Is there a requirement for the AO to estimate the turnover if the sale of property is identifiable?

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Last updated: 06 July 2021
Quick Summary
This Income Tax Appellate Tribunal case concerns whether an Assessing Officer (AO) is permitted to estimate a company's turnover when the sale of property is clearly identifiable. The assessee argued that the AO should not estimate turnover if the property sales are distinct and their values can be precisely determined. The tribunal reviewed the grounds for appeal, which included the AO's confirmation of an estimated turnover figure despite the availability of actual sales data.

Court :
ITAT Hyderabad

Brief :
This appeal is filed by the assessee against the order of the Ld. CIT (A)-3, Hyderabad in appal No. 0890/ITO/Syp/CIT (A)-3/2014-15, dated 20/05/2019 passed U/s. 143(3) r.w.s 147 and U/s. 250(6) of the Act for the AY 2009-10.

Citation :
ITA No.1904/Hyd/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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