Income-tax Officer, Suryapet V. Sri Modugu Krishna Reddy,

ITA 1525/HYD/2012

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 1440 (ITAT-HYDERABAD)
• Duration Of Justice: 3 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-01-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 08-10-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AMISHA S GUPT

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B', HYDERABAD BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER ITA NO. 1525/HYD/2012 ASSESSMENT YEAR 2009-10 THE INCOME TAX OFFICER SURYAPET VS. SRI MODUGU KRISHNA REDDY NEMMIKAL (V&M)-508 214 PAN: AVUPM9531B APPELLANT RESPONDENT APPELLANT BY: SMT. AMISHA S. GUPT RESPONDENT BY: NONE DATE OF HEARING: 15. 0 1.201 3 DATE O F PRONOUNCEMENT: 15. 0 1.201 3 O R D E R PER CHANDRA POOJARI, AM: THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE CIT(A)-VI, HYDERABAD DATED 6.7.2012 FOR ASSESSMENT YEAR 2009-1 0. 2. THE DISPUTE IN THIS APPEAL IS WITH REGARD TO THE DI RECTION OF THE CIT(A) TO THE ASSESSING OFFICER TO DETERMINE THE PROFIT @ 5% OF THE COST OF THE GOODS SOLD. 3. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE MAT ERIAL ON RECORD. IN OUR OPINION SIMILAR ISSUE CAME FOR CONSIDERATION BE FORE THIS TRIBUNAL IN THE CASE OF ITO VS. M/S. PITTALA YAKAIAH, NALGONDA & ORS., I N ITA NO. 2191/HYD/2011 & ORS., ORDER DATED 13 TH APRIL, 2012, WHEREIN THE TRIBUNAL HELD THAT INCOME OF THE ASSESSEES IN THIS LINE OF BUSINESS HAS TO BE ESTIMA TED AT 5% OF SALES MADE BY THEM. THE CIT(A) DIRECTED THE ASSESSING OFFICER TO DETERMINE THE PROFIT @ 5% OF THE COST OF THE GOODS SOLD RELYING ON THE ORDER OF THE TRIBUNAL IN THE CASE OF M/S. AMARAVATI WINE SHOP, IN ITA NO. 1196/HYD/2011 DATED 8.6.2012. BEING SO, WE DO NOT FIND ANY INFIRMITY IN THE ORDER OF THE CIT(A ) AND THE SAME IS CONFIRMED. 4. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 15 TH JANUARY, 2013. SD/ - (ASHA VIJAYARAGHAVAN) JUDICIAL MEMBER SD/ - (CHANDRA POOJARI) ACCOUNTANT MEMBER HYDERABAD, DATED 15 TH JANUARY, 2013 TPRAO ITA NO. 1525/HYD/2012 SRI MODUGU KRISHNA REDDY ===================== 2 COPY FORWARDED TO: 1. THE INCOME TAX OFFICER, KRISHNANAGAR COLONY, OPP. H I TECH BUS STAND, SURYAPET-508 213. 2. SRI MODUGU KRISHNA REDDY, S/O. VENKAT REDDY, PROP. M/S. SRINIVASA WINES, H. NO. C/1-33, MAIN ROAD, NEMMIKAL (VIL. & M ANDAL)-508 214. 3. THE CIT(A) - VI, HYDERABAD. 4. THE CIT - VI, HYDERABAD. 5. THE DR B BENCH ITAT, HYDERABAD.