BATTULA ANJANEYLU,TIRUVURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3(1), VIJAYAWADA

ITA 161/VIZ/2018Status: DisposedITAT Visakhapatnam17 August 2018AY 2014-158 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the AO had conducted due verification and that the estimation of income at 5% was reasonable and consistent with previous orders. The Tribunal further stated that once income is estimated, the CIT cannot order fresh enquiries on the same issues.

What were the facts?

The Assessing Officer (AO) rejected the assessee's books of accounts due to self-made vouchers and estimated income at 5% on gross receipts. The Principal Commissioner (Pr.CIT) revised the order under Section 263, finding the AO's estimation of 5% instead of 7% erroneous and prejudicial to revenue, and directed a re-assessment.

What were the issues?

Whether the Pr.CIT was justified in invoking Section 263 to revise an assessment order where the AO had already made an estimation of income after verifying the books of accounts.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 44AB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI V. DURGA RAO& SHRI D.S. SUNDER SINGH

For Appellant: Shri G.V.N.Hari, AR
Hearing: 07.08.2018Pronounced: 17.08.2018

PER D.S. SUNDER SINGH, Accountant Member:

This appeal is filed by the assessee against the order passed u/s 263 by the Principal Commissioner of Income Tax (Pr.CIT)-1, Vijayawada dated 27.03.2018 for the assessment year 2014-15. 2 Battula Anjaneyulu, Tiruvuru

2.

In this case, the assessment was completed u/s 143(3) by an order dated 31.12.2015 on total income of Rs.1,56,21,540/- agai

The order continues below.

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