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

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 component embedded in the sales could be treated as income. Recently

PRANAM ENTERPRISE,JUNAGADH vs. DCIT, CIRCLE-1(1), RAJKOT, RAJKOT

In the result, the appeal of the assessee is allowed

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकरअपीलसं./Ita No.391/Rjt/2024 Assessment Year: (2017-18) (Hybrid Hearing) Pranam Enterprise Vs. The Dcit Office No.3, City Centre, Opp. Circle-1(1), Rajkot New Collector Office, Junagadh – 362001, Gujarat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaffp7926H (Assessee) (Respondent) Assessee By Shri Mehul Ranpura, Ar Respondent By Shri Abhimanyu Singh Yadav, Sr.Dr Date Of Hearing 18/12/2024 Date Of Pronouncement 06/03/2025 आदेश / O R D E R Per Dr. A. L. Saini, Am:

148; (f) the amount of deemed total income reassessed as per the provisions 128- ITA.391/RJT/2024 – A.Y. 2017-18 Pranam Enterprise vs. DCIT of section 115JB or section 115JC, as the case may be, is greater than the deemed total income assessed or reassessed immediately before such reassessment; (g) the income assessed or reassessed has the effect of reducing the loss

THE ITO WARD-1 (2) (1),, RAJKOT vs. SHRI KHRAJMAL LEKHRAJBHAI THAVRANI, RAJKOT

price. As per IT Act, any purchase in cash\nabove Rs. 20,000 (now 10,000) is not permitted. Buyers across India deposit the cash purchase-\namount into the bank-account of self-styled Angadiya/shroff, who remitted cash to seller, after\ndeducting commission. In certain instances, such Bank-accounts were also used for layering and\ndelayering of funds

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

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

price with customer inclusive of all other add-on services provided by him) in various impounded documents/data as well as averments made by sales employee in his statement, estimation of unaccounted receipts at Rs. 30.22 crores as well as total receipts at Rs. 118.31 crores from entire project, i.e., 509 flats is strongly objected. 15. It is also submitted that

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

price received by the seller of the units for which the seller has already\nincurred the cost in order to acquire or process the inventory. Therefore, it is the\nrealization of excess consideration over the cost incurred which should be\nassessed as profit or income, in other words, profit component embedded in the\nsales could be treated as income. Recently

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. R K DREAMLAND, RAJKOT

price received by the seller of the units for which the seller has already\nincurred the cost in order to acquire or process the inventory. Therefore, it is the\nrealization of excess consideration over the cost incurred which should be\nassessed as profit or income, in other words, profit component embedded in the\nsales could be treated as income. Recently

RK DREAMLAND,RAJKOT vs. ACIT, CC-1, RAJKOT, RAJKOT

price received by the seller of the units for which the seller has already\nincurred the cost in order to acquire or process the inventory. Therefore, it is the\nrealization of excess consideration over the cost incurred which should be\nassessed as profit or income, in other words, profit component embedded in the\nsales could be treated as income. Recently

R K DREAMLAND,RAJKOT vs. ACIT, CC-1, RAJKOT, RAJOKT

price received by the seller of the units for which the seller has already\nincurred the cost in order to acquire or process the inventory. Therefore, it is the\nrealization of excess consideration over the cost incurred which should be\nassessed as profit or income, in other words, profit component embedded in the\nsales could be treated as income. Recently

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. R K DREAMLAND, RAJKOT

price received by the seller of the units for which the seller has already\nincurred the cost in order to acquire or process the inventory. Therefore, it is the\nrealization of excess consideration over the cost incurred which should be\nassessed as profit or income, in other words, profit component embedded in the\nsales could be treated as income. Recently

DCIT, CENTRAL CIRCLE-1, RAJKOT, RAJKOT vs. BUILDCON CREATIONS LLP, RAJKOT

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos. 539 To 542/Rjt/2024 (Assessment Year: 2019-20 To 2022-23) (Hybrid Hearing)

148, the assessee has filed an income tax return on 02-08-2022 declaring total income of Rs. 3,930/-. Subsequently, a notice u's 143(2) of the Income- tax Act has been issued and served on 04-08-2022 on the e-filing portal of the Assessee. Subsequently, notices u's 142(1) have been issued from time

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. BUILDCON CREATIONS LLP, RAJKOT

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos. 539 To 542/Rjt/2024 (Assessment Year: 2019-20 To 2022-23) (Hybrid Hearing)

148, the assessee has filed an income tax return on 02-08-2022 declaring total income of Rs. 3,930/-. Subsequently, a notice u's 143(2) of the Income- tax Act has been issued and served on 04-08-2022 on the e-filing portal of the Assessee. Subsequently, notices u's 142(1) have been issued from time

