In Itta/29/2013 Of The Commissioner Of Income Tax-Vi, Hyderabad v. Korremula Ramesh Goud, the High Court (2013) dismissed the appeal. The decision went in favour of the assessee.
Decision: The appeals are therefore dismissed. _____________________ K.J.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF JUDICATURE, ANDHRA PRADESH ATHYDERABAD
THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDTHE HON’BLE SRI JUSTICE K.C. BHANU
I.T.T.A. Nos. 28 and 29 of 2013
DATE: 30.07.2013
ITTA.No.29 of 2013Between:
The Commissioner of Income Tax-VI,Hyderabad.
… Appellant
And
Shri Mekala Bal Reddy,
… Respondent
This Court made the following:
THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAAND
THE HON’BLE SRI JUSTICE K.C. BHANU
I.T.T.A. Nos. 28 and 29 of 2013
COMMON JUDGMENT:(Per the Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta)
We have heard the learned counsel for the appellant and gone throughthe impugned judgment and order of the learned Tribunal.
It appears that the learned Tribunal without relying on the books ofaccount has estimated the profit at 5% instead of 3%. This exercise is alwaysdiscretionary and when the learned Tribunal has exercised its discretionwhile estimating the profit at 5%, we are not going to substitute the same.
The appeals are therefore dismissed.
_____________________
K.J. SENGUPTA, CJ
________________
K. C. BHANU, J
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