralink Llp The Dcit, Cc-1, R K Empire, Nr. Mavdi Circle, Vs. Aayakar Bhavan, Amruta Estate, M Rajkot 360001 G Road, Rajkot 360001 "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaxfr9975L (अपीलाथ"/Assessee) (""थ"/Respondent)

undisclosed on-money receipt was required to be assessed in the year of receipt." (This is ground No.2 in Revenue`s appeal in ITA No. 518-Rjt-24 A.Y. 2019-20, Ground No.2 in ITA No. 519-Rjt-24 A.Y. 2020-21,Ground No.2 in ITA No. 520-Rjt-24 A.Y. 2021-22,Ground No.2

R K INFRALINK LLP,RAJKOT vs. ACIT, CC-1, RAJKOT , RAJKOT

In the result, ground No. 3 in Revenue`s appeal in ITA No

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकरअपीलसं./Ita No. 528/Rjt/2024 (िनधा"रणवष"/Assessment Year: (2019-20) M/S. R K Infralink Llp The Dcit, Cc-1, R K Empire, Nr. Mavdi Circle, Vs. Aayakar Bhavan, Amruta Estate, M Rajkot 360001 G Road, Rajkot 360001 "ायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaxfr9975L (अपीलाथ"/Assessee) (""थ"/Respondent)

undisclosed on-money receipt was required to be assessed in the year of receipt." (This is ground No.2 in Revenue`s appeal in ITA No. 518-Rjt-24 A.Y. 2019-20, Ground No.2 in ITA No. 519-Rjt-24 A.Y. 2020-21,Ground No.2 in ITA No. 520-Rjt-24 A.Y. 2021-22,Ground No.2