Search Results for "profit estimation"

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Search Results for "profit estimation"

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High Court

Bombay High Court Dismisses Revenue's Appeal in Bogus Purchase Case - Upholds ITAT's Estimation of Profit. Estimation of profit on bogus purchases at 12.5% upheld as reasonable; entire purchase amount cannot be added when purchases are not disputed as genuine.

4 May 2023

The case involves two appeals filed by the Pr. Commissioner of Income Tax under Section 260A of the Income Tax Act, 1961, challenging the order of the...

High Court

High Court of Bombay Dismisses Revenue's Appeal in Bogus Purchase Case — GP Rate Restricted to 15% on Alleged Bogus Purchases. The court held that when purchases are accepted as genuine but from bogus parties, only the profit element embedded in such purchases can be taxed, not the entire purchase amount.

13 Oct 2025

The case pertains to an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate ...

High Court

Madras High Court Considers Tax Revision Against Tribunal Order Restoring Equal Addition and Penalty Under TNVAT Act, 2006. Taxpayer Argues Stock Variation Computed from Notional Trading Method Without Physical Verification Cannot Sustain Penalty Under Section 27(3)(c).

6 Jul 2026

The case involved a tax revision petition filed by M/s. Vista Garments, a registered dealer under the CGST Act, 2017, engaged in manufacturing hosiery...

Supreme Court

Supreme Court Allows Appeal in Income Tax Deduction Case for Accrued Development Liability. Deduction for Estimated Future Development Expenses Allowed Under Section 10(1) of Indian Income-tax Act, 1922, as Liability Was Accrued, Not Contingent.

12 May 1959

The dispute concerned the income tax assessment of a land-developing company that followed the mercantile method of accounting. The appellant, Messrs....

High Court

Bombay High Court Dismisses Revenue's Appeal in Bogus Purchase Case, Upholds Estimation of Income at 12.5% on Disputed Purchases. The Court held that in the absence of specific evidence linking the assessee's transactions to bogus purchases, the entire expenditure cannot be added under Section 69C of the Income Tax Act, 1961.

7 Aug 2024

The case involves two appeals filed by the Revenue under the Income Tax Act, 1961, challenging a common order of the Income Tax Appellate Tribunal (IT...

High Court

Bombay High Court Dismisses Assessee's Appeals in Bogus Purchases Case — Concurrent Findings of Fact Not Interfered With Under Section 260A of Income Tax Act, 1961. Addition of 10% of Gross Profit Margin on Unproved Purchases Upheld as No Substantial Question of Law Arises.

5 Mar 2025

The case involves six Income Tax Appeals filed by Refrigerated Distributors Pvt Ltd (now known as Partytime Ice Pvt Ltd) against the Deputy Commission...

High Court

Bombay High Court Dismisses Revenue's Appeal in Bogus Purchase Case, Upholds ITAT's 25% Disallowance. Court holds that when purchases are not bogus but from non-genuine parties, estimation of profit element at 25% is reasonable.

3 Oct 2022

The present appeal was filed by the Pr. Commissioner of Income Tax-19 under Section 260A of the Income Tax Act, 1961 against the order dated 03rd May,...

High Court

Bombay High Court Dismisses Revenue's Appeal in Bogus Purchases Case — Upholds Profit Rate Estimation. The court held that where purchases are proved genuine except for two parties, the disallowance can be restricted to profit margin and 100% disallowance is not warranted under Section 69C of the Income Tax Act, 1961.

5 Mar 2025

The case involves an appeal by the Principal Commissioner of Income Tax (revenue) against the order of the Income Tax Appellate Tribunal (ITAT) for th...

High Court

Bombay High Court Hears Revenue's Appeal Against Tribunal's Direction to Use Municipal Rateable Value for Determining Annual Letting Value Under Section 23(1)(a) of Income Tax Act, 1961. The Court Examines Whether Comparable Market Instances or Municipal Valuation Should Prevail When Property Is Not Subject to Rent Control Legislation.

8 Aug 2014

The matter comprised multiple income tax appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging common orders of the...

Supreme Court

Supreme Court Allows Assessee Banks in Income Tax Act Section 14A Dispute Over Disallowance of Interest Expenditure. Court held that when assessee banks have sufficient interest-free own funds exceeding investments in tax-free bonds and shares, no proportionate disallowance of interest under Section 14A is permissible, as investments are presumed to be made from interest-free funds.

9 Sep 2021

The Supreme Court of India addressed a batch of civil appeals concerning the interpretation of Section 14A of the Income Tax Act, 1961, in the context...

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