Itta/240/2013 Of The Commissioner Of Income Tax Iv v. Satya Prasad Anagai

IN THE HIGH COURT OF JUDICATURE, ANDHRAPRADESH AT HYDERABAD WEDNESDAY, THE TENTH DAY OF JULYTWO THOUSAND AND THIRTEEN PRESENT THE HON’BLE THE CHIEF JUSTICESRI KALYAN JYOTI SEN GUPTA AND THE HON'BLE MS. JUSTICE G.ROHINI I.T.T.A. No.240 OF 2013 Between: Commissioner of Income Tax-IVHyderabad. ..... Appellant AND Satya prasad Anagani .....Respondent The Court made the following : JUDGMENT:(per the Hon’ble the Chief Justice Sri K.J. Sengupta) We have heard the learned counsel for the appellantand we have gone through the impugned judgment andorder of the learned Tribunal dated 8.6.2012, for theassessment year 2007-2008. It appears that the learned Tribunal has correctlydisallowed the agricultural income and the AssessingOfficer’s approach is absolutely absurd. The AssessingOfficer has considered only the sales of the land but has notconsidered the purchases thereof. The assessee isadmittedly carrying on real estate business in purchasingand selling the land. In the business there must beexpenditure. The Assessing Officer has not consideredpurchases since it is not substantiated by any documentwhereas the Assessing Officer has consideredunsubstantiated sales. This discriminatory approach is notsupported by any law resulting in the Assessing Officerestimating the income of the assessee. The Tribunal afterconsidering the facts and circumstances of this case, hasestimated the percentage of profit at 15%. In a case of thisnature, small degree of guesswork is required. The findingof the learned Tribunal, in our view, is not absurd orunacceptable. Consequently, we dismiss the appeal. No order as tocosts. ______________________Kalyan Jyoti Sengupta, CJ. __________G.Rohini, J.