KARANAM SRINIVASU,VISAKHAPATNAM vs. THE ITO, VISAKHAPATNAM

ITA 336/VIZ/2016Status: DisposedITAT Visakhapatnam17 August 2018AY 2007-20084 pages
AI SummaryDismissed

What did the Tribunal hold?

The CIT(A) reduced the estimated profit rate from 15% to 10%. The Tribunal found no infirmity in this decision and also rejected the assessee's claim for telescoping benefit.

What were the facts?

The assessee, engaged in manufacturing sheet metal items, had significant deposits in bank accounts. As the assessee failed to produce books of account, the Assessing Officer estimated income at 15% of bank credits.

What were the issues?

Whether the estimation of business income based on bank deposits is justified, and if telescoping benefit should be allowed.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI V. DURGA RAO, HON’BLE & SHRI D.S. SUNDER SINGH, HON’BLE

For Appellant: Shri G.V.N. Hari – Advocate
For Respondent: Shri K.C. Das – Sr.DR
Hearing: 07/08/2018

PER V. DURGA RAO, JUDICIAL MEMBER

This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-2, Visakhapatnam, dated 27/05/2016 for the Assessment Year 2007-08. 2. The only surviving grounds in this appeal are Ground Nos. 4 & 6 and the remaining grounds are not pressed by the assessee’s counsel, therefore, same are dismissed.

3.

Ground No. 4 relating to partly sustenance of addition towards estimation of business income. (Karanam Srinivasu)

4.

Facts of this issue in brief are that assessee is an individual, in the business of manufacturing sheet metal items. The assessee filed return of income admitting total income of Rs. 1,13,978/-. In t

The order continues below.

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