THE COMMI.INCOME TAX HYD. vs. R.NARAYANA RAO AND OTHERS

HON’BLE SRI JUSTICE G. CHANDRAIAH AND HON’BLE SRI JUSTICE CHALLA KODANDA RAM I.T.T.APPEAL No.84 OF 2002 JUDGMENT:- (per Hon’ble Sri Justice G. Chandraiah) The present appeal is filed by the Income Tax Department raising the questions of law relating to the assessment year 1993-94 aggrieved by the order dated 31.01.2002 passed by the Income Tax Appellate Tribunal in I.T.A No.561/Hyd/1997, Visakhapatnam. 2) When the matter is taken up for hearing, Sri S. Seshidhara Reddy, learned counsel appearing for the Income Tax Department, would fairly submit that the questions involved in the present appeal are similar to the questions raised in I.T.T.A.No.3 of 2003 and batch in relation to assessment year 1993-94, wherein a Division Bench of this Court set aside the orders of the Income Tax Appellate Tribunal directing that the net profit be estimated at 2% of the estimated sales or 16% of the purchase value whichever is higher. Copy of the common judgment in I.T.T.A.No.3 of 2003 and batch has been filed. Since the questions raised in the present appeal are squarely covered by the common judgment dated 21.06.2011 of a Division Bench of this Court in I.T.T.A.No.3 of 2003 and batch, following the common judgment in I.T.T.A.No.3 of 2003, this appeal is allowed answering the questions in favour of the revenue and against the assessee. No order as to costs. Miscellaneous Petitions, if any, pending in this

I.T.T.A. shall stand disposed of. 3) Let a copy of the common judgment in I.T.T.A.No.3 of 2003 and batch be tagged to the copy of this judgment. ______________________ G. CHANDRAIAH,J

____________________________ CHALLA KODANDA RAM, J Date:10.12.2013. Gk.

HON’BLE SRI JUSTICE G. CHANDRAIAH AND HON’BLE SRI JUSTICE CHALLA KODANDA RAM

I.T.T.APPEAL No.84 OF 2002

Date:10.12.2013. Gk.