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

206C of the Act[16]. Section 44AC of the Act inter alia stipulated that the profits and gains of purchaser of goods in the nature of alcoholic liquor for human consumption shall be deemed to be equal at 40% of the purchase price. The Division Bench of the High Court of Andhra Pradesh read it down holding that the provision

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