Itta/405/2013 Of Commissioner Of Income-Tax(Central) v. M/S.smr Builders Pvt Ltd

IN THE HIGH COURT OF JUDICATURE, ANDHRA PRADESH ATHYDERABAD THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAAND THE HON’BLE SRI JUSTICE K.C. BHANU I.T.T.A. No. 405 of 2013 DATE: 11.09.2013 Between: The Commissioner of Income Tax (Central),Hyderabad. … Appellant AndM/s. SMR Builders Pvt., Ltd.,Hyderabad. … Respondent This Court made the following: THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDTHE HON’BLE SRI JUSTICE K.C. BHANU I.T.T.A. No. 405 of 2013 JUDGMENT:(Per the Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta) We have heard Sri J.V. Prasad, learned counsel for the appellant, andgone through the impugned judgment and order of the learned Tribunal. It appears that the learned Tribunal on fact found that precondition forinitiation of penalty proceedings was not satisfied and the authority below hasestimated the income and presumed that there has been concealment ofrelevant particulars relating to the income. In our view, in case of estimation of income discarding the books ofaccount, there cannot be concealment and if there is no concealment, thequestion of penalty proceedings does not arise. The learned Tribunal hascorrectly passed the impugned order by following the settled principle of lawlaid down by the higher authorities in umpteen number of decisions. We therefore dismiss the appeal. _____________________ K.J. SENGUPTA, CJ ________________ K. C. BHANU, J