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“estimation of income”

Assessment ProceduresSection 145Section 1453,061 judgments

The decision most relied on for estimation of income is CIT v. Simit P. Sheth (356 ITR 451), cited in 1,465 judgments on BharatTax.

Leading authorities on estimation of income

CIT v. Simit P. Sheth
356 ITR 451 · 2013 · High Court
1,465
citing judgments

When purchases are unproved or presumed to be from the grey market, the entire amount of such purchases should not be disallowed; instead, income can be estimated by applying a reasonable gross profit rate to the unaccounted sales or turnover, especially in assessments arising from search proceedings involving seized documents.

Rotork Controls India Pvt. Ltd. v. CIT
314 ITR 62 · 2009 · Supreme Court
739
citing judgments

A provision for expenses, such as warranty, is a deductible liability for income tax purposes if it constitutes a present obligation arising from past events, and a reliable estimate of the amount of obligation is possible.

Sanjay Oilcake Industries v. CIT
316 ITR 274 · 2009 · High Court
460
citing judgments

In cases of alleged bogus or unverifiable purchases, rather than disallowing the entire purchase value, a reasonable profit element or a proportionate percentage of the purchases should be added back to the assessee's income.

Kachwala Gems v. JCIT
288 ITR 10 · 2007 · Supreme Court
332
citing judgments

In a best judgment assessment, some guesswork is inherent, but the estimate must be fair and not arbitrary. Books of account can be rejected under Section 145(3) if the assessee fails to substantiate entries or prove the genuineness of transactions, leading to estimation of income.

CIT v. Devi Prasad Vishwanath Prasad
72 ITR 194 · 1969 · Supreme Court
272
citing judgments

If there is an unexplained cash credit, the Assessing Officer can treat it as the assessee's income, even when the income is finalized on an estimation basis, without proving its specific source. The onus then shifts to the assessee to prove that the income represented by the cash credit has already been taxed.

Commissioner of Sales Tax v. H.M. Esufali H.M. Abdulali
90 ITR 271 · 1973 · Supreme Court
232
citing judgments

The Supreme Court established principles for best judgment assessments, stating that some guesswork is inevitable but the assessment must be bona fide, rational, and free from bias or capriciousness. An appellate authority cannot substitute its judgment for that of the Assessing Officer unless the AO's assessment is shown to be biased, irrational, vindictive, or capricious, especially when the assessee fails to provide proper accounts or counter-evidence.

CIT v. Balchand Ajit Kumar
263 ITR 610 · 2003 · High Court
212
citing judgments

When making an addition for unaccounted receipts, on-money, or non-genuine purchases/sales, the addition should be restricted to the estimated profit element embedded in such transactions, rather than the entire gross amount, particularly when evidence of corresponding expenditure is incomplete. This estimation often involves applying a net profit rate.

Harigopal Singh v. CIT
258 ITR 85 · 2002 · High Court
203
citing judgments

Penalty under section 271(1)(c) cannot be levied when an addition to income is made on an estimated basis without concrete evidence of concealment or furnishing inaccurate particulars of income. The provisions of section 271(1)(c) are not attracted to cases where income is assessed on an estimate basis.

