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TMI Blog2018 (6) TMI 736X X X X Extracts X X X X X X X X Extracts X X X X ..... 3-5-2018 - Smt. P. Madhavi Devi, Judicial Member AND Shri S.Rifaur Rahman, Accountant Member For Assessee : Shri K.A. Sai Prasad For Revenue : Shri Geetinder Mann O R D E R Per Smt. P. Madhavi Devi, J.M. This is assessee s appeal for the A.Y 2014-15 against the order of the learned CIT (A)-5, Hyderabad, dated 27.09.2017. 2. Brief facts of the case are that the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of M/s. Secunderabad Wines vs. ITO in ITA No.181/Hyd/2016 and this Tribunal vide orders dated 20.07.2016, has held 3% of the cost of goods put to sale, to be reasonable estimation of income. He prayed for similar direction in the case of the assessee as well. 4. The learned DR, however, supported the orders of the authorities below. 5. Having regard to the rