Ravi Kiran Kola , Warangal V. Commissioner Of Income Tax, Hyderabad

ITA 1534/Hyd/2019

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 8455 (ITAT-HYDERABAD)
• Duration Of Justice: 1 year(s) 5 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-03-2021
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Next Hearing Date: 23-02-2021
• Assessment Year: 2016-2017
• Appeal Filed On: 14-10-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES SMC, HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER I.T.A. NO.1534/HYD/2019 ASSESSMENT YEAR: 2016-17 RAVI KIRAN KOLA, WARANGAL [PAN: ALUPK0369F] VS INCOME TAX OFFICER, WARD-5, WARANGAL (APPELLANT) (RESPONDENT) FOR ASSESSEE : NONE FOR REVENUE : SMT. N.SWAPNA, DR DATE OF HEARING : 23-02-2021 DATE OF PRONOUNCEMENT : 24-03-2021 O R D E R THIS ASSESSEES APPEAL FOR AY.2016-17 ARISES AGAINS T THE CIT(A)-3, HYDERABADS ORDER DATED 17-05-2019 PASSED IN APPEAL NO.10230/ITO-5/WGL/CIT(A)-3/2018-19, INVOLVI NG PROCEEDINGS U/S.143(3) OF THE INCOME TAX ACT, 1961 [I N SHORT, THE ACT]. 2. CASE CALLED TWICE. NONE APPEARED AT ASSESSEES B EHEST. HE IS ACCORDINGLY PROCEEDED EX-PARTE. 3. THE ASSESSEES SOLE SUBSTANTIVE GRIEVANCE CHALLEN GES CORRECTNESS OF BOTH THE LOWER AUTHORITIES ACTION DETERMI NING THE NET TAXABLE INCOME OF RS.29,57,837/- @5% ON COST OF LIQUOR STOCK TO THE TUNE OF RS.5,91,56,747/-. ITS FIRST SUBSTANTIVE GROUND PLEADS THAT SUCH AN ESTIMATION OF IN COME IN RETAIL SALE ON LIQUOR DOES NOT EXCEED 2 TO 4%. THE SAME IS ITA NO. 1534/HYD/2019 :- 2 -: FOUND TO BE WITHOUT ANY MERIT AS THE CORRESPONDING INC OME CLAUSE AS PER THE EXCISE POLICY IS MUCH MORE THAN 2.4 %. 4. LEARNED DEPARTMENTAL REPRESENTATIVE ALSO FAILS TO REB UT THE CLINCHING FACT THAT THE LOWER AUTHORITIES HAVE ALSO NOT TAKEN INTO CONSIDERATION ANY COMPARABLE CASE OF THE VER Y LOCALITY. I THEREFORE DEEM IT APPROPRIATE IN THESE FACTS AND CIRCUMSTANCES THAT LUMPSUM PROFIT OF RS.4.5% WOULD MEE T THE ENDS OF JUSTICE WITH A RIDER THAT THE SAME SHALL NOT B E TAKEN AS A PRECEDENT. NECESSARY COMPUTATION TO FOLLOW AS PER L AW. 5. DELAY OF 24 DAYS IN FILING OF THE INSTANT APPEAL IS ALSO CONDONED AS PER THE PETITION/AFFIDAVIT OF THE ASSESSEE AND ON ACCOUNT OF NO OBJECTION FROM THE DEPARTMENTAL SIDE. 6. THIS ASSESSEES APPEAL IS PARTLY ALLOWED IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON THE 24 TH MARCH, 2021 SD/- ( S.S.GODARA ) JUDICIAL MEMBER HYDERABAD, DATED: 24-03-2021 TNMM ITA NO. 1534/HYD/2019 :- 3 -: COPY TO : 1.RAVI KIRAN KOLA, 11-23-943, LB NAGAR, NARSAMPET R OAD, WARANGAL. 2.THE INCOME TAX OFFICER, WARD-5, WARANGAL. 3.CIT(APPEALS)-3, HYDERABAD. 4.PR.CIT-3, HYDERABAD. 5.D.R. ITAT, HYDERABAD. 6.GUARD FILE.