Saastha Warehousing Limited , Hyderabad Income Tax Officer, Ward-3(1), Hyderabad

Last updated: 23 June 2021
Quick Summary
This case involves Saastha Warehousing Limited appealing against the Income Tax Officer's estimation of 10% of their total receipts as business income for the assessment year 2014-15. The company accepts the rejection of its books of accounts but disputes the 10% income quantification. The Tribunal noted that neither the assessee provided all expenditure details nor did the tax authorities consider previous or subsequent years' profit results for this estimation.

Court :
ITAT Hyderabad

Brief :
This assessee’s appeal for Asst. Year 2014-15 arises from the Commissioner of Income Tax (Appeals)-9, Hyderabad’s order dt.21.03.2019 passed in case No.10402/CIT(A)-9, Hyd/2018-19 in proceedings under Section 144 of Income Tax Act,1961 (‘the Act’).

Citation :
ITA No.756/Hyd/2019

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