ITA No.94/Hyd/2017. Case: Late Shri Mushkam Sudershan Goud Vs Income Tax Officer Ward â 1. ITAT (Income Tax Appellate Tribunal)
Case Number | ITA No.94/Hyd/2017 |
Counsel | For Assessee : Shri K. Hanmandlo, Adv. and For Revenue : Smt. Suman Malik, DR |
Judges | Smt. P. Madhavi Devi, Judicial Member and Shri B. Ramakotaiah, Accountant Member |
Issue | Direct Tax |
Judgement Date | April 28, 2017 |
Court | ITAT (Income Tax Appellate Tribunal) |
Order:
Smt. P. Madhavi Devi, J.M., (Hyderabad ''A'' Bench)
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This is assessee''s appeal for the A.Y 2013-14. In this appeal, the assessee is aggrieved by the order of the CIT(A) in estimating the profit at 5% of the stock put to sale.
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Brief facts of the case are that the assessee, an individual and liquor dealer, filed his return of income admitting a total income of Rs.4,62,410 on 30.10.2013. During the assessment proceedings u/s 147 of the Act, the AO observed that the assessee''s books of account are not verifiable. He therefore, rejected the books and proceeded to estimate the income of the assessee at 5% of the goods put to sale by following the decision Date of Hearing: 26.04.2017 Date of Pronouncement:.04.2017 of the Income Tax Appellate Tribunal Hyderabad Bench in the case of Amaravati Wines in ITA No.231/Hyd/2013. On appeal, the CIT (A) confirmed the order of the AO and the assessee is in appeal before us.
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The learned Counsel for the assessee submitted that this Tribunal in similar cases has been restricting the profit at 3% of the goods put to sale. He prayed for similar direction in the case of the assessee before us.
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The learned DR however, supported the orders of the authorities below.
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Having regard to the rival contentions and the material on record, we find that in similar cases, this Tribunal has restricted the profit at 3% of the goods put to sale. The relevant portion of the order in ITA No.454/Hyd/2016 dated 30.12.2016 in respect of Shri K.V.K.Kishore Babu, Shankarpalli is reproduced...
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