9911796707
TMI Blog2014 (4) TMI 706X X X X Extracts X X X X X X X X Extracts X X X X ..... al remark "addressee not found". There is no intimation about change of address. Accordingly, after hearing the learned D.R. the case was decided ex-parte assessee. 2. Brief facts of the case are that the assessee is carrying on the business of retail trade in liquor under the name and style of M/s. Balaji Wines. The assessee filed its return of income admitting total income of Rs.62,240/-. During the course of scrutiny proceedings, the A.O. rejected the books of accounts of the assessee on the ground that the sale figures shown by the assessee are not supported by any sale bills/receipts and applied the provisions of section 145 of the Act. The A.O. estimated the profits at the rate of 27% observing that the issue concerned with estimatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Ld. CIT(A) ought to have upheld the estimation of sales @ 27% of the cost of liquor put to sale as per Government of A.P. Prohibition & Excise GOMs.184 dated 07.02.2005 and assessment of understatement of sales. 3. The Ld. CIT(A) erred in relying on the decision of ITAT in the case of M/s. Amaravathi Wines, Hyderabad the net prof it has been estimated @ 5% of the cost of liquor put to sale taking the previous history of profit whereas the assessee has no past history and the liquor traders in Nalgonda District are selling the liquor as per MRP or even more than MRP. 4. The Ld. CIT(A) erred in relying upon the decision of ITAT-B Bench, Hyderabad, in the case of M/s. Amaravathi Wines, Hyderabad in ITA.No.1196/Hyd/2011, dated 08.06.2012, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITO, Warangal vs. Shri P. Ramaiah and others in ITA.No.1739/Hyd/2012 dated 21.03.2013 is as follows : "4. We have heard the parties present and perused the material on record in the light of the impugned orders of the CIT(A). We find that the issue involved in the present appeal is squarely covered by the consistent view taken by the coordinate benches of this Tribunal in similar matters, as in the case of ITO V/s. Shri Pittala Yakaiah, Nalgonda & Ors. in ITA No. 2191/Hyd/2011 & Ors., wherein this Tribunal vide dated 13 th April, 2012, held that income of the assessees in the line of liquor business has to be estimated at 5% cost of sales made by them. In fact, the CIT(A) directed the Assessing Officer to determine the profit @ 5% of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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