TaxTMI 
TaxTMI 
2016 (3) TMI 1235
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....ound and the issues involved in all these appeals are common and they are directed against a common order of the Commissioner of Income-tax (Appeals) VII, Hyderabad, these appeals are being disposed of by this common and consolidated order for the sake of convenience. 2. In all the appeals, the assessees have raised several grounds of appeal. They have also raised additional grounds of appeal in all these cases. However, at the time of hearing, the learned counsel for the assessees submitted that he is mainly contesting ground of appeal No.2, wherein it is contended that completed assessments or where the time limit for issuing notices under S.143(2) has lapsed, such assessment s cannot be disturbed and no addition can be made to the incom....
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....7.03.2011. During the course of search, neither the books of accounts of M/s. Sreee Nagendra Cosntructions nor any supporting vouchers for the huge expenditure incurred were found or seized from the premises. The Managing Partner Sri.K.Babu Rao originally claimed that the books of accounts and other documents were kept with the auditor. Regarding the bills etc., he stated that the same were available at respective sites." Thereafter, he observed that the representative of the assessee failed to produce the books of account and other vouchers, even after allowing substantial time for production of the same. On the basis of the statement recorded of Shri K.Babu Rao, Managing Partner, the Assessing Officer concluded that the assessee firm is ....
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....or the assessee also placed reliance upon the following decisions. (i) DCIT V/s. Midwest Gold Limited (1ITA No.1062/Hyd/2014) (ii) DCIT V/s.AMR India Limited (ITA No.1828/Hyd/2012) 6. The Learned Departmental Representative on the other hand, submitted that from para 3.3 of the assessment order, it is clear that the assessees did not cooperate with the Revenue authorities, and as such, there was no material found during the course of search. She submitted that this itself raises a doubt about the correctness of the books of account, if at all, maintained by the assessee, and therefore, the Assessing Officer was justified in rejecting the books of account and estimating the income. 7. Having regard to the rival contentions and the mate....