In Itta/191/2003 Of Commissioner Of Income Tax v. M/S. P.krishna Rao 7 Others, the High Court (2014) decided the matter.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
THE HON’BLE SRI JUSTICE L.NARASIMHA REDDYANDTHE HON’BLE SRI JUSTICE CHALLA KODANDA RAM
I.T.T.A.No.191 of 2003
JUDGMENT:(per the Hon’ble Sri Justice L.Narasimha Reddy)
It is represented that the subject matter of this appeal is squarelycovered by the common judgment dated 06.08.2014 passed by thisCourt in I.T.T.A.Nos.121, 123 and 133 of 2002.
Following the same, we allow the appeal directing that the profitof the respondent in the corresponding assessment year shall betreated as 2% of the turnover arrived at by multiplying the cost of arrackby eight times. There shall be no order as to costs.
The miscellaneous petitions filed in this appeal shall also standdisposed of.
___________________________
L.NARASIMHA REDDY, J
Date: 16.09.2014va
____________________________CHALLA KODANDA RAM, J
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