Judgments citing estimation of income

Punjab Sind Dairy Products P.Ltd, Mumbai vs. ACIT Cen Cir 33, Mumbai

In the result, appeal of the assessee in ITA no

ITA 6246/MUM/2017[2006-07]Status: DisposedITAT Mumbai26 Mar 2019AY 2006-07

Bench: Shri Pawan Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6246 & 6247/Mum/2017 (नििाारण वर्ा / Assessment Year : 2006-07 & 2007-08) बिाम/ Punjab Sind Dairy Product Acit Central Circle- P. Ltd., 33,Room No. 32(3), Ag-2 Cama Industrial Aayakar Bhavan, V. Estate, Walbhatt Road, Mumbai-400020 Goregaon (W), Mumbai- 400063 स्थायी ऱेखा सं./ Pan: Aadcp5419Q (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri. K.K. Lalkaka (Ar) Revenue By: Shri. D.G Pansari (Dr) सुनवाई की तारीख /Date Of Hearing : 16.01.2019 घोषणा की तारीख /Date Of Pronouncement : 26.03.2019 आदेश / O R D E R Per Ramit Kochar: These Two Appeals, Filed By Assessee, Being Ita No. 6246 & 6247/Mum/2017, Are Directed Against Two Separate Appellate Orders Both Dated 22.08.2017 In Appeal No. Cit(A)-53/Dccc-5(2)/It- 123/2012-13 & Cit(A)-53/Dccc-5(2)/It-124/2012-13 Respectively, Passed By Learned Commissioner Of Income Tax (Appeals)-53, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2006-07 & 2007- 08 Respectively, The Appellate Proceedings Had Arisen Before Learned Cit(A) From Two Separate Penalty Orders Both Dated 29.03.2012 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 271(1)(C)

For Appellant: Shri. K.K. Lalkaka (AR)For Respondent: Shri. D.G Pansari (DR)
Section 131Section 132Section 133ASection 143(3)Section 153ASection 271(1)(c)

suppression of profits and consequently income chargeable to tax declared in return of income with an intent to evade taxes . This led to estimation of income by the AO by applying higher G.P ratio to the sale of milk based upon profits earned on milk products dealt with ... under:- I.T.A. No.6246 & 6247/Mum/2017 “ 4. I have considered the submissions of the assessee. First issue related to rejection of books of account and estimation of income. During the course of Search and Seizure action it was notices that the assessee did not maintain proper record regarding inward, outward, production

Kalli Narayana Appa Rao, Bhimadole Mandalam vs. The Income Tax Officer, Ward-2, Eluru

In the result, appeal of the assessee is partly allowed

ITA 86/VIZ/2018[2014-15]Status: DisposedITAT Visakhapatnam22 Mar 2019AY 2014-15

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.86/Viz/2018 (ननधधारण वर्ा/ Assessment Year:2014-15) Kalli Narayana Appa Rao Vs. Income Tax Officer Bavi Street, Pulla Ward-2 Bhimadole Mandalam Eluru West Godavari Dist. [Pan :Alppk9004Q] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri G.V.N.Hari, Ar प्रत्यधथी की ओर से/ Respondent By : Smt.Suman Malik, Dr सुनवधई की तधरीख / Date Of Hearing : 19.03.2019 घोर्णध की तधरीख/Date Of Pronouncement : 22.03.2019

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Smt.Suman Malik, DR

accept the submission of the assessee and the guidelines of the CBDT to consider 70% of water spread area for estimation of income. The assessing officer heavily placed reliance on the assessee’s letter for water spread area of 90% and estimated the income @Rs.15,000/- per acre ... water spread area. For estimation of income @ Rs.15,000/- per acre, the AO has 3 I.T.A. No.86/Viz/2018 Kalli Narayana Apparao, Bhimadole taken comparable cases where income was admitted at Rs.20,000/- per acre in the vicinity of the cultivation undertaken by the assessee. 4. Aggrieved by the order

Shri Om Prakash Singh, Mathura vs. ACIT Circle-3, Agra

In the result appeal is partly allowed

ITA 331/AGR/2016[2011-12]Status: DisposedITAT Agra22 Mar 2019AY 2011-12

Bench: Shri Sudhanshu Srivastava & Dr. Mitha Lal Meena

Section 144Section 234BSection 44ASection 68

rate @8% on contract receipts ignoring the past history of the assessee which as per judicial opinion is a material consideration for estimation of income while proceeding under section 144 of the Act. 3. The assessee is a civil contractor doing civil construction work. Return of Income was filed electronically ... after observing on page-5 of the appellate order that “Once books of accounts are rejected then the learned Assessing officer has to estimate the income, but the estimation has to be done in a proper manner and on some basis.” 4 I.T.A No. 331/Agra/2016 (ASSESSMENT YEAR

Myneni Venkata Rao, Visakhapatnam vs. The ACIT, Visakhapatnam

In the result, appeals of the assessee for the A

ITA 130/VIZ/2015[2008-09]Status: DisposedITAT Visakhapatnam20 Mar 2019AY 2008-09

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singh

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CIT DR
Section 132Section 143(3)Section 153A

maintenance of day to day stock register and packing material should have been a good reason for rejection of books of accounts and estimation of income. The AO did not bring on record any case which is having more profit than the assessee and the AO has not rejected ... making the addition on the presumption and assumption or on guess work. For disturbing the assessee’s case for unaccounted sales or estimation of income, there must be conclusive evidence to show that the assessee has indulged in inflation of purchases or suppression of sales. No such evidence was found

Arunachalam Manickavel, Prop: Bharathi Soap Works, 1St Lane, Guntur vs. The ACIT, Circle - 2(1), Guntur

In the result, appeals of the assessee for the A

ITA 174/VIZ/2014[2010-11]Status: DisposedITAT Visakhapatnam20 Mar 2019AY 2010-11

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singh

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CIT DR
Section 132Section 143(3)Section 153A

maintenance of day to day stock register and packing material should have been a good reason for rejection of books of accounts and estimation of income. The AO did not bring on record any case which is having more profit than the assessee and the AO has not rejected ... making the addition on the presumption and assumption or on guess work. For disturbing the assessee’s case for unaccounted sales or estimation of income, there must be conclusive evidence to show that the assessee has indulged in inflation of purchases or suppression of sales. No such evidence was found

Arunachalam Manickavel, Prop: Bharathi Soap Works, 1St Lane, Guntur vs. The ACIT, Circle - 2(1), Guntur

In the result, appeals of the assessee for the A

ITA 173/VIZ/2014[2009-10]Status: DisposedITAT Visakhapatnam20 Mar 2019AY 2009-10

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singh

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CIT DR
Section 132Section 143(3)Section 153A

maintenance of day to day stock register and packing material should have been a good reason for rejection of books of accounts and estimation of income. The AO did not bring on record any case which is having more profit than the assessee and the AO has not rejected ... making the addition on the presumption and assumption or on guess work. For disturbing the assessee’s case for unaccounted sales or estimation of income, there must be conclusive evidence to show that the assessee has indulged in inflation of purchases or suppression of sales. No such evidence was found

Arunachalam Manickavel, Prop: Bharathi Soap Works, 1St Lane, Guntur vs. The ACIT, Circle - 2(1), Guntur

In the result, appeals of the assessee for the A

ITA 172/VIZ/2014[2008-09]Status: DisposedITAT Visakhapatnam20 Mar 2019AY 2008-09

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singh

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CIT DR
Section 132Section 143(3)Section 153A

maintenance of day to day stock register and packing material should have been a good reason for rejection of books of accounts and estimation of income. The AO did not bring on record any case which is having more profit than the assessee and the AO has not rejected ... making the addition on the presumption and assumption or on guess work. For disturbing the assessee’s case for unaccounted sales or estimation of income, there must be conclusive evidence to show that the assessee has indulged in inflation of purchases or suppression of sales. No such evidence was found

Arunachalam Manickavel, Prop: Bharathi Soap Works, 1St Lane, Guntur vs. The ACIT, Circle - 2(1), Guntur

In the result, appeals of the assessee for the A

ITA 171/VIZ/2014[2007-08]Status: DisposedITAT Visakhapatnam20 Mar 2019AY 2007-08

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singh

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CIT DR
Section 132Section 143(3)Section 153A

maintenance of day to day stock register and packing material should have been a good reason for rejection of books of accounts and estimation of income. The AO did not bring on record any case which is having more profit than the assessee and the AO has not rejected ... making the addition on the presumption and assumption or on guess work. For disturbing the assessee’s case for unaccounted sales or estimation of income, there must be conclusive evidence to show that the assessee has indulged in inflation of purchases or suppression of sales. No such evidence was found

Arunachalam Manickavel, Prop: Bharathi Soap Works, 1St Lane, Guntur vs. The ACIT, Circle - 2(1), Guntur

