Itta/93/2002 Of Commissioner Of Income Tax Rajahmundry v. M/S.b.krishna Murthy Kakinada And 2 Ors

HON’BLE SRI JUSTICE G. CHANDRAIAH AND HON’BLE SRI JUSTICE CHALLA KODANDA RAMI.T.T.APPEAL No.93 OF 2002 JUDGMENT:- (per Hon’ble Sri Justice G. Chandraiah) The present appeal is filed by the Income Tax Departmentraising the questions of law relating to the assessment year 1993-94aggrieved by the order dated 31.01.2002 passed by the Income TaxAppellate Tribunal in I.T.A No.560/Hyd/1997, Visakhapatnam. 2) When the matter is taken up for hearing, Sri S. SeshidharaReddy, learned counsel appearing for the Income Tax Department,would fairly submit that the questions involved in the present appealare similar to the questions raised in I.T.T.A.No.3 of 2003 and batch inrelation to assessment year 1993-94, wherein a Division Bench of thisCourt set aside the orders of the Income Tax Appellate Tribunaldirecting that the net profit be estimated at 2% of the estimated salesor 16% of the purchase value whichever is higher. Copy of thecommon judgment in I.T.T.A.No.3 of 2003 and batch has been filed. Since the questions raised in the present appeal are squarely coveredby the common judgment dated 21.06.2011 of a Division Bench of thisCourt in I.T.T.A.No.3 of 2003 and batch, following the commonjudgment in I.T.T.A.No.3 of 2003, this appeal is allowed answering thequestions in favour of the revenue and against the assessee. Noorder as to costs. Miscellaneous Petitions, if any, pending in this I.T.T.A. shall stand disposed of. 3) Let a copy of the common judgment in I.T.T.A.No.3 of 2003 andbatch be tagged to the copy of this judgment. ______________________ G. CHANDRAIAH,J ____________________________ CHALLA KODANDA RAM, J Date:10.12.2013. Gk. HON’BLE SRI JUSTICE G. CHANDRAIAH AND HON’BLE SRI JUSTICE CHALLA KODANDA RAM Gk. I.T.T.APPEAL No.93 OF 2002 Date:10.12.2013.