DY. COMMISSIONER OF INCOME TAX, CIRCLE-3(1)., HYDERABAD vs. SANDOR MEDICAIDS PRIVATE LIMITED., HYDERABAD

ITA 1298/HYD/2017Status: DisposedITAT Hyderabad29 June 2018AY 2014-153 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the AO failed to specify the missing information or discrepancies in the books of account that affected income computation. Therefore, the rejection of books of account was without reasonable cause, upholding the CIT(A)'s decision.

What were the facts?

The Assessing Officer (AO) rejected the assessee's books of account and estimated income at 8% of gross sales, stating the assessee did not provide all requested information and the genuineness of expenditure was difficult to ascertain. The CIT(A) allowed the assessee's appeal, finding the AO's rejection lacked proper reasoning and specific defects.

What were the issues?

Whether the Assessing Officer had sufficient grounds to reject the assessee's books of account and estimate income without specifying defects or missing information.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Hyderabad ‘ A ‘ Bench, Hyderabad

Before: Smt. P. Madhavi Devi & Shri S.Rifaur Rahman

Hearing: 27.06.2018Pronounced: 29.06.2018

Per Smt. P. Madhavi Devi, J.M.

This is assessee’s appeal for the A.Y 2014-15 against the order of the CIT (A)-3, Hyderabad, dated 19.05.2017. 2. Brief facts of the case are that the assessee company, engaged in the business of importing and distribution of life saving drugs and medical devices, e-filed its return of income for the A.Y 2014-15 on 30.09.2014 admitting an income of Rs.4,15,09,508. During the assessment proceedings u/s 143(3) of the Act, the AO asked the assessee to submit certain details and the assessee, vide letter dated 27.12.2016, submitted the details called for. However, observing that the assessee did not provide all the information called for and that it is diffic

The order continues below.

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