In the result, appeals of the assessee for the A

ITA 170/VIZ/2014[2006-07]Status: DisposedITAT Visakhapatnam20 Mar 2019AY 2006-07

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singh

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CIT DR
Section 132Section 143(3)Section 153A

maintenance of day to day stock register and packing material should have been a good reason for rejection of books of accounts and estimation of income. The AO did not bring on record any case which is having more profit than the assessee and the AO has not rejected ... making the addition on the presumption and assumption or on guess work. For disturbing the assessee’s case for unaccounted sales or estimation of income, there must be conclusive evidence to show that the assessee has indulged in inflation of purchases or suppression of sales. No such evidence was found

Arunachalam Manickavel, Prop: Bharathi Soap Works, 1St Lane, Guntur vs. The ACIT, Circle - 2(1), Guntur

In the result, appeals of the assessee for the A

ITA 169/VIZ/2014[2005-06]Status: DisposedITAT Visakhapatnam20 Mar 2019AY 2005-06

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singh

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CIT DR
Section 132Section 143(3)Section 153A

maintenance of day to day stock register and packing material should have been a good reason for rejection of books of accounts and estimation of income. The AO did not bring on record any case which is having more profit than the assessee and the AO has not rejected ... making the addition on the presumption and assumption or on guess work. For disturbing the assessee’s case for unaccounted sales or estimation of income, there must be conclusive evidence to show that the assessee has indulged in inflation of purchases or suppression of sales. No such evidence was found

Arunachalam Manickavel, Prop: Bharathi Soap Works, 1St Lane, Guntur vs. The ACIT, Circle - 2(1), Guntur

In the result, appeals of the assessee for the A

ITA 168/VIZ/2014[2004-05]Status: DisposedITAT Visakhapatnam20 Mar 2019AY 2004-05

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singh

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CIT DR
Section 132Section 143(3)Section 153A

maintenance of day to day stock register and packing material should have been a good reason for rejection of books of accounts and estimation of income. The AO did not bring on record any case which is having more profit than the assessee and the AO has not rejected ... making the addition on the presumption and assumption or on guess work. For disturbing the assessee’s case for unaccounted sales or estimation of income, there must be conclusive evidence to show that the assessee has indulged in inflation of purchases or suppression of sales. No such evidence was found

Chandraiah Balnaa Kalal, Mumbai vs. ITO 32(1)(2), Mumbai

The appeal stands partly allowed for statistical purposes in terms of our above order

ITA 1495/MUM/2017[2012-13]Status: DisposedITAT Mumbai19 Mar 2019AY 2012-13

Bench: Hon’Ble Shri Mahavir Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.1495/Mum/2017 (िनधा"रण वष" / Assessment Year:2012-13) Mr.Chandraiah Balanna Kalal Income Tax Officer-32(1)(2) Plot No.7, D-1 Mumbai. बनाम/ Mandar Chs Ltd., Rsc 21, Vs. Gorai-1, Borivali (W) Mumbai-400 092. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aabpk-8755-H (अपीलाथ"/Appellant) (""थ" / Respondent) : Appellant By : M. Subramanian- Ld. Ar Respondent By : Abhi Ram Kartikeyan - Ld.Dr सुनवाई की तारीख/ : 14/03/2019 Date Of Hearing घोषणा की तारीख / : 19/03/2019 Date Of Pronouncement आदेश / O R D E R

For Appellant: M. Subramanian- Ld. ARFor Respondent: Abhi Ram Kartikeyan - Ld.DR
Section 143(3)Section 43B

assessee. The ground stands allowed for statistical purposes. 4 Mr. Chandraiah Balanna Kalal Assessment Year :2012-13 6.1 The second additional grounds contest estimation of income on account of alleged bogus purchases. Pursuant to receipt of certain information from DGIT (Inv.), it transpired that the assessee stood beneficiary of bogus

Anil Kumar S. Goyal, Thane vs. ITO WD 1(3), Thane

In the result, the appeal of assessee is treated as partly allowed, as above

ITA 7122/MUM/2011[2007-08]Status: DisposedITAT Mumbai19 Mar 2019AY 2007-08

Bench: Shri G.S. Pannu & Shri Sandeep Gosain

For Appellant: Shri Dinesh R. ShahFor Respondent: Shri Nishant Samaiya
Section 143(3)

para 4.3 of the order of CIT(A)), thereby resulting in an income of `6,60,560/-. The said estimation of income from business shall be net of expenses, as consented by the Learned Representative for the assessee. Accordingly, we set-aside the order of CIT(A) and direct ... Assessing Officer to finalise the assessment by estimating the income from business as above. 7. In the result, the appeal of assessee is treated as partly allowed, as above. Anil Kumar S. Goyal 8. Insofar as Assessment Year 2007-08 is concerned, it was a common ground between the parties