DCIT, CENTRAL CIRCLE 1, RAJKOT, RAJKOT vs. BUILDCON CREATIONS LLP, RAJKOT

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos. 539 To 542/Rjt/2024 (Assessment Year: 2019-20 To 2022-23) (Hybrid Hearing)

148, the assessee has filed an income tax return on 02-08-2022 declaring total income of Rs. 3,930/-. Subsequently, a notice u's 143(2) of the Income- tax Act has been issued and served on 04-08-2022 on the e-filing portal of the Assessee. Subsequently, notices u's 142(1) have been issued from time

BUILDCON CREATIONS LLP,RAJKOT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL-1, , RAJKOT

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos. 539 To 542/Rjt/2024 (Assessment Year: 2019-20 To 2022-23) (Hybrid Hearing)

148, the assessee has filed an income tax return on 02-08-2022 declaring total income of Rs. 3,930/-. Subsequently, a notice u's 143(2) of the Income- tax Act has been issued and served on 04-08-2022 on the e-filing portal of the Assessee. Subsequently, notices u's 142(1) have been issued from time

BUILDCON CREATIONS LLP,RAJKOT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1, RAJKOT

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos. 539 To 542/Rjt/2024 (Assessment Year: 2019-20 To 2022-23) (Hybrid Hearing)

148, the assessee has filed an income tax return on 02-08-2022 declaring total income of Rs. 3,930/-. Subsequently, a notice u's 143(2) of the Income- tax Act has been issued and served on 04-08-2022 on the e-filing portal of the Assessee. Subsequently, notices u's 142(1) have been issued from time

BUILDCON CREATIONS LLP,RAJKOT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1,, RAJKOT

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos. 539 To 542/Rjt/2024 (Assessment Year: 2019-20 To 2022-23) (Hybrid Hearing)

148, the assessee has filed an income tax return on 02-08-2022 declaring total income of Rs. 3,930/-. Subsequently, a notice u's 143(2) of the Income- tax Act has been issued and served on 04-08-2022 on the e-filing portal of the Assessee. Subsequently, notices u's 142(1) have been issued from time

BUILDCON CREATIONS LLP,RAJKOT vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL -1,, RAJKOT

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos. 539 To 542/Rjt/2024 (Assessment Year: 2019-20 To 2022-23) (Hybrid Hearing)

148, the assessee has filed an income tax return on 02-08-2022 declaring total income of Rs. 3,930/-. Subsequently, a notice u's 143(2) of the Income- tax Act has been issued and served on 04-08-2022 on the e-filing portal of the Assessee. Subsequently, notices u's 142(1) have been issued from time

DCIT, CENTRAL CIRLCLE 1, RAJKOT, RAJKOT vs. BUILDCON CREATIONS LLP, RAJKOT

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos. 539 To 542/Rjt/2024 (Assessment Year: 2019-20 To 2022-23) (Hybrid Hearing)

148, the assessee has filed an income tax return on 02-08-2022 declaring total income of Rs. 3,930/-. Subsequently, a notice u's 143(2) of the Income- tax Act has been issued and served on 04-08-2022 on the e-filing portal of the Assessee. Subsequently, notices u's 142(1) have been issued from time

SHRI BHARATKUMAR IASHWARBHAI BHATIYA,RAJKOT vs. THE ACIT, CENTRAL CIRL-1,, RAJKOT

In the result, appeals filed by the Revenue, in ITA No

Bench: Dr. Arjun Lal Saini & Dinesh Mohan Sinhaआयकर अपील सं./Ita No. 134 & 135/Rjt/2023 (िनधा"रणवष" / Assessment Years: (2007-08 & 2008-09) Income Tax Officer, Ward- Shri Kherajmal Lekhrajbjai 5Th 1(2)(1), Aaykar Bhavan, Thavrani, 4- Parsana Nagar, Shri Vs. Floor, Room No. 517, Race Vaheguru Grupa, Near Refugee Course Ring Road, Rajkot-360 Colony, Rajkot-360 001 001 "थायी लेखा सं./जी आइ आर सं./Pan/Gir No.: Adrpt 5807 E (Appellant) (Respondent)

price. As per IT Act, any purchase in cash above Rs. 20,000 (now 10,000) is not permitted. Buyers across India deposit the cash purchase- amount into the bank-account of self-styled Angadiya/shroff, who remitted cash to seller, after deducting commission. In certain instances, such Bank-accounts were also used for layering and delayering of funds