SRI LAKSHMI CONSTRUCTIONS,NELLORE vs THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI DUVVURU RL REDDY, HON’BLE & SHRI S BALAKRISHNAN, HON’BLE

For Respondent: Dr. Aparna Villuri, Sr. AR

Hearing: 11/06/2024

Per contra, the Ld. Departmental Representative [“Ld. DR”] heavily relied upon the orders of the Ld. Revenue Authorities and argued in support of the same.

We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue Authorities. Admittedly, we find from the page No.94 of the paper book submitted by the assessee, the Profit & Loss Account remains unupdated as on the date of survey ie., 19/02/2020. Considering the submissions made by the Ld. AR, following the principles of natural justice, we find it deem fit to remit the matter back to the file of the Ld. AO to verify the stock details based on the updated audited books of accounts and the return 7 of income filed by the assessee for the AY 2020-21. We also direct the assessee to produce the records regarding the stock as well as sales & purchases before the Ld. AO for verification. It is ordered accordingly.

In the result, appeal filed by the assessee is allowed for statistical purposes as indicated herein above.

SRI LAKSHMI CONSTRUCTIONS,NELLORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR