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.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.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 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 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. 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.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

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

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

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.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

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

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 I vs. M/s. Bhagiradha Chemicals AND Industries Ltd.,

The appeal is disposed of

disallowed under Section 36(1)(ii) of the Act. Secondly, the assessee had booked majority of the expenses against the unit carrying out trading operations and thereby had inflated profits of the manufacturing unit exempt under Section 80-IC. Expenses booked for the eligible unit under section 80-IC were only Rs.12,31

Principal Commissioner of Income Tax-2 vs. M/s Indur Green Power Private Limited

In the result, all the appeals fail and are hereby

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Section 2(15) of the Act?. 44. We are dealing with a taxing statute. The intention of the legislature in a taxation statute is to be gathered from the language of the provisions particularly where the language is plain and unambiguous. In a Taxing Act, it is not possible to assume any intention or the governing purpose of the statute

The Commissioner of Income Tax-IV vs. Nekkanti Sea Foods Limited

The appeal is dismissed without any order as to costs

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

disallowed the claim by treating the entire expense as incurred on capital account. Even depreciation was not allowed. 5. The CIT (Appeals) affirmed the aforesaid findings given by the Assessing Officer. 6. In the second appeal before the tribunal, it has been held that the expenditure incurred was a revenue expense and should be allowed. ITA 160/2012 Page

AD-AGE OUTDOOR ADVERTISING P LTD., HYDERABAD. vs. DEPUTY COMMISSIONEER OF INCOME TAX, HYDERABAD.

Bench: T.VINOD KUMAR,M.S.RAMACHANDRA RAO

disallowing the deduction of Rs. 45,00,000/-, the CIT(A)recorded the following reasons:- a) As; there was no specific provision under Section 36 of the Act relating to contribution to leave encashment fund, the amount of Rs. 45,00,000/- paid into the said fund by the assessee had no statutory recognition. b) There was no ascertained liability

The Commissioner of Incoe Tax III, vs. Raj Breeders and Hatcheries (PVT) Liited,

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

disallowing the deduction of Rs. 45,00,000/-, the CIT(A)recorded the following reasons:- a) As; there was no specific provision under Section 36 of the Act relating to contribution to leave encashment fund, the amount of Rs. 45,00,000/- paid into the said fund by the assessee had no statutory recognition. b) There was no ascertained liability