ITO., WARD-11(3), HYDERABAD vs. M/S KSR CONSTRUCTIONS, HYDERABAD

ITA 283/HYD/2013Status: DisposedITAT Hyderabad25 June 2018AY 2009-1011 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal confirmed the CIT(A)'s order, finding that the AO's assessment order was incoherent and lacked proper basis. The Tribunal agreed that the profits needed to be estimated reasonably, citing judicial precedents.

What were the facts?

Following a survey operation, the Assessing Officer (AO) made additions to the assessee's income based on impounded material and recorded statements. The CIT(A) directed the AO to verify turnover and estimate income at 12.5% of such turnover.

What were the issues?

Whether the AO correctly estimated the assessee's income based on impounded material, and if not, what is the appropriate method for estimating profits when books of account are unreliable.

Which sections of the Income-tax Act were involved?

Section 133A,Section 147

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Cases cited in this judgment(2)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, HYDERABAD BENCHES “A” BENCH: HYDERABAD

Before: SHRI B. RAMAKOTAIAHANDSHRI V. DURGA RAO

Hearing: 21.06.2018Pronounced: 28.06.2018

Heard together (6 matters)

C.O No. 20/Hyd/2013
ITA No. 281/Hyd/2013
C.O No. 21/Hyd/2013
ITA No. 282/Hyd/2013
C.O No. 22/Hyd/2013
ITA No. 283/Hyd/2013

Read from the judgment's own cause title. This page is filed under one of them.

PER Bench: These are batch of appeals total six appeals, the main appeals are by Revenue against the common order of the CIT(A)-6, Hyderabad for the A.Ys 2007-08, 2008-09 and 2009- 10 dated 30.11.2012 and Cross Objections are by Assessee in support of the order of CIT(A).

2.

Briefly stated facts are that, Assessee filed incomes for the impugned assessment years. There were survey operations u/s 133A of the IT Act on 29.10.2010, during which certain doc

The order continues below.

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