ACIT, Circle -9(1), Hyderabad V. Sri Yedudodla Venkat Reddy, Nalgonda District

ITA 1533/HYD/2012

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 1442 (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: K E SUNIL BABU
• Assessee Lawyers: B PEDDIRAJULU

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. 1533/HYD/2012 ASSESSMENT YEAR 2009-10 THE ASST. COMMISSIONER OF INCOME-TAX, CIRCLE-9(1) HYDERABAD VS. SRI YEDUDODLA VENKAT REDDY, TIRUMALAGIRI (V), NALGONDA DIST. PAN: ABJPY8532B APPELLANT RESPONDENT APPELLANT BY: SRI K.E. SUNIL BABU RESPONDENT BY: SRI B. PEDDIRAJULU DATE OF HEARING: 15. 0 1.201 3 DATE OF 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 20.7.2012 FOR ASSESSMENT YEAR 2009-10. 2. THE DISPUTE IN THIS APPEAL IS WITH REGARD TO THE DI RECTION OF THE CIT(A) TO THE ASSESSING OFFICER TO DETERMINE THE PR OFIT @ 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 CONS IDERATION BEFORE THIS TRIBUNAL IN THE CASE OF ITO VS. M/S. PITTALA YAKAIA H, NALGONDA & ORS., IN 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 ESTIMATED AT 5% OF SALES MADE BY THEM. THE CIT( A) DIRECTED THE ASSESSING OFFICER TO DETERMINE THE PROFIT @ 5% OF T HE COST OF THE GOODS SOLD RELYING ON THE ORDER OF THE TRIBUNAL IN THE CA SE OF M/S. AMARAVATI WINES, HYDERABAD. WE DO NOT FIND ANY INFIRMITY IN T HE 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 ITA NO. 1533/HYD/2012 SRI YEDUDODLA VENKAT REDDY ======================= 2 TPRAO COPY FORWARDED TO: 1. THE A SST. COMMISSIONER OF INCOME - TAX, CIRCLE 9(1), BLOCK NO. 1B, INCOME TAX TOWERS, AC GUARDS, HYDERABAD-500 004 . 2. SRI YEDUDODLA VENKAT REDDY, S/O. SRI SOMI REDDY, PR OP. NAGARJUNA WINES, H. NO. 7-95, THIRUMALAGIRI (V&M), N ALGONDA DISTRICT. 3 . THE CIT(A) - VI, HYDERABAD. 4 . THE CIT - VI, HYDERABAD. 5 . THE DR B BENCH ITAT, HYDERABAD.