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Income Tax Appellate Tribunal, HYDERABAD BENCHES “B” : HYDERABAD
Before: SHRI S.S.GODARA & SHRI LAXMI PRASAD SAHU
O R D E R PER S.S.GODARA, J.M. : This assessee’s appeal for AY.2013-14 arises from the CIT(A)-7, Hyderabad’s order dated 13-02-2020 passed in case No. 0263/ CIT(A)-7/ 2015-16, involving proceedings u/s. 143(3) of the Income Tax Act, 1961 [in short, ‘the Act’]. None represented the assessee whereas Sri Swaroop Mannava, Ld. DR has appeared for department. Case file perused.
Mr. Pattabi Reddy Barankabavi, Sec.
The assessee’s sole substantive grievance challenges correctness of both the lower authorities’ action estimating income of Rs.17,82,947 @ 5% from wine business. The assessee’s grounds plead that such an estimation of income in retail sale on liquor does not exceed 2 to 4% in normal course as per various judicial pronouncements. The same is found to be without any merit as such an estimation could not be treated as a binding precedent in light of CIT vs. B.R. Constructions (1993) 202 ITR 222 (AP) since not considering all the relevant facts in light of the state excise law/policy defining retail margins.
This assessee’s appeal is dismissed. Pronounced in Open Court on 08th October, 2021.
Sd/- Sd/- (L.P. SAHU) (S.S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER Dated: the 08th October, 2021. * gmv Copy of the Order forwarded to:
1. 1. Mr. Pattabi Reddy Barankabavi, Flat no.2, Sai Sadan Apartments, Om Sai Colony, Secunderabad 500 004 2. I T O, Ward 15(1), Hyderabad 3. ACIT, Range 15, Hyderabad 4. CIT(A)-7, Hyderabad 5. Pr.CIT -7, Hyderabad 6. DR, ITAT, Hyderabad.
7. Guard File.
Mr. Pattabi Reddy Barankabavi, Sec.