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of <h1>ITAT Upholds Income Estimation for Leased Fish Tanks, Emphasizes Evidence Requirement</h1> <h3>Moturi Kanakeswara Rao Versus ITO, Ward-1, Eluru.</h3> Moturi Kanakeswara Rao Versus ITO, Ward-1, Eluru. - TMI Issues Involved:1. Delay in filing appeals and condonation of delay.2. Estimation of income in respect of leased fish tanks and whether the direction given by the CIT(A) constitutes a mistake apparent on record.Analysis:Issue 1: Delay in filing appeals and condonation of delayThe appeals by the assessee were directed against separate orders of the Commissioner of Income Tax (Appeals) for the Assessment Years 2002-03 & 2003-04. There was a delay of 9 days in filing each appeal, which the assessee attributed to medical reasons. The ITAT found a sufficient cause for the delay and thus condoned the delay, allowing the appeals to be heard.Issue 2: Estimation of income in respect of leased fish tanksThe main issue in this appeal revolved around the estimation of income in relation to leased fish tanks and whether the direction given by the CIT(A) constituted a mistake apparent on record. The CIT(A) had directed the Assessing Officer to estimate the income of the leased fish tanks subject to the production of evidence by the assessee. The Assessing Officer found defects in the evidence provided by the assessee and estimated the income accordingly. The assessee filed a petition for rectification, which was dismissed by the Assessing Officer, citing lack of tangible evidence for lease rentals paid to outsiders. The ITAT upheld the orders of the lower authorities, stating that the base agreement provided by the appellant had several defects and lacked essential details. The ITAT found no reason to interfere with the order of the CIT(A) and dismissed the appeal filed by the assessee.In conclusion, the ITAT affirmed the decisions of the lower authorities regarding the estimation of income from leased fish tanks and the dismissal of the appeals filed by the assessee. The judgment highlighted the importance of providing tangible evidence to support claims and the limited scope of rectification under Section 154 of the Income Tax Act.
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