THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1,, RAJKOT-GUJARAT vs. M/S. CLASSIC NETWORK LIMITED,, RAJKOT-GUJARAT

In the result, appeal filed by the assessee in ITA No

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

147 of the Act. 2. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad erred in estimating suppressed sales of Rs. 5,01,82,334/- being 2% of accounted turnover and making addition of Rs. 40,14,587/- by estimating 8% gross profit thereon, thereby enhancing it from Rs. 25,00,000/- made by the A.O. 3. The Assessee craves

THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1,, RAJKOT-GUJARAT vs. M/S. CLASSIC NETWORK LIMITED,, RAJKOT-GUJARAT

In the result, appeal filed by the assessee in ITA No

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

147 of the Act. 2. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad erred in estimating suppressed sales of Rs. 5,01,82,334/- being 2% of accounted turnover and making addition of Rs. 40,14,587/- by estimating 8% gross profit thereon, thereby enhancing it from Rs. 25,00,000/- made by the A.O. 3. The Assessee craves

M/S. CLASSIC NETWORK LIMITED,,RAJKOT-GUJARAT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1,, RAJKOT-GUJARAT

In the result, appeal filed by the assessee in ITA No

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

147 of the Act. 2. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad erred in estimating suppressed sales of Rs. 5,01,82,334/- being 2% of accounted turnover and making addition of Rs. 40,14,587/- by estimating 8% gross profit thereon, thereby enhancing it from Rs. 25,00,000/- made by the A.O. 3. The Assessee craves

CLASSIC NETWORK PRIVATE LIMITED,RAJKOT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1 RAJKOT, RAJKOT

In the result, appeal filed by the assessee in ITA No

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

147 of the Act. 2. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad erred in estimating suppressed sales of Rs. 5,01,82,334/- being 2% of accounted turnover and making addition of Rs. 40,14,587/- by estimating 8% gross profit thereon, thereby enhancing it from Rs. 25,00,000/- made by the A.O. 3. The Assessee craves

CLASSIC NETWORK PRIVATE LIMITED,RAJKOT vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL - 1, RAJKOT, RAJKOT

In the result, appeal filed by the assessee in ITA No

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

147 of the Act. 2. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad erred in estimating suppressed sales of Rs. 5,01,82,334/- being 2% of accounted turnover and making addition of Rs. 40,14,587/- by estimating 8% gross profit thereon, thereby enhancing it from Rs. 25,00,000/- made by the A.O. 3. The Assessee craves

CLASSIC NETWORK PRIVATE LIMITED,RAJKOT vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1, RAJKOT, RAJKOT

In the result, appeal filed by the assessee in ITA No

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

147 of the Act. 2. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad erred in estimating suppressed sales of Rs. 5,01,82,334/- being 2% of accounted turnover and making addition of Rs. 40,14,587/- by estimating 8% gross profit thereon, thereby enhancing it from Rs. 25,00,000/- made by the A.O. 3. The Assessee craves

M/S. CLASSIC NETWORK LIMITED,,RAJKOT-GUJARAT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1,, RAJKOT-GUJARAT

In the result, appeal filed by the assessee in ITA No

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

147 of the Act. 2. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad erred in estimating suppressed sales of Rs. 5,01,82,334/- being 2% of accounted turnover and making addition of Rs. 40,14,587/- by estimating 8% gross profit thereon, thereby enhancing it from Rs. 25,00,000/- made by the A.O. 3. The Assessee craves

M/S. CLASSIC NETWORK LIMITED,,RAJKOT-GUJARAT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1,, RAJKOT-GUJARAT

In the result, appeal filed by the assessee in ITA No

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

147 of the Act. 2. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad erred in estimating suppressed sales of Rs. 5,01,82,334/- being 2% of accounted turnover and making addition of Rs. 40,14,587/- by estimating 8% gross profit thereon, thereby enhancing it from Rs. 25,00,000/- made by the A.O. 3. The Assessee craves

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, RAJKOT, RAJKOT vs. CLASSIC NETWORK PVT. LTD., RAJKOT

In the result, appeal filed by the assessee in ITA No

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

147 of the Act. 2. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad erred in estimating suppressed sales of Rs. 5,01,82,334/- being 2% of accounted turnover and making addition of Rs. 40,14,587/- by estimating 8% gross profit thereon, thereby enhancing it from Rs. 25,00,000/- made by the A.O. 3. The Assessee craves

