Pvt. Ltd. (1985) 155 ITR 442 (AP). In Yaggina Veera Ragha Vulu and Mavuleti Somaraju & Co. v. CIT

62 ITR 528High Court1966#4282 most cited

What is Pvt. Ltd. (1985) 155 ITR 442 (AP). In Yaggina Veera Ragha Vulu and Mavuleti Somaraju & Co. v. CIT authority for?

Where an Assessing Officer rejects an assessee's accounts and estimates income to their detriment, the assessee is entitled to know the basis of the estimation and an opportunity to rebut it.

28

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2025.

Also referred to as

Yaggina Veeraraghavulu · Mavuleti Somaraju & Co. v. CIT · 62 ITR 528 · section 145(3) · estimation of income · opportunity to rebut · principles of natural justice

Sections most often in play

Section 144Section 145(3)Section 133ASection 142(1)Section 143(2)Section 143(3)Section 260ASection 44AD

Issues it is cited on

section 2(15a)section 17(2)(iiia)illegal paymentretention moneysection 17(2)depreciation on goodwillsection 80ia(4)section 254(2)deduction u/s 80iarule of consistencysection 17section 292c

Judgments citing Pvt. Ltd. (1985) 155 ITR 442 (AP). In Yaggina Veera Ragha Vulu and Mavuleti Somaraju & Co. v. CIT

COTTAGE HANDICRAFT TEXTILE EMPORIUM,JAIPUR vs. DCIT,CENTRAL CIRCLE-1, JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed

ITA 183/JPR/2025[2018-19]Status: DisposedITAT Jaipur20 May 2025AY 2018-19

Bench: The Hearing Of The Appeal.

For Appellant: Sh. Tanuj Agrawal, AdvFor Respondent: Mrs. Swapnil Parihar, JCIT
Section 133ASection 139Section 143(2)Section 143(3)

…the Id. A.O. in respect of the proposed estimation of income after rejection of 9 Cottage Handicraft Textile Emporium vs. DCIT books of account u/s 145(3). The appellant relied on the judgment of Yaggina Veeraraghavulu & Mavuleti Somaraju & Co. v. CIT [1966] 62 ITR 528 (AP) wherein it was held that where, after rejecting the accounts of the assessee, an estimate of the turnover and gross profits is fixed to the determent of the assessee, the assessee is entitled to know the basis and also to an opportunity to rebut the same. Decision:- It is seen that the appellant firm is retailer of handicrafts who maintaine…

RAKESH VYAS,JAIPUR vs. INCOME TAX OFFICER, JAIPUR

In the result the appeal of the assessee is allowed

ITA 295/JPR/2024[2017-18]Status: DisposedITAT Jaipur18 Jun 2024AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Sh. S. L. Poddar (Adv.)For Respondent: Sh. Rajesh Kumar Meena, (Addl. CIT)
Section 142(1)Section 143(2)Section 144Section 69A

…to the rules of reason and justice, not according to private opinion, but according to law and not humour and the assessment is to be not arbitrary, vague and fanciful, but legal and regular. (4) Yaggina Veeraghavalue Vs. Mavuleti Somraju & Co. V. CIT (1996) 62 ITR 528 (AP) Held that where, after rejecting the accounts of the assessee, an estimate of the turnover and gross profit is fixed to the detriment of the assessee, the assessee is entitled to know the basis and also to an opportunity to rebut the same. In view of the facts of the case discussed above and the case-laws cited, the trading addition made by t…

ACIT, CENTRAL CIRCLE-1(1), HYDERABAD, HYDERABAD vs. NCC LIMITED, HYDERABAD, HYDERABAD

Accordingly, we delete the same. Thus, this ground is partly allowed

ITA 80/HYD/2017[2011-12]Status: DisposedITAT Hyderabad31 Jan 2024AY 2011-12

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumar

For Appellant: Shri Vijay Mehta, CA &For Respondent: Shri K. Madhusudan, CIT(DR)
Section 143(1)

…bject only to the fetters placed by the principles of natural justice. The Supreme Court decision in the case of C. Vasantlal & Co. v. CIT: (1962] 45 ITR 206, or the A.P. High Court in the case of Yaggina Veeraraghavulu and Mavuleti Somaraju & Co v.CIT [1966] 62 ITR 528-535, among others underscore this point. As held in the case of Dhakesh wari Cotton Mills Ltd. v. CIT: (1954] 26 ITR 775, 785 (SC), the only fetter on the Assessing Officer acting on material that would otherwise be unacceptable to a court of law is that he should act honestly and fairly and not indulge in pure guesswork in the act of making an as…

