DEPUTY COMMISSIONER OF INCOME TAX OFFICER CIRCLE-2(1), MYSORE vs. M/S MANDYA DISTRICT CO-OPERATIVE MILK PRODUCERS SOCITIES UNION LTD, MANDYA

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ITA 1512/BANG/2017Status: DisposedITAT Bangalore20 February 2020AY 2012-133 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s order, noting that the assessee's books were not rejected and the assessment was not made under Section 144. The AO had simply applied the GP and NP rates from the preceding year.

What were the facts?

The Revenue appealed against the deletion of an addition made by the Assessing Officer (AO) on account of low Gross Profit (GP) and Net Profit (NP). The assessee explained the fall in GP and NP due to a decrease in the market price of milk sold, despite an increase in turnover.

What were the issues?

Whether the AO can estimate income based on previous year's GP/NP rates when the assessee's books are not rejected and the assessment is not made under Section 144.

Which sections of the Income-tax Act were involved?

Section 144

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, BANGALORE BENCH ‘ A ’

Before: SHRI N. V. VASUDEVAN & SHRI A. K. GARODIA

For Appellant: Shri S. V. Ravishankar, Advocate
For Respondent: Ms Neera Malhotra, CIT DR

O R D E R

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