ITO, WARD-2, CHITTOOR, CHITTOOR vs. G.DHANUNJAYA NAIDU, B'LORE, BANGALORE

ITA 971/HYD/2016Status: DisposedITAT Hyderabad29 June 2018AY 2009-1018 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the AO's method of assessment was not proper and upheld the CIT(A)'s estimation of profit at 20% of the sale consideration. The Tribunal also deleted the addition made by the CIT(A) on cash credits and the disallowance under Section 40(a)(ia).

What were the facts?

The assessee, a partner in a firm, sold a property and developed flats, but did not disclose income from these activities. The Assessing Officer (AO) initiated reassessment proceedings and made additions based on unexplained assets and expenditures.

What were the issues?

Whether the AO's method of assessment based on unexplained assets and expenditures was appropriate, and whether the disallowance under Section 40(a)(ia) was justified.

Which sections of the Income-tax Act were involved?

Section 40(a)(ia),Section 194A,Section 201

AI-generated summary — verify with the full judgment below

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

Before: SHRI D. MANMOHAN & SHRI B. RAMAKOTAIAH

PER BENCH :

These are appeals by Assessee and Revenue against the common order of the Commissioner of Income Tax (Appeals)- Tirupati, dated 12-04-2016. Both the parties, aggrieved on the order of CIT(A), raised respective grounds in their appeals.

:- 2 -: I.T.A. Nos. 676, 677 & 678/Hyd/2016 970, 971 & 972/Hyd/2016

2.

Briefly stated, assessee, individual is a partner of the firm, M/s. Bhagyalakshmi Granites. Assessee filed return of income for the AY. 2007-08 but has not filed incomes for subsequent years. Assessing Officer (AO) has received i

The order continues below.

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