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ITA No.94/Hyd/2017. Case: Late Shri Mushkam Sudershan Goud Vs Income Tax Officer Ward – 1. ITAT (Income Tax Appellate Tribunal)

Judgment Cited in Precedent Map Related
Case NumberITA No.94/Hyd/2017
CounselFor Assessee : Shri K. Hanmandlo, Adv. and For Revenue : Smt. Suman Malik, DR
JudgesSmt. P. Madhavi Devi, Judicial Member and Shri B. Ramakotaiah, Accountant Member
IssueDirect Tax
Judgement DateFriday April 28, 2017
CourtITAT (Income Tax Appellate Tribunal)

Order:

Smt. P. Madhavi Devi, J.M., (Hyderabad ''A'' Bench)

  1. 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.

  2. 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...

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