Anil Kumar S. Goyal, Thane vs. ITO WD 1(3), Thane

In the result, the appeal of assessee is treated as partly allowed, as above

ITA 7121/MUM/2011[2005-06]Status: DisposedITAT Mumbai19 Mar 2019AY 2005-06

Bench: Shri G.S. Pannu & Shri Sandeep Gosain

For Appellant: Shri Dinesh R. ShahFor Respondent: Shri Nishant Samaiya
Section 143(3)

para 4.3 of the order of CIT(A)), thereby resulting in an income of `6,60,560/-. The said estimation of income from business shall be net of expenses, as consented by the Learned Representative for the assessee. Accordingly, we set-aside the order of CIT(A) and direct ... Assessing Officer to finalise the assessment by estimating the income from business as above. 7. In the result, the appeal of assessee is treated as partly allowed, as above. Anil Kumar S. Goyal 8. Insofar as Assessment Year 2007-08 is concerned, it was a common ground between the parties

Resurgere Mines & Minerals India Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, appeal of Assessee partly allowed

ITA 6601/DEL/2014[2009-10]Status: DisposedITAT Delhi19 Mar 2019AY 2009-10

Bench: Shri Bhavnesh Saini, J.M. & Shri O.P. Kant, A.M.

For Appellant: Ms. Umang LuthraFor Respondent: Smt. Sulekha Verma, CIT-DR

appeal of assessee has been dismissed. 6. On Ground No.4, assessee challenged the addition of Rs.13,01,09,000/- on account of estimation of income. 7. Learned Counsel for the Assessee referred to page 73 of the paper book, which is, reply filed before assessing officer along with complete details ... against the assessee from the debtors of the assessee. Therefore, such a reason would not be justified to apply higher profit rate for estimating the income of the assessee. 12 ITA.No.6601/Del./2014 Resurgere Mines & Minerals India Ltd., New Delhi. The assessee submitted before the Learned CIT(A) that assessee

United Electric Co., Chirala vs. Asst. Commissioner of Income Tax, Circle-1(1), Guntur

In the result, appeal filed by the assessee is dismissed

ITA 2139/HYD/2018[2009-10]Status: DisposedITAT Hyderabad15 Mar 2019AY 2009-10
For Appellant: Shri A.C. Gangaiah, ARFor Respondent: Shri P.V. Subbaraju, DR
Section 143(3)Section 263

total income of Rs. 24,03,893/-. In the assessment proceedings the A.O completed the assessment estimating the income @ 8% on turnover. Subsequently the Commissioner of Income tax (CIT),Guntur has taken up the case for revision u/s 263 of the Act and observed that the A.O has committed ... error in adopting the turnover for 2 M/s United Electric Co., Chirala. estimation of income. The CIT verified the records and found that the total turnover of the assessee was Rs. 7,29,84,056/-. Against the gross receipts of 7,29,84,056/-, the A.O has taken the turnover

Danam Dharmender, Hyderabad vs. Income Tax Officer, Ward-14(3), Hyderabad

In the result, appeal filed by the assessee is dismissed

ITA 205/HYD/2018[2014-15]Status: DisposedITAT Hyderabad15 Mar 2019AY 2014-15

Bench: Shri V. Durga Rao & Shri S. Rifaur Rahman

For Appellant: Sri Sunil Kumar Jain & SanjayFor Respondent: Smt. V. Rajitha, DR
Section 143(3)

after considering the assessee’s submissions with regard to the changes brought in by the Government in the Excise Policy, A.O. proceeded to estimate the income @ 2.27% of the stock put to sale of Rs. 11,48,68,123/- which comes to Rs. 26,07,506/- and the assessed income ... Even on the facts of the case, after considering additional license fee paid by the assessee in the form of privilege fee, the estimation of income made by the A.O. @ 2.67% of cost of goods put to sale does not require further reduction or modification. Accordingly, after having considered

