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Documents citing Marghabhai Kishabhai Patel & Co. vs Commissioner Of Income-Tax, Gujarat on 16 February, 1976

Jivraj Tea Limited, Surat vs Assessee on 18 August, 2009

The assessee's this submissions is not acceptable because in the case of Marghabhai Kishabhai Patel & Co. Vs. C.I.T., it was observed by the Court that ITO could not ignore the quality difference and fluctuations in price from time to time to arrive at average price. Thus, in that case, the quality of the item under consideration was clear and ascertainable from the bills of purchase. While in the instant case, the quality of the product, which is tea, is not reflected at all numerous bills of purchase. Even certain vouchers are blank bills of sale made by the sister concern showing only the invoice amounts and not the basic details, let alone quality. Further, in the relied case, the prevailing market price of the product in question was furnished by the appellant. But, in the instant case the appellant failed establish the prevailing fair market value of the item in question, tea. In the relied case, the sister concern of the appellant made significant sales to other parties also. But in the case at hand, the specified concern Surin Corporation has made insignificant and very little sales to outside parties. Further, that case refers to the assessment year 1962-63 to 1965-66 when no specific provision of section 40A(2)(a) was there in the Statute which was introduced by the Finance Act, 1968 w.e.f. 01.04.1968.
Income Tax Appellate Tribunal - Ahmedabad Cites 28 - Cited by 0 - Full Document

Rubab M. Kazerani vs Joint Commissioner Of Income Tax on 6 July, 2004

In this regard he placed reliance on the decisions of Hon'ble Gujarat High Court in the case of Marghabhai Kishabhai Patel and Co. v. CIT (1977) 108 ITR 54 (Guj) and Hon'ble Bombay High Court in the case of Godavari Sugar Mills Ltd. v. CIT . He opined that merely because the procedure of filing Form 37-1 before Appropriate Authority was avoided at the time of registration of the agreement to sell, is not decisive of the question of taxability of the transaction in the assessee's hands. Merely because the approved valuer's report was accepted by the AO, it cannot be said that the order of the AO was erroneous or prejudicial to the .interest of the Revenue. He accordingly cancelled the order passed by the CIT under Section 263 of the Act.
Income Tax Appellate Tribunal - Mumbai Cites 48 - Cited by 5 - Full Document

Godavari Sugar Mills Limited vs Commissioner Of Income Tax, Bombay ... on 20 September, 1984

In our view, the case before us is squarely covered by the judgment of the Gujarat High Court in Margabhai Kishabhai Patel & Co. v. CIT [1977] 108 ITR 54, with which we are in agreement. The assessee there was a registered firm carrying on business in tobacco on its own account as well as on commission basis. In the assessments for the assessment years 1962-63 to 1965-66, the ITO added back certain items on the ground that the purchase price paid by the firm for tobacco purchased from seven partners of itself was inflated. The ITO calculated the average of the price paid to the seven partners and the average of the price paid to others from whom the assessee had purchased tobacco and based the additions upon such difference. The AAC and the Tribunal agreed with the ITO.
Bombay High Court Cites 3 - Cited by 0 - Full Document

Assistant Commissioner Of Gift-Tax vs Munjal Castings on 28 October, 1998

2. Marghabhai Kishabhai Patel & Co.'s case (supra) "Held, that unless it has been shown that the transactions in question were sham ones or unless the value shown was not the value shown in the books of account or unless they were not bona fide transactions, it was not open to the taxing authorities to disregard the figures of the transactions shown in the books of account of the firm."
Income Tax Appellate Tribunal - Chandigarh Cites 17 - Cited by 0 - Full Document

Shahabad Co-Operative Sugar Mills Ltd. vs Deputy Commissioner Of Income-Tax on 5 April, 1994

21. The learned Counsel for the assessee relied on the Gujarat High Court decision in the case of Marghabhai Kishabhai Patel & Co. (supra) and of Bombay High Court in the case of Godavari Sugar Mills Ltd. (supra). The Bombay High Court has followed the decision of the Gujarat High Court and we would, therefore, be discussing the decision of the Gujarat High Court. In the case before the Gujarat High Court, the assessee was a registered firm carrying on the business in tobacco on its own account as well as on commission basis. In the assessments for certain years the Assessing Officer added back certain items on the ground that the purchase price paid for tobacco to seven partners of the firm and to the father of three partners, was inflated. On these facts, the High Court held that unless it has been shown that the transactions in question were sham ones or unless the value shown was not the value in the books of account or unless these were not bona fide transactions, it was not open to the taxing authorities to disregard the figures of the transactions shown in the books of account of the firm.
Income Tax Appellate Tribunal - Chandigarh Cites 12 - Cited by 5 - Full Document
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