Sataiah Molugu , Hyderabad V. Income Tax Officer, Ward-15(4 ), Hyderabad

ITA 213/Hyd/2020

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 3266 (ITAT-HYDERABAD)
• Duration Of Justice: 1 year(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-02-2021
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: misc
• Appeal Filed On: 19-02-2020
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: NARAYANA MURTHY NAIK
• Section: 201; 13; 22; 144

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD SMC BENCH : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S. GODA R A, JUDICIAL MEMBER ITA NO. 2 13 /HYD./2020 ASSESSMENT YEAR: 201 6 - 17 SHRI SATAIAH MOLUGU VS. ITO, WARD 1 5 ( 4 ) HYDERABAD HYDERABAD [PAN: ASOPM3375N ] (APPELLANT) (RESPONDENT) FOR ASSESSEE : NONE FOR REVENUE : SH. NARAYANAMURTHY NAIK, D.R. DATE OF HEARING : 27/01/2021 DATE OF PRONOUNCEMENT : 22 /02/2021 O R D E R TH IS ASSESSEES APPEAL ARISE S AGAINST THE C OMMISSIONER OF INCOME TAX (APPEALS) - 7 [CIT(A)] HYDERABAD S ORDER DATED 2 6 .11.2019 PASSED IN CASE NO. 45 /CIT(A) - 7/2019 - 20 IN PROCEEDINGS U/S 14 4 OF THE INCOME TAX ACT, 1961 [IN SHORT THE ACT] FOR AY 201 6 - 17 . CASE CALLED TWICE. NONE APPEARED ON BEHALF OF ASSESSEE. HEARD SHRI NARAYANAMURTHY NAIK, DR REPRESENTING THE D EPARTMENT. CASE FILE PERUSED. 2. WITH ABLE ASSISTANCE FROM REVENUES SIDE, IT IS NOTICED AT THE OUTSET THAT ASSESSEES SOLE SUBSTANTIVE GRIEVANCE CHALLENGES THE CORRECTNESS OF BOTH LOWER AUTHORITIES ACTION IN ESTIMATING ASSESSEES ICOME @ 5% PROFIT ELEMENT QUA THE CASH DEPOSITS IN BANK ACCOUNT TO THE TUNE OF RS.1 ,84,15,380/ - ON THE GROUND THAT HE HAS BEEN CARRYING OUT TELECOM COMMISSION AGENT/RECHARGE COUPON ITA NO. 2 13 /HYD/2020 AY 201 6 - 17 SHRI SATAIAH MOLUGU, HYD. 2 PROVIDER OF M/S BHARATHI AIRTEL LIMITED. I NOTICE THAT THE ASSESSING OFFICERS IMPUGNED ESTIMATION OF ASSESSING ASSESSEES PROFI T ELEMENT AT 5% IS WITHOUT ANY BENCHMARK . IN ALL THESE CIRCUMSTANCES, I DEEM IT APPROPRIATE THAT INTEREST OF JUSTICE WOULD BE MET IMPUGNED PROFIT ELEMENT OF 5% IN ASSESSEES HANDS IS REDUCED TO 3. 5 % ONLY WITH A RIDER THAT THE INSTANT E STIMATION SHALL NOT BE TAKEN AS PRECEDENT IN ANY OTHER CASE OR A.Y.; AS THE CASE MAY BE. NECESSARY COMPUTATION SHALL FOLLOW AS PER LAW. TH IS ASSESSEES APPEAL IS PARTLY ALLOWED IN ABOVE TERMS. ORDER PRONOUNCED IN OPEN COURT ON 22 /02/2021. SD/ - (S.S. GODARA) JUDICIAL MEMBER DATED: 22 ND FEBRUARY, 2021 GMV COPY OF ORDER FORWARDED TO: 1. SRI SATAIAH MOLUGU, H.NO. 2 - 57/5, KOTHUR, MC PALLI MANDAL, MEDCHAL, MALKAJGIRI DIST. 500 101 , TELANGANA. 2. ITO, WARD 1 5 ( 4 ) , HYDERABAD 3. ACIT, RANGE 1 5 , HYDERABAD 4. CIT(A) - 7 , HYDERABAD. 5. PR.CIT - 7 , HYDERABAD 6 D.R. ITAT HYDERABAD 7. GUARD FILE