ACIT, Central Circle-2, Hyderabad V. M/s. Mamanram Sri Kishan Jewelllers & Pearls, Hyderabad

ITA 753/HYD/2012

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 66598 (ITAT-HYDERABAD)
• Duration Of Justice: 7 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-12-2012
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 16-05-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: GNANA PRAKASH
• Assessee Lawyers: N NAGARAJU
• Keywords: Search and seizure
• Section: 132

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B, HYDERABAD BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER ITA NO. 753/HYD/2012 ASSESSMENT YEAR: 2009-10 ASST. COMMISSIONER OF INCOME-TAX, APPELLANT CENTRAL CIRCLE 2, HYDERABAD. VS. MAMANRAM SRI KISHAN JEWELLERS & PEARLS, RESPO NDENT HYDERABAD. (PAN AAGFM4196F) APPELLANT BY : SHRI GNANA PRAKASH RESPONDENT BY : SHRI N. NAGARAJU DATE OF HEARING : 11/12/2012 DATE OF PRONOUNCEMENT : 2 0/12/2012 ORDER PER ASHA VIJAYARAGHAVAN, J.M.: THIS APPEAL PREFERRED BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF CIT-I, HYDERABAD, DATED 31/05/2012 FOR AS SESSMENT YEAR 2009-10. 2. BRIEFLY THE FACTS OF THE CASE ARE THAT THE ASSE SSEE FILED HIS RETURN OF INCOME ON 14/06/2010 ADMITTING TOTAL INCO ME OF RS. 1,24,034/-. A SEARCH AND SEIZURE OPERATION U/S 132 OF THE IT ACT WAS CARRIED OUT IN THE GROUP CASES OF SHRI RADHE SY AM SHARMA AND OTHERS ON 29/04/2008. DURING THE COURSE OF ASSE SSMENT PROCEEDINGS, THE AO CALLED FOR THE BOOKS OF ACCOUNT , DETAILS OF PURCHASES, EVIDENCES FOR PURCHASES, BANK ACCOUNT CO PIES ETC. HE OBSERVED THAT ASSESSEE IS NOT MAINTAINING ANY REGUL AR BOOKS OF ACCOUNT AND ON THIS COUNT SUBSTANTIAL AMOUNT OF ADD ITIONAL INCOME WAS ADMITTED BY THE FIRM IN EARLIER YEARS. THE AO O BSERVED THAT