Income Tax Officer, Ward -9(1), Hyderabad V. Sri Kontham Srinivas Reddy, Hyderabad

ITA 1298/HYD/2012

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 66552 (ITAT-HYDERABAD)
• Duration Of Justice: 3 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-12-2012
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 03-09-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: VIDISHA KALRA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD B BENCH, HYDERABAD BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER ITA NO.1298/HYD/2012 ASSTT. YEAR: 2008-09 ITO, WARD-9(1), SRI KONTHAM SRINIVAS REDDY, HYDERABAD. VS- M/S . SRI SAI WINES, NALGONDA. PAN: ARKPK1582Q ITA NO.1299/HYD/2012 ASSTT. YEAR: 2008-09 ITO, WARD-9(1), SRI RAJENDRA REDDY MANNE, HYDERABAD. VS- M/S.LAXMI WINBES,HYDERABAD. PAQN: AIJPM0933B APPELLANT BY : SMT. VIDISHA KALRA (DR) RESPONDENTS BY : NONE DATE OF HEARING : 03-12-2012 DATE OF PRONOUNCEMENT : 03-12 -2012 ORDER PER SAKTIJIT DEY, J.M: BOTH THESE APPEALS BY THE REVENUE ARE DIRECTED A GAINST SEPARATE ORDERS OF THE CIT (A), HYDERABAD FOR THE ASSESSMENT YEARS 2008-09. SINCE THE ISSUE INVOLVED IN THESE APPEALS IS COMMO N IN NATURE, THEY ARE CLUBBED TOGETHER, HEARD TOGETHER AND ARE BEING DISPOSED OF BY THIS COMBINED ORDER, FOR THE SAKE OF CONVENIENCE. 2. THE DISPUTE IN THESE APPEALS IS WITH REGARD TO T HE DIRECTION OF THE CIT (A) TO ESTIMATE INCOME OF ASSESSES AT 3% AS AGAINST 27 % OF THE STOCK PUT TO SALE BY THE AO. IT IS NEEDLESS TO SAY THAT THERE IS NO D ISPUTE REGARDING THE SALES FIGURE DETERMINED BY THE ASSESSING OFFICER AND THE S ALES TO BE CONSIDERED AS SAME FIGURE. 2 ITA NOS.1298 &1299 OF2012 M/S. LAXMI WINES, & OTHERS. 3. WE HAVE HEARD THE LEARNED DR AND PERUSED THE MAT ERIAL ON RECORD. IN OUR OPINION, SIMILAR ISSUE CAME FOR CONSIDERATION B EFORE THIS TRIBUNAL IN THE CASE OF ITO VS. M/S PITTALA YAKAIAH, NALGONDA & ORS., IN ITA NO.2191/HYD/2011 AND OTHERS, ORDER DATED 13 TH APRIL, 2012, WHEREIN THE TRIBUNAL HELD THAT INCOME OF THE ASSESSES IN THIS LINE OF BUSINESS HAS TO BE EST IMATED AT 5% OF SALES MADE BY THE ASSESSES. ACCORDINGLY, WE DIRECT THE AO TO ESTIM ATE THE INCOME AT 5% OF SALES MADE BY THE ASSESSEES AS INCOME FOR THESE ASS ESSEES ALSO. 4. IN THE RESULT, BOTH THESE APPEALS OF THE REVENUE ARE PARTLY ALLOWED. ORDER PRONOUNCED IN THE COURT ON 03-12-2012. SD/- (CHANDRA POOJARI) ACCOUNTANT MEMBER SD/- (SAKTIJIT DEY) JUDICIAL MEMBER HYDERABAD, DATED THE 3 RD DECEMBER, 2012. COPY TO:- 1) ITO, WARD-9(1),HYDERABAD, NALGONDA. 2) S/SRI K. SRINIVASA REDDY MANNE RAJENDER REDDY, 4-108, VANATHALIPURAM, HYDERABAD. (3) CIT (A), HYDERABAD. 4. THE CIT CONCERNED, HYDERABAD 4) THE DEPARTMENTAL REPRESENTATIVE, I.T.A.T., HYDERABA D. JMR*