2016 (7) TMI 1449

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..... ect the A.O. to adopt 3% of the cost of goods sold as the income of the assessee.
SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER For Assessee : Mr. P. Raviseshagiri Rao For Revenue : Mr. G.S.S.S. Gopinath ORDER SMT. P. MADHAVI DEVI, J.M. This is assessee's appeal for the A.Y. 2011-2012 against the order of the CIT(A) in confirming the action of the A .....

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..... A.O. found that the assessee has offered low gross profit of 11.01% as against the gross profit margin of retail at 24% as per the G.O.Ms. issued by the Government of A.P. The assessee submitted that the gross profit margin of 24% as per G.O. of Government of A.P. is absolutely on the higher side. The Ld. A.R. contended that in majority of the similar liquor cases, the ITAT, Hyderabad Bench has be .....

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..... e submitted that this issue is covered in favour of the assessee by the decision of 'A' Bench of this Tribunal in the case of Sri Venkateswara Wines in ITA.No.1206/Hyd/2015 dated 27.11.2015 for the A.Y. 2011-2012 wherein after taking into consideration similar circumstances the Tribunal has upheld the estimation of income at 3% of the cost of the goods sold. Respectfully following the same, to whi .....

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