Income Tax Officer, Suryapet V. Sri Gundapaneni Ranga Rao, Kodad

ITA 509/HYD/2012

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 66450 (ITAT-HYDERABAD)
• Duration Of Justice: 6 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-11-2012
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 11-04-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: M H NAIK

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH A', HYDERABAD BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER ITA NO. A.Y. APPELLANT RESPONDENT 509/HYD/2012 2008 - 09 ITO SURYAPET SRI GUNDAPANENI RANGA R AO KODAD; PAN: AFBPG6059F 510/HYD/2012 - DO - - DO - SRI NAKKA NAGARAJU, KODAD, PAN: AEWPN2612N 511/HYD/2012 - DO - - DO - SRI GOSULA RAJESH, NADIGUDEM, PAN: AJNPR7606M 512/HYD/2012 - DO - - DO - SRI BADISA VENKATESWARLU, NALLABANDA - GUDEM, PAN: ALFPB8253J 513/HYD/2012 - DO - - DO - SRI NELAVELLI RAVI KUMAR, KODAD, PAN: ARLPK5296N 514/HYD/2012 - DO - - DO - SRI BHAGAM VENKATA NARAYANA, KODAD, PAN: ALFBP0863L 515/HYD/2012 - DO - - DO - SRI GUNDU NAGESWARA RAO, KODAD, PAN: AKLPG0104A APPELLANT BY: SRI M.H. NAIK RESPONDENT BY: NONE DATE OF HEARING: 08 .1 1 .2012 DATE OF PRONOUNCEMENT: 08 .1 1 .2012 O R D E R PER CHANDRA POOJARI, AM: ALL THE ABOVE 7 APPEALS BY THE REVENUE ARE DIRECTE D AGAINST DIFFERENT ORDERS OF THE CIT(A)-VI, HYDERABAD DATED 24.1.2012 FOR ASSESSMENT YEAR 2008-09. SINCE THE ISSUE INVOLVED IN ALL THESE IS COMMON IN NATURE, THESE APPEALS ARE CLUBBED TOGETHER, HEAR D TOGETHER AND ARE BEING DISPOSED OF BY THIS COMMON ORDER FOR THE SAKE OF CONVENIENCE. 2. IN ALL THESE APPEALS THE REVENUE THE GROUND THAT TH E CIT(A) ERRED IN ESTIMATING THE NET PROFIT AT 3% OF THE PURCHASES OR STOCK PUT FOR SALE AS AGAINST THE ESTIMATION OF THE INCOME BY THE ASSESSI NG OFFICER AT 27% OF PROFIT MARGIN ON THE STOCKS SOLD BY THE ASSESSEES. 3. WE HAVE HEARD THE LEARNED DR. NONE APPEARED FOR THE ASSESSEES. IN OUR OPINION SIMILAR ISSUE CAME FOR CONSIDERATION BEFORE THIS TRIBUNAL IN I.T.A. NOS. 509-515/HYD/2012 SRI GUNDAPANENI RANGA RAO & ORS. ============================ 2 THE CASE OF ITO VS. M/S. PITTALA YAKAIAH, 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 B USINESS HAS TO BE ESTIMATED AT 5% OF SALES MADE BY THE ASSESSEES. AC CORDINGLY, WE DIRECT THE ASSESSING OFFICER TO ESTIMATE THE INCOME AT 5% OF S ALES MADE BY THE ASSESSEES AS INCOME FOR THESE ASSESSEES ALSO. 4. IN THE RESULT, APPEALS OF THE REVENUE ARE PARTLY AL LOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 8 TH NOVEMBER, 2012. SD/ - (ASHA VIJAYARAGHAVAN) JUDICIAL MEMBER SD/ - (CHANDRA POOJARI) ACCOUNTANT MEMBER HYDERABAD, DATED THE 8 TH NOVEMBER, 2012 COPY FORWARDED TO: 1. THE INCOME TAX OFFICER, KRISHNANAGAR COLONY, OPP. H I TECH BUS STAND, SURYAPET-508 213. 2 . SRI GUNDAPANENI RANGA RAO, S/O. NARAYANA RAO, PROP. M/S. SWAGATH WINES, D. NO. 3-277/2, SAI NAGAR COLONY, KODAD-508 206. 3. SRI NAKKA NAGARAJU, S/O. SINGA RAJU, PROF.: M/S. SR INIVASA WINES, D. NO. 1-94, MAIN ROAD, KODAD-508 206. 4. SRI GOSULA RAJESH, S/O. NARASAIAH, PROP. M/S. SRI T HIRUMALA WINES, D. NO. 1-316, MAIN ROAD, NADIGUDEM (V) & (M). 5. SRI BADISA VENKATESWARLU, S /O. SAIDULU, PROF. M/S. SRI VENKATESWARA WINES, D. NO. 1-36, MAIN ROAD, NALLABANDAGUDEM (V). 6. SRI NELAVELLI RAVI KUMAR, S/O. KISHAN RAO, PROP. M/ S. LAKSHMI WINES, D. NO. 12-107/2, MAIN ROAD, KODAD. 7. SRI BHAGAM VENKATA NARAYANA, S/O. PATTAIAH, PROP . M/S. SRI SAI WINES, D. NO. 10-144, HUZUR NAGAR ROAD, KODAD-508 2 06. 8. SRI GUNDU NAGESWARA RAO, S/O. SALAIAH, PROP. M/S. S RI THIRUMALA SAI WINES, D. NO. 4-146, MAIN ROAD, KODAD-508 206. 9 . THE CIT(A) - VI, HYDERABAD. 10 . THE CIT - V I , HYDERABAD 11. THE DR A BENCH, ITAT, HYDERABAD. TPRAO