M/S. CLASSIC NETWORK LIMITED,,RAJKOT-GUJARAT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1,, RAJKOT-GUJARAT

In the result, appeal filed by the assessee in ITA No

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

147 of the Act. 2. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad erred in estimating suppressed sales of Rs. 5,01,82,334/- being 2% of accounted turnover and making addition of Rs. 40,14,587/- by estimating 8% gross profit thereon, thereby enhancing it from Rs. 25,00,000/- made by the A.O. 3. The Assessee craves

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, RAJKOT-GUJARAT vs. M/S. CLASSIC NETWORK LIMITED,, RAJKOT-GUJARAT

In the result, appeal filed by the assessee in ITA No

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

147 of the Act. 2. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad erred in estimating suppressed sales of Rs. 5,01,82,334/- being 2% of accounted turnover and making addition of Rs. 40,14,587/- by estimating 8% gross profit thereon, thereby enhancing it from Rs. 25,00,000/- made by the A.O. 3. The Assessee craves

M/S. CLASSIC NETWORK LIMITED,,RAJKOT-GUJARAT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1,, RAJKOT-GUJARAT

In the result, appeal filed by the assessee in ITA No

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

147 of the Act. 2. The learned Commissioner of Income Tax (Appeals) - 11, Ahmedabad erred in estimating suppressed sales of Rs. 5,01,82,334/- being 2% of accounted turnover and making addition of Rs. 40,14,587/- by estimating 8% gross profit thereon, thereby enhancing it from Rs. 25,00,000/- made by the A.O. 3. The Assessee craves

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. SHRI MUKESH MANEKCHAND SHETH, RAJKOT

u/s. 148 of the Act is barred by the limitation period of time prescribed\nu/s. 149 of the Act.In view of the above, the proceedings initiated u/s147 of the\nAct are wholly and ipso facto invalid and hence, reassessment proceedings are\nhereby quashed.\n44. In the result, the following grounds in various appeals are allowed:\n(i).Ground No.1

SHRI GIRISHBHAI NANJIBHAI SOLANKI,RAJKOT vs. THE ITO, WARD-1 (1) (2), RAJKOT

In the result the appeal filed by the assessee is allowed partly for the statistical purposes

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

133A of the Act. In this regard, we note that there was a diary found in the course of survey operation which was belonging to the assessee wherein cash transactions were recorded. At the time of initiating the proceedings under section 147 of the Act, AO has to make a prima facie opinion that the income of the assessee

MUKESH MANEKCHAND SHETH,RAJKOT vs. THE DCIT-ACIT, CENTRAL CIRCLE -2, RAJKOT., RAJKOT

u/s. 148 of the Act is barred by the limitation period of time prescribed\nu/s. 149 of the Act.In view of the above, the proceedings initiated u/s147 of the\nAct are wholly and ipso facto invalid and hence, reassessment proceedings are\nhereby quashed.\n44. In the result, the following grounds in various appeals are allowed:\n(i).Ground No.1

MUKESH MANEKCHAND SHETH,RAJKOT vs. THE DCIT-ACIT, CENTRAL CIRCLE-2, RAJKOT, RAJKOT

133A of the Income Tax Act 1961. The premises covered were\na mix of residential and business premises of their related entities, their family\nmembers, key associates and employees. The RK Group is developing multiple\nprojects in the nature of Commercial, Residential and Industrial plotting projects.\nThe assessing officer observed that in the RK Group the main persons/partners\nare

MUKESH MANEKCHAND SHETH,RAJKOT vs. THE DCIT-ACIT, CENTRAL CIRCLE-2, RAJKOT, RAJKOT

u/s. 148 of the Act is barred by the limitation period of time prescribed\nu/s. 149 of the Act.In view of the above, the proceedings initiated u/s147 of the\nAct are wholly and ipso facto invalid and hence, reassessment proceedings are\nhereby quashed.\n44. In the result, the following grounds in various appeals are allowed:\n(i).Ground No.1

TAKDIR TRADERS,RAJKOT vs. THE PCIT-1, RAJKOT, RAJKOT

In the result, the appeal filed by the assessee is dismissed”

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

133A was carried out on 18 September 2014 at premises of Ellora & Co, National Shroff & Co. (Prop.-Shri Aniruddhsinh Jorsinh Solanki and Ranjitsinh M Waghela), 1st floor, Vaibhav Trade Centre, Dr. Yagnik Road, Nr. Malaviya College, Rajkot. Subsequently upon finding of unaccounted cash of Rs. 1,14,00,000/- (Rs. One Crore Fourteen Lacs) search action u/s. 132 was conducted