Income Tax Appellate Tribunal Itat Hyderabad Court January 2005 Judgments Home Cases Income Tax Appellate Tribunal Itat Hyderabad 2005 Page 1 of about 1 results (0.028 seconds)

Assistant Commissioner of Income Vs. Sri Ranganatha Traders

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)95TTJ(Hyd.)275

1. These appeals are filed by the Revenue against the order of the CIT(A)-II, Hyderabad, dt. 25th Feb., 2000 and 28th Feb., 2000, for asst. yrs. 1991-92 and 1992-93. The effective grounds of appeal read as under: "2. The Tribunal set aside the assessment and to determine the income as per provisions of Sections 28 to 43C of the Act. The CIT(A) erred in holding that the unexplained cash credits cannot be considered in view of the Tribunal's directions to compute the income as per provisions of Sections 28 to 43C. 3. Once the books of account are taken up for examination, it is part of the proceedings to compute the income under 'other sources', i.e., unexplained cash credits." For the sake of convenience, these appeals are disposed of by a common order as common issues are involved. Brief facts of the case are as follows.2. The assessee is constituted as a partnership firm and it obtained licence for the sale of arrack for 128 shops in Hyderabad and Secunderabad, for the excise year 19...