ACIT, CENTRAL CIRCLE-1(1), HYDERABAD, HYDERABAD vs. NCC LIMITED, HYDERABAD, HYDERABAD

Accordingly, we delete the same. Thus, this ground is partly allowed

ITA 79/HYD/2017[2010-11]Status: DisposedITAT Hyderabad31 Jan 2024AY 2010-11

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumar

For Appellant: Shri Vijay Mehta, CA &For Respondent: Shri K. Madhusudan, CIT(DR)
Section 143(1)

…bject only to the fetters placed by the principles of natural justice. The Supreme Court decision in the case of C. Vasantlal & Co. v. CIT: (1962] 45 ITR 206, or the A.P. High Court in the case of Yaggina Veeraraghavulu and Mavuleti Somaraju & Co v.CIT [1966] 62 ITR 528-535, among others underscore this point. As held in the case of Dhakesh wari Cotton Mills Ltd. v. CIT: (1954] 26 ITR 775, 785 (SC), the only fetter on the Assessing Officer acting on material that would otherwise be unacceptable to a court of law is that he should act honestly and fairly and not indulge in pure guesswork in the act of making an as…

ACIT, CENTRAL CIRCLE-1(1), HYDERABAD, HYDERABAD vs. NCC LIMITED, HYDERABAD, HYDERABAD

Accordingly, we delete the same. Thus, this ground is partly allowed

ITA 78/HYD/2017[2009-10]Status: DisposedITAT Hyderabad31 Jan 2024AY 2009-10

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumar

For Appellant: Shri Vijay Mehta, CA &For Respondent: Shri K. Madhusudan, CIT(DR)
Section 143(1)

…bject only to the fetters placed by the principles of natural justice. The Supreme Court decision in the case of C. Vasantlal & Co. v. CIT: (1962] 45 ITR 206, or the A.P. High Court in the case of Yaggina Veeraraghavulu and Mavuleti Somaraju & Co v.CIT [1966] 62 ITR 528-535, among others underscore this point. As held in the case of Dhakesh wari Cotton Mills Ltd. v. CIT: (1954] 26 ITR 775, 785 (SC), the only fetter on the Assessing Officer acting on material that would otherwise be unacceptable to a court of law is that he should act honestly and fairly and not indulge in pure guesswork in the act of making an as…

ACIT, CENTRAL CIRCLE-1(1), HYDERABAD, HYDERABAD vs. NCC LIMITED, HYDERABAD, HYDERABAD

Accordingly, we delete the same. Thus, this ground is partly allowed

ITA 77/HYD/2017[2008-09]Status: DisposedITAT Hyderabad31 Jan 2024AY 2008-09

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumar

For Appellant: Shri Vijay Mehta, CA &For Respondent: Shri K. Madhusudan, CIT(DR)
Section 143(1)

…bject only to the fetters placed by the principles of natural justice. The Supreme Court decision in the case of C. Vasantlal & Co. v. CIT: (1962] 45 ITR 206, or the A.P. High Court in the case of Yaggina Veeraraghavulu and Mavuleti Somaraju & Co v.CIT [1966] 62 ITR 528-535, among others underscore this point. As held in the case of Dhakesh wari Cotton Mills Ltd. v. CIT: (1954] 26 ITR 775, 785 (SC), the only fetter on the Assessing Officer acting on material that would otherwise be unacceptable to a court of law is that he should act honestly and fairly and not indulge in pure guesswork in the act of making an as…

NCC LIMITED, HYDERABAD,HYDERABAD vs. DCIT, CENTRAL CIRCLE-1(1), HYDERABAD, HYDERABAD

Accordingly, we delete the same. Thus, this ground is partly allowed

ITA 75/HYD/2017[2010-11]Status: DisposedITAT Hyderabad31 Jan 2024AY 2010-11

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumar

For Appellant: Shri Vijay Mehta, CA &For Respondent: Shri K. Madhusudan, CIT(DR)
Section 143(1)

