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

Commissioner of income tax, vs. M/s. R.K. Palace,

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

Commissioner of Income Tax-I vs. Agricultural Market Committee

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

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

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that

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

B’. No worthwhile material or fact was also brought in record by the learned DR to justify a different finding. Therefore, following the same, under the circumstances we hold that though the AO was justified to reject the book results, estimate of gross profit @ 40% of purchase price and disallowances of expenditure is arbitrary and excessive. We further hold that