COMMISSIONER OFINCOEMETAX vs. M/S. V.SATYANARAYANA AND OTHERS

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

The Commissioner of Income Tax-II vs. m/S.M.Ventakteswara Rao AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

The Commissioner of Income tax vs. M/s.V.Satyanrayana AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

The commissioner of Income Tax vs. M/s.M.Narayana Choudary and Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

Commissioner of Income Tax, Rajahmundry. vs. m/s Ganesh Arrack Contractors,

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

COMMISSIONER OF INCOME TAX, vs. M/S G.R.K.PRASAD AND OTHERS

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

COMMISSISONER OF I.T. RAJAHMUNDRY vs. M/S.Y RAMAKRISHNA AND OTHERS

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

COMMR.OF I.T. RKAJAHMUNDRY vs. T.RAMI REDDY AND ORS

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

The Commissioner of income tax, vs. M/s.Y.Ramulu and Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

Commissioner of Income Tax vs. Ms. B.krishna Murthy AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

The Commissioner of Income Tax vs. M/s GRK Prasad AND others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

The Commissioner of Income Tax vs. M/s.B.Satyanarayana AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

The Commissioner of Income Tax vs. M/s.G.V.Krishna Reddy AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

Commissioner of Income Tax, vs. M/s Y.Ramakrishna and Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowances of expenditure is arbitrary and excessive. We further hold that sales, which are admittedly unverifiable should be estimated at eight times of purchase price and net profit should be estimated at 1% of such estimated sales or declared sales whichever is more clear of all deductions and allowances, and if the profit so estimated is less than the profit

Commissioner of Income tax-V, vs. M/s. INTRACK INC,

1) of section 9; By Finance Act, 2010, the said provision is substituted by the following: Substituted by the Finance Act, 2010, w.e.f. 01.04.2010. Prior to its substitution, proviso as substituted by the Finance Act, 2008, w.r.e.f. 01.04.2005, read as under: 12 “Provided that where in respect of any such sum, tax has been deducted in any subsequent year

COMM OF INCOME TAX, HYD vs. M/S. BALAN NATURAL FOOD PRIVATE LTD., HYD

Bench: RAMESH RANGANATHAN,KONGARA VIJAYA LAKSHMI

disallowed the aforesaid amount in terms of Section 14A of the Act. A sum of Rs.3,43,28,658/- being 5% thereof was estimated as expenditure incurred for earning such income. 3. The assessee, thereupon, filed an appeal. The Commissioner of Income Tax (Appeals) by an order dated 31.05.2011 partly allowed the appeal. Being aggrieved, the revenue as well

Commissioenr of Income Tax vs. Dr. T. Ravi Kumar

1) (c). From the reading of the assessment order it is not clear that whether the AO was satisfied even prima facie that this claim is suitable for initiating penalty proceedings. The same, therefore, cannot be sustained. On the point of penalty on disallowance after appreciation of facts and circumstances of the case, no penalty is exigable as the appellant

The Director of Income Tax-(Exemptions), vs. Vasavi Academy of Education

Bench: ANIS,SANJAY KUMAR

disallowed and similarly, the rent paid by others have been discarded. Without any basis, it is simply stated that the vehicle was purchased by paying Rs.3,50,000/- from out of the ill gotton money in the hands of the husband of the petitioner. It was contended that the father of the petitioner, who is a retired Central Government employee