Raghureddy Pathuri , Bollaram V. Income Tax Officer, Ward-1, Sangareddy

ITA 264/Hyd/2020

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 3269 (ITAT-HYDERABAD)
• Duration Of Justice: 11 month(s) 6 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: 2016-2017
• Appeal Filed On: 16-03-2020
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: TOTA SUBRAMANYAM
• Assessee Lawyers: P.RAMA KRISHNA
• Section: 22

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. 264/HYD/2020 ASSESSMENT YEAR: 2016-17 RAGHUREDDY PATHURI, BOLLARAM, [PAN: AWYPP0770E] VS THE INCOME TAX OFFICER, WARD-1, SANGAREDDY (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI P.RAMA KRISHNA, AR FOR REVENUE : SHRI TOTA SUBRAMANYAM, DR DATE OF HEARING : 01-02-2021 DATE OF PRONOUNCEMENT : 22-02-2021 O R D E R THIS ASSESSEES APPEAL FOR AY.2016-17 ARISES FROM TH E CIT(A)-2, HYDERABADS ORDER DATED 19-11-2019 PASSED IN APPEAL NO.10038/2019-20/CIT(A)-2, IN PROCEEDINGS U/ S.143(3) OF THE INCOME TAX ACT, 1961 [IN SHORT, THE ACT]. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. IT TRANSPIRES AT THE OUTSET THAT THE ASSESSEES SOLE SUBSTANTIVE GRIEVANCE RAISED HEREIN SEEKS TO REVERSE BOTH THE LOWER AUTHORITIES ACTION REJECTING HIS BOOKS OF ACCO UNTS, THEREBY ESTIMATING PROFITS @5% IN LIQUOR BUSINESS. 3. LEARNED COUNSEL VEHEMENTLY CONTENDED THAT THIS TRIBUNALS CO-ORDINATE BENCHS ORDER IN ASSESSEES CA SE(S) ITSELF IN EARLIER ASSESSMENT YEARS IN ITA NO.471 & 472/HYD/ 2018 ITA NO. 264/HYD/2020 :- 2 -: ESTIMATE SIMILAR PROFITS TO 3% ONLY. I FIND NO REASON TO EXPRESS MY AGREEMENT WITH THE ASSESSEES FOREGOING CONTENTIONS IN ENTIRETY. IT IS MADE CLEAR THAT ESTIMATION OF PROFITS I N THE COURSE OF ANY BUSINESS IS PURELY A FACTUAL ISSUE CAR RYING NO PRECEDENT VALUE. THE FACT ALSO REMAINS THAT NEITHER THE ASSESSING OFFICER NOR THE CIT(A) HAVE DRAWN ANY COMP ARABLES BEFORE ARRIVING AT ASSESSEES PROFIT ESTIMATION @5%. I DEEM IT IN THE ABOVE FACTS AND CIRCUMSTANCES THAT THE ABOVE ESTIMATION OF INCOME @3.5% WOULD BE JUST AND PROPER W ITH A RIDER THAT THE SAME SHALL NOT BE TREATED AS A PRECEDENT. 4. THIS APPEAL OF ASSESSEE IS PARTLY ALLOWED IN FORE GOING TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 22 ND FEBRUARY, 2021 SD/- ( S.S.GODARA ) JUDICIAL MEMBER HYDERABAD, DATED: 22-02-2021 TNMM ITA NO. 264/HYD/2020 :- 3 -: COPY TO : 1.MR.RAGHUREDDY PATHURI, 11-28, BLOCK NO.11, BOLLAR AM. 2.THE INCOME TAX OFFICER, WARD-1, SANGAREDDY. 3.CIT(APPEALS)-2, HYDERABAD. 4.PR.CIT-2, HYDERABAD. 5.D.R. ITAT, HYDERABAD. 6.GUARD FILE.