P. VENKANNA vs COMMISSIONER OF INCOME-TAX, MYSORE — 1971 PTD 1051

Citation: 1971 PTD 1051

Court: Mysore High Court

Year: 1968

Decision Date: 1968-10-17

Parties: P. VENKANNA vs COMMISSIONER OF INCOME-TAX, MYSORE

Headnotes

Case cited as 1971 PTD 1051

Judgment Text

Court Name: Mysore High Court Judge(s): Ahmed Ali Khan, A. R. Somnath Iyer Title: P. VENKANNA vs COMMISSIONER OF INCOME-TAX, MYSORE Case No.: I. T. R. C. No. 22 of 1967 Date of Judgment:1968-10-17 Reported As: 1971 PTD 1051 Result: N/A JUDGMENT JUDGMENT A. R. SOMNATH IYER, J.--The assessee is a hotelier and, with respect to the assessment year 1962- 63, he disclosed a not income of Rs. 4,998. The turnover concerning his sales amounted, according to his return to Rs. 1,08,718 and the gross profit shows, in the return was 22.3 per cent. Of that turnover. The Income-tax Officer who did not accept the accounts produced by the assessee estimated the gross turnover to be Rs. 1,16,000 and he estimated the gross profits at 28 per cent, that turnover, The Appellate Assistant Commissioner did not disturb the estimation of the turnover made by the Income-tax Officer but he was of the opinion that there was excessive estimation of the --gross profits. He, therefore, reduced the addition made by the Income-tax Officer to the not income by Rs. 4,000. The estima--petition of the gross profits made by the Appellate Assistant Commissioner amounted to 24 per cent. Of the turnover. But, in the appeal preferred by the Income-tax Officer to the Appellate Tribunal, the order of the Appellate Assistant Commis--sioner was reversed and that of the Income-tax Officer was restored. The Tribunal, was of the view that the Appellate Assistant Commissioner had given no cogent reasons for tire reduced…

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