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Income Tax Appellate Tribunal, HYDERABAD BENCHES : BENCH “B” HYDERABAD
Before: SHRI S.S. GODARA & SHRI L.P. SAHU
For Assessee: Smt. S. Sandhya, AR For Revenue: Sri Rohit Mujumdar, DR Date of Hearing : 07/06/2021 Date of Pronouncement : 17/08/2021 O R D E R PER S.S. GODARA, J.M. This assessee’s appeal arises against the CIT(A)-6, Hyderabad’s order dated 03.10.2017 in case no.0080/2016-17 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 assessee’s sole substantive grievance challenging correctness of both the lower authorities action estimating 4% of its total liquor sales; after rejecting his books of accounts. He has placed reliance on the following decisions : i) (Sai Cine Wine Vs. ITO) ii) 1198/Hyd/2015 (M/s. Sai Venkateshwara Wines) AY 2013-14 Sri Nagelly Ashok Reddy iii) 725/Hyd/2015 (Venkateshwara Wines)
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 further seen that the assessee had further failed to furnish documentary evidences of various expenses claimed, net profit disclosed in the P&L a/c cannot be relied upon. We thus quote hon’ble jurisdictional high court’s larger bench decision CIT vs B.R.Constructions (1993) 202 ITR 222 (AP) that such an estimation not discussing all the relevant facts does not form a binding precedent. This assessee’s appeal is dismissed. . Pronounced in Open Court on 17th August 2021.