Vadde Venkateswarlu, Nellore vs. Income Tax Officer, Ward-1, Nellore

In the result, assessee’s appeal is allowed

ITA 1587/HYD/2018[2013-14]Status: DisposedITAT Hyderabad15 Mar 2019AY 2013-14

Bench: Smt. P. Madhavi Devishri Vadde Venkateswarlu Vs Income Tax Officer Nellore Ward 1 Pan:Aeepv7007C Nellore (Appellant) (Respondent)

For Appellant: Shri K.A. Sai PrasadFor Respondent: Shri D.J. Prabhakar Aand
Section 143(3)Section 147

assessee was required to furnish his books of account. Since the assessee submitted that he was not maintaining books of account, the AO estimated the income at 5% of the cost of goods put to sale. Aggrieved, the assessee preferred an appeal before the CIT (A) who confirmed the order ... without giving further opportunity of being heard. 3. The learned CIT (A) is not justified in confirming the addition made by the AO estimating the income Rs.11,41,953/- at 5% on cost of goods put to sale Rs.2,28,39,071/-. 4. The learned CIT (A), failed to appreciate

Panduranga Rao Choudary, Hyderabad vs. Income Tax Officer, Ward-11(3), Hyderabad

In the result, appeal filed by the assessee is partly allowed

ITA 1523/HYD/2018[2007-08]Status: DisposedITAT Hyderabad15 Mar 2019AY 2007-08

Bench: V. Durga Rao & Shri S. Rifaur Rahmanassessment Year: 2007-08 Panduranga Rao Vs. Income Tax Officer, Choudary, Ward-11(3), Hyderabad. Hyderabad. Pan: Acspc 2029 B (Appellant) (Respondent) Assessee By: Sri A.V. Raghuram Revenue By: Smt. Komali Krishn, Dr Date Of Hearing: 05/03/2019 Date Of Pronouncement: 15/03/2019 Order Per V. Durga Rao, J.M.:

For Appellant: Sri A.V. RaghuramFor Respondent: Smt. Komali Krishn, DR

reasons explained by the assessee, the delay may be condoned. He also submitted that the core issue involved in this appeal is the estimation of income where the assessee is involved in the liquor business and this issue is squarely covered in favour of the assessee by various decisions ... scrutiny assessment proceedings, A.O rejected the assessee’s books of account in the absence of any documentary evidence to support the receipts and estimated the income @ 3% on gross receipts which worked out to 5,27,542/- and brought it to tax. Further, A.O made another addition

Bhaskar Simala, Hyderabad vs. Income Tax Officer, Ward-15(1), Hyderabad

In the result, appeal filed by the assessee is partly allowed

ITA 2096/HYD/2017[2014-15]Status: DisposedITAT Hyderabad15 Mar 2019AY 2014-15

Bench: V. Durga Rao & Shri D.S. Sunder Singhassessment Year: 2014-15 Sri Bhaskar Simala, Vs. Income Tax Officer, Hyderabad. Ward-15(1), Pan: Bxmps 1004 C Hyderabad. (Appellant) (Respondent) Assessee By: Sri S. Rama Rao Revenue By: Sri K. Gopala Krishna, Dr Date Of Hearing: 12/03/2019 Date Of Pronouncement: 15/03/2019 Order

For Appellant: Sri S. Rama RaoFor Respondent: Sri K. Gopala Krishna, DR
Section 143(3)Section 234A

erred in confirming the order of the Assessing Officer in rejecting the books of account and resorting to estimation of income. 3. The Ld CIT (A) erred in confirming the estimation of income at 5% of the cost of goods put sold without considering the explanations submitted before ... Grounds No.1 and 6 are general in nature and therefore the same are dismissed. 3. Grounds No.2 and 3 relates to estimation of income. Brief facts are that the assessee, an individual, is engaged in the business of trading in liquor. The assessee filed its return of income admitting total