…bject only to the fetters placed by the principles of natural justice. The Supreme Court decision in the case of C. Vasantlal & Co. v. CIT: (1962] 45 ITR 206, or the A.P. High Court in the case of Yaggina Veeraraghavulu and Mavuleti Somaraju & Co v.CIT [1966] 62 ITR 528-535, among others underscore this point. As held in the case of Dhakesh wari Cotton Mills Ltd. v. CIT: (1954] 26 ITR 775, 785 (SC), the only fetter on the Assessing Officer acting on material that would otherwise be unacceptable to a court of law is that he should act honestly and fairly and not indulge in pure guesswork in the act of making an as…

NCC LIMITED, HYDERABAD,HYDERABAD vs. DCIT, CENTRAL CIRCLE-1(1), HYDERABAD, HYDERABAD

Accordingly, we delete the same. Thus, this ground is partly allowed

ITA 74/HYD/2017[2009-10]Status: DisposedITAT Hyderabad31 Jan 2024AY 2009-10

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumar

For Appellant: Shri Vijay Mehta, CA &For Respondent: Shri K. Madhusudan, CIT(DR)
Section 143(1)

…bject only to the fetters placed by the principles of natural justice. The Supreme Court decision in the case of C. Vasantlal & Co. v. CIT: (1962] 45 ITR 206, or the A.P. High Court in the case of Yaggina Veeraraghavulu and Mavuleti Somaraju & Co v.CIT [1966] 62 ITR 528-535, among others underscore this point. As held in the case of Dhakesh wari Cotton Mills Ltd. v. CIT: (1954] 26 ITR 775, 785 (SC), the only fetter on the Assessing Officer acting on material that would otherwise be unacceptable to a court of law is that he should act honestly and fairly and not indulge in pure guesswork in the act of making an as…

NCC LIMITED, ,HYDERABAD vs. DCIT, CENTRAL CIRCLE-1(1),, HYDERABAD

Accordingly, we delete the same. Thus, this ground is partly allowed

ITA 73/HYD/2017[2008-09]Status: DisposedITAT Hyderabad31 Jan 2024AY 2008-09

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumar

For Appellant: Shri Vijay Mehta, CA &For Respondent: Shri K. Madhusudan, CIT(DR)
Section 143(1)

…bject only to the fetters placed by the principles of natural justice. The Supreme Court decision in the case of C. Vasantlal & Co. v. CIT: (1962] 45 ITR 206, or the A.P. High Court in the case of Yaggina Veeraraghavulu and Mavuleti Somaraju & Co v.CIT [1966] 62 ITR 528-535, among others underscore this point. As held in the case of Dhakesh wari Cotton Mills Ltd. v. CIT: (1954] 26 ITR 775, 785 (SC), the only fetter on the Assessing Officer acting on material that would otherwise be unacceptable to a court of law is that he should act honestly and fairly and not indulge in pure guesswork in the act of making an as…

SHAKIL AHMAD,SAHARANPUR vs. ITO, WARD- 3(4), SAHARANPUR

In the result, the appeal of the assessee is allowed

ITA 7607/DEL/2017[2014-15]Status: DisposedITAT Delhi03 Mar 2022AY 2014-15

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 7607/Del/2017 : Asstt. Year : 2014-15 Sh. Shakil Ahmad, Vs Income Tax Officer, S/O Sh. Jameel Ahmad, Ward-3(4), 105, Sirsala, Nakur, Saharanpur Saharanpur-247001 (Appellant) (Respondent) Pan No. Bxqps5969C Assessee By : None Revenue By : Sh. Satpal Gulati, Cit Dr Date Of Hearing: 17.01.2022 Date Of Pronouncement: 03.03.2022

For Appellant: NoneFor Respondent: Sh. Satpal Gulati, CIT DR
Section 25

…he rate of GP is arrived at or without giving an opportunity to the assessee to rebut it are 4 Shakil Ahmad bad in law. Reliance is being placed on the following judgments:  Dhakeshwari Cotton Mills Ltd. Vs. CIT 25 ITR 216  Yaggina Veeraraghavulu Vs. CIT 62 ITR 528  Nagulakonda Venkata Subba Rao Vs. CIT 31 ITR 781  Polisetti Subbaraidu & Co. Vs. CIT 34 ITR 492  Gadireddy P. Narasimhulu Naidu & Sons Vs. CIT 21 ITR 70 7. From the above narrated facts, we find that the decision of the ld. CIT(A) taking the gross margins of two different entities and also for different years and comparing it with that of the…

SHRI MOHAN LAL BARGOTI,JAIPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4, JAIPUR

In the result, this appeal of the assessee is allowed

ITA 1462/JPR/2018[2013-14]Status: DisposedITAT Jaipur30 Jul 2021AY 2013-14

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 1462/Jp/2018 Fu/Kzkj.K O"Kz@Assessment Year :2013-14 Shri Mohan Lal Bargoti, Cuke A.C.I.T. Vs. 1-A-1, 1-A-2, Subhash Colony, Circle-4, Shastri Nagar, Jaipur. Jaipur Lfkk;H Ys[Kk La-@Thvkbzvkj La-@Pan/Gir No.: Abzpb 7893 C Appellant Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By: Shri S.L. Poddar (Adv) Jktlo Dh Vksj Ls@ Revenue By: Smt. Runi Pal (Addl.Cit) Lquokbz Dh Rkjh[K@ Date Of Hearing : 18/06/2021 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 30/07/2021 Vkns'K@ Order Per: Sandeep Gosain, J.M. This Is The Appeal Filed By The Assessee Against The Order Of The Ld. Cit(A), Ajmer Dated 14/11/2018 For The A.Y. 2013-14. The Grounds Taken By The Assessee Are As Under:

For Appellant: Shri S.L. Poddar (Adv)For Respondent: Smt. Runi Pal (Addl.CIT)
Section 143(3)Section 145(3)Section 44ASection 69

…i Vs ACIT A.O. for making trading addition unless something specific is pointed out. Reliance is placed on the following case laws: (i) S. Sarabhaiah Setty & Sons V. CIT[1967] 64 ITR 175 (AP). (ii) Yaggina Veeraraghavulu & Mavuleti Sanaraju & Co. V. CIT[1966] 62 ITR 528 (AP). (iii) Seth Nathuram Munnalal V. CIT 25 ITR 216 (Nag.) The ld AR has further submitted that the Ld. A.O. has applied NP rate of 5.11% of Assessment Year 2012-13 in the year under consideration. This has resulted in trading addition of Rs. 30,63,237/-. The Ld. A.O. failed to take into consideration the factors which decreased the NP rate. The…

JYPORE MANUFATURING JEWELLERS PVT. LTD.,JAIPUR vs. JCIT(OSD), JAIPUR

In the result appeals filed by assessee are allowed and that of revenue are dismissed

ITA 304/JPR/2014[2009-10]Status: DisposedITAT Jaipur23 Jan 2020AY 2009-10
For Appellant: Shri S.L. Poddar, AdvocateFor Respondent: Shri B.K. Gupta, CIT -DR
Section 153ASection 153C

…ven opportunity to rebut estimate. Where the ITO did not state the basis of the estimate and no opportunity was given to the assessee to rebut that basis, his order was liable to be set aside. II. Yaggina Veeraraghavulu & Mavuleti Sanaraju & Co. V. CIT[1966] 62 ITR 528 (AP). 22 M/s. Jypore Manufacturing Jewellers (P) Ltd. vs. JCIT (OSD), Central Circle- 3 Jaipur . Where after rejecting the accounts of the assessee, an estimate of the turnover and gross profit is fixed to the detriment of the assessee, the assessee is entitled to know the basis and also to an opportunity to rebut the same. III. Seth Nathuram M…

ACIT, CIRCLE-35, KOLKATA, KOLKATA vs. M/S. KEDIA PIPES, KOLKATA

In the result, the appeal of the revenue is dismissed

ITA 2098/KOL/2014[2010-2011]Status: DisposedITAT Kolkata10 Apr 2019AY 2010-2011

Bench: Shri P.M. Jagtap(Kz) & Shri A. T. Varkey, Jm] I.T.A. No. 2098/Kol/2014 Assessment Year: 2010-11 Acit, Circle – 35 Kolkata.................................………………………………………………….....Appellant Aayakar Bhawan Poorva, 8Th Floor, 110, Shanti Palli, Kolkata – 700 107. [Pan: Aadfk 1107 D] M/S. Kedia Pipes...................…………………………………………………..............................Respondent 33/1, Netaji Subhas Road, 277, Marshall House, 2Nd Floor, Kolkata – 700 001. Appearances By: Shri C.J. Singh, Jcit, Sr. Dr Appearing On Behalf Of The Revenue. Shri J.P. Khaitan, Sr. Advocate & Shri Sanjoy Modi, Fca Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : January 17, 2019 Date Of Pronouncing The Order : April 10, 2019 Order

Section 133ASection 145(3)

…) General Commercial Corporation Ltd. v CIT [1966] 62 ITR 459 (MAD) (xvi) Polisetti Subbaraidu & Co. v. CIT [1968] 69 ITR 738 (AP) (xvii) S. Sarabhaiah & Sons v. CIT [1967] 64 ITR 175 (AP) (xviii) Yaggina Veeraraghavulu & Mavuleti Somaraju & Co. v. CIT [1966] 62 ITR 528 (AP) Common principles which emerged from all the above judicial decisions are as under: (i) Rejection of books of accounts without pointing out any specific instance of irregularity is not valid. (ii) An arbitrary estimation of Gross Profits cannot be made in absence of specific instances of irregularities being pointed out. (iii) Estimation of p…

M/S. MEHTA CONSTRUCTION COMPANY, NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeals filed by the assessee i

ITA 6724/DEL/2016[2012-13]Status: DisposedITAT Delhi23 Oct 2018AY 2012-13

Bench: Shri N. K. Billaiya & Sh. Narendra Chodhary

For Appellant: Mrs. Ranojain, AdvocateFor Respondent: Ms. Ashima Neb, Sr. DR
Section 143

…ner of Income- Tax. Bombay City 1] 5. The appellant should have been provided with an opportunity to rebut before rejecting the books of accounts and estimating the profits 64 ITR 175 (AP) S. Sarabhaiah Setty and Sons. V. Commissioner of Income – Tax, A. P & 62 ITR 528 (AP) Yakub Versey Laljee & Another V. Commissioner of Income – Tax, A. P. 6. Estimate should be based on some evidence and material 8 STC 770 (SC)_ Raghubar Mandal Harihar Mandal V. The State of Bihar 7. Best judgment assessment to be made (estimation shall have a rational nexus to the available material and the circumstances of the case) 60 ITR 2…

M/S MEHTA CONSTRUCTION COMPANY,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeals filed by the assessee i

ITA 6857/DEL/2015[2011-12]Status: DisposedITAT Delhi23 Oct 2018AY 2011-12

Bench: Shri N. K. Billaiya & Sh. Narendra Chodhary

For Appellant: Mrs. Ranojain, AdvocateFor Respondent: Ms. Ashima Neb, Sr. DR
Section 143

…ner of Income- Tax. Bombay City 1] 5. The appellant should have been provided with an opportunity to rebut before rejecting the books of accounts and estimating the profits 64 ITR 175 (AP) S. Sarabhaiah Setty and Sons. V. Commissioner of Income – Tax, A. P & 62 ITR 528 (AP) Yakub Versey Laljee & Another V. Commissioner of Income – Tax, A. P. 6. Estimate should be based on some evidence and material 8 STC 770 (SC)_ Raghubar Mandal Harihar Mandal V. The State of Bihar 7. Best judgment assessment to be made (estimation shall have a rational nexus to the available material and the circumstances of the case) 60 ITR 2…

PRINCIPAL COMMISSIONER OF INCOME-TAX-21, vs. M/S MEHTA CONSTRUCTION CO.

The appeals are partly allowed in the above terms

ITA/314/2016HC Delhi08 Feb 2018

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

Section 145

…er of Income Tax, Bombay City II. 5. The appellant should have been provided with an opportunity to rebut before rejecting the books of accounts and estimating the profits 64 ITR 175 (AP) S. Sarabhaiah Setty and Sons. V. Commissioner of Income Tax, A.P & 62 ITR 528 (AP) Yakub Versey Laljee & Another V. Commissioner of Income Tax, A.P 6. Estimate should be based on some evidence and material 8 STC 770 (SC) Raghubar Mandal harihar Mandal v. the State of Bihar Page 5 of 9 ITA 314/2016 & connected appeals 7. Best judgment assessment to be made (estimation shall have a rational nexus to the avail…

D.C.I.T. CENTRAL CRICLE,, RAIPUR vs. M/S R.R.ENERGY LTD.,, RAIGARH(C.G)

In the result, cross objections filed by the assessee for assessment years 2006-07, 2007-08 and 2008-09 are allowed and cross objections filed for the assessment years 2009-10, 2010-11, 2011-12 and...

ITA 231/BIL/2014[2012-13]Status: DisposedITAT Raipur18 Jan 2018AY 2012-13
For Appellant: Shri G.S.Agrawal, ARFor Respondent: Shri P.K.Mishra, CITDR
Section 133(6)Section 68

…nearthed during operation u/s 132. If any defect in the system and record exists then the A.O. must record a clear finding as held in CITvs Margadarshi Chit Fund Pvt. Ltd. (1985) 155 ITR 442 (AP). In Yaggina Veera Ragha Vulu and Mavuleti Somaraju & Co. vs CIT 62 ITR 528, it was held that assessee is entitled to know the basis for estimation of Turnover and Gross profit. In Seth Nathuram Murmalai 25 ITR 216 (Nagpur), it has been held that ITO must disclose the basis of computation of order and make his order a speaking order to make higher percentage. The "Estimations must not be arbitrary, vague and fanciful, but…

D.C.I.T. CENTRAL CRICLE,, RAIPUR vs. M/S R.R.ENERGY LTD.,, RAIGARH(C.G)

In the result, cross objections filed by the assessee for assessment years 2006-07, 2007-08 and 2008-09 are allowed and cross objections filed for the assessment years 2009-10, 2010-11, 2011-12 and...

ITA 230/BIL/2014[2011-12]Status: DisposedITAT Raipur18 Jan 2018AY 2011-12
For Appellant: Shri G.S.Agrawal, ARFor Respondent: Shri P.K.Mishra, CITDR
Section 133(6)Section 68

…nearthed during operation u/s 132. If any defect in the system and record exists then the A.O. must record a clear finding as held in CITvs Margadarshi Chit Fund Pvt. Ltd. (1985) 155 ITR 442 (AP). In Yaggina Veera Ragha Vulu and Mavuleti Somaraju & Co. vs CIT 62 ITR 528, it was held that assessee is entitled to know the basis for estimation of Turnover and Gross profit. In Seth Nathuram Murmalai 25 ITR 216 (Nagpur), it has been held that ITO must disclose the basis of computation of order and make his order a speaking order to make higher percentage. The "Estimations must not be arbitrary, vague and fanciful, but…

D.C.I.T. CENTRAL CRICLE,, RAIPUR vs. M/S R.R.ENERGY LTD.,, RAIGARH(C.G)

In the result, cross objections filed by the assessee for assessment years 2006-07, 2007-08 and 2008-09 are allowed and cross objections filed for the assessment years 2009-10, 2010-11, 2011-12 and...

ITA 229/BIL/2014[2010-11]Status: DisposedITAT Raipur18 Jan 2018AY 2010-11
For Appellant: Shri G.S.Agrawal, ARFor Respondent: Shri P.K.Mishra, CITDR
Section 133(6)Section 68

…nearthed during operation u/s 132. If any defect in the system and record exists then the A.O. must record a clear finding as held in CITvs Margadarshi Chit Fund Pvt. Ltd. (1985) 155 ITR 442 (AP). In Yaggina Veera Ragha Vulu and Mavuleti Somaraju & Co. vs CIT 62 ITR 528, it was held that assessee is entitled to know the basis for estimation of Turnover and Gross profit. In Seth Nathuram Murmalai 25 ITR 216 (Nagpur), it has been held that ITO must disclose the basis of computation of order and make his order a speaking order to make higher percentage. The "Estimations must not be arbitrary, vague and fanciful, but…

D.C.I.T. CENTRAL CRICLE,, RAIPUR vs. M/S R.R.ENERGY LTD.,, RAIGARH(C.G)

In the result, cross objections filed by the assessee for assessment years 2006-07, 2007-08 and 2008-09 are allowed and cross objections filed for the assessment years 2009-10, 2010-11, 2011-12 and...

ITA 228/BIL/2014[2009-10]Status: DisposedITAT Raipur18 Jan 2018AY 2009-10
For Appellant: Shri G.S.Agrawal, ARFor Respondent: Shri P.K.Mishra, CITDR
Section 133(6)Section 68

…nearthed during operation u/s 132. If any defect in the system and record exists then the A.O. must record a clear finding as held in CITvs Margadarshi Chit Fund Pvt. Ltd. (1985) 155 ITR 442 (AP). In Yaggina Veera Ragha Vulu and Mavuleti Somaraju & Co. vs CIT 62 ITR 528, it was held that assessee is entitled to know the basis for estimation of Turnover and Gross profit. In Seth Nathuram Murmalai 25 ITR 216 (Nagpur), it has been held that ITO must disclose the basis of computation of order and make his order a speaking order to make higher percentage. The "Estimations must not be arbitrary, vague and fanciful, but…

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