K.ANJIT RAO Vs. ITO, KARIMNAGAR

JUDGEMENT

(1.) THE appellant is a partnership firm. During the assessment year 1989 -90, it was undertaking the business in purchase and sale of arrack. In the return filed by it, it has shown income of Rs.8,21,000/ -. The Assessing Officer issued a notice under Section 143(2) of the Income Tax Act, 1961 (for short the Act), and after taking into account, the remarks offered by the appellant, he passed an order, dated 27.03.1992. A sum of Rs.2,90,577/ - and another sum of Rs.10,540/ - were disallowed as expenditure, on the ground that they are not supported by proper vouchers, and accordingly, the income tax was levied.

(2.) THE appellant filed an appeal before the Commissioner of Income Tax (Appeals), aggrieved by the order of assessment. The appeal was dismissed through order, dated 16.08.2002. Thereupon, the appellant filed I.T.A.No.936/Hyd/2002 before the Hyderabad Bench B of the Income Tax Appellate Tribunal. The appeal was dismissed on 13.03.2003. Hence, this further appeal under Section 260A of the Act.

(3.) HEARD Sri A.V.Krishna Kaundinya, learned counsel for the appellant, and Sri S.R.Ashok, learned counsel for the respondent.