Nagelly Ashok Reddy, Hyderabad V. Income Tax Officer, Ward-6(5), Hyderabad

ITA 726/Hyd/2018

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 7388 (ITAT-HYDERABAD)
• Duration Of Justice: 3 year(s) 3 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-08-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB-B
• Next Hearing Date: 07-06-2021
• Assessment Year: 2013-2014
• Appeal Filed On: 23-04-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES : BENCH B HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER I.T.A. NO. 726 /HYD./201 8 A.Y : 2013 - 14 SRI NAGELLY ASHOK REDDY VS. ITO, WARD 6 ( 5 ) HYDERABAD HYDERABAD [PAN: ABSPR4248N ] (APPELLANT) (R ESPONDENT) FOR ASSESSEE: S MT. S. SANDHYA, A R FOR REVENUE: SRI ROHIT MUJUMDAR, DR DATE OF HEARING : 0 7 /0 6 /2021 DATE OF PRONOUNCEMENT : 17 /0 8 /2021 O R D E R PER S.S. GODARA, J.M. TH IS ASSESSEES APPEAL ARISE S AGAINST THE CIT (A) - 6 , HYDERABADS ORDER DATED 03.10 . 2017 IN CASE NO. 0 080 /201 6 - 17 FOR AY 2013 - 14 , INVOLVING PROCEEDINGS U/S 143 (3) OF THE INCOME TAX ACT, 1961 [ IN SHORT THE ACT ]. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE A SSESSEES SOLE SUBSTANTIVE GRIEVANCE CHALLENGING CORRECTNESS OF BOTH THE LOWER AUTHORITIES ACTION ESTIMATING 4 % OF ITS TOTAL LIQUOR SALE S ; AFTER REJECTING HIS BOOKS OF ACCOUNTS . H E HAS PLACED RELIANCE ON THE FOLLOWING DECISIONS : I) ITA NO.517/HYD/2013 (SAI CINE WINE VS. ITO) II) 1198/HYD/2015 (M/S. SAI VENKATESHWARA WINES) ITA NO. 726 /HYD/1 8 AY 2013 - 14 SRI NAGELLY ASHOK REDDY 2 III) 725/HYD/2015 (VENKATESHWARA WINES) 3. WE FIND NO MERIT IN THE ASSESSEE'S STAND SINCE HE HAS NOT EVEN MAINTAINED BOOKS OF ACCOUNTS IN THE LIQUOR TRADING BUSINESS. IT IS F URTHER SEEN THAT THE ASSESSEE HAD FURTHER FAI LED TO FURNISH DOCUMENTARY EVIDENCES OF VARIOUS EXPENSES CLAIMED, NET PROFIT DISCLOSED IN THE P&L A/C CANNOT BE RELIED UPON. WE THUS QUOTE HONBLE JURISDICTIONAL HIGH COURTS LARGER BENCH DECISION CIT VS B.R.CONSTRUCTIONS (1993) 202 ITR 222 (AP) THAT S UCH AN ESTIMATION NOT DISCUSSING ALL THE RELEVANT FACTS DOES NOT FORM A BINDING PRECEDENT. THIS ASSESSEES APPEAL IS DISMISSED. . PRONOUNCED IN OPEN COURT ON 17 TH AUGUST 2021. SD/ - SD/ - (L.P. SAHU) (S.S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: THE 17 TH AUGUST, 2021. * GMV COPY OF THE ORDER FORWARDED TO: 1. SRI NAGELLY ASHOK REDDY, DOOR NO. 8 - 3 - 169/102, SRI RAMACHANDRA TOWERS, SIDHARTHA NAGAR, HYDERABAD , TELANGANA. 2. ITO, WARD 6 ( 5 ), HYDERABAD 3. ACIT, RANGE 6 , HYDERABAD. 4. CIT(A) - 6 , HYDERABAD 5. PR.CIT - 6 , HYDERABAD 6 . DR, ITAT, HYDERABAD. 7 . GUARD FILE.