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)

68 ITD 407 (Jabalpur-Trib.) 3. Further, irrespective of the above stand, in Kishor Mohan LalTelwala v. Asstt. CIT [1999] 107 Taxman 86 (Meg.) (Ahmedabad-Trib.), evidence was unearthed about on- money received on sale of flats. The Tribunal held that what could be taxed as undisclosed income was a reasonable amount of profit earned by the assessee

YAGNIK ROAD HIGHSTREET LLP,RAJKOT vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1,, RAJKOT

Appeal of the revenue is dismissed:\n(i)Ground no

2,10,93,750)\nIn view of the above facts, it transpires that there was shortage of funds even in\nthe hands of the above mentioned two partners to the extent of Rs.4,34,40,484/-.\nTherefore, the assessee-firm even fails to substantiate the sources of\nunaccounted capitals from the partners to the extent of Rs.4

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. YAGNIK ROAD HIGHSTREET LLP, RAJKOT

Appeal of the revenue is dismissed:\n(i)Ground no

2,10,93,750)\n1,97,81,250\nIn view of the above facts, it transpires that there was shortage of funds even in\nthe hands of the above mentioned two partners to the extent of Rs.4,34,40,484/-\nTherefore, the assessee-firm even fails to substantiate the sources of\nunaccounted capitals from the partners to the extent

YAGNIK ROAD HIGHSTREET LLP,RAJKOT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1,, RAJKOT

Appeal of the revenue is dismissed:\n(i)Ground no

2,10,93,750)\n1,97,81,250\n\nIn view of the above facts, it transpires that there was shortage of funds even in\nthe hands of the above mentioned two partners to the extent of Rs.4,34,40,484/-\n. Therefore, the assessee-firm even fails to substantiate the sources of\nunaccounted capitals from the partners

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. BUILDFOLIO REALTIES LLP, RAJKOT

2) of the Income-tax Act has been issued and\nserved on 23-06-2022, on the e-filing portal of the Assessee. Subsequently,\nnotices u/s 142(1) have been issued from time to time seeking primary as well as\nfurther details from the assessee for carrying out the assessment. In view of\nnatural justice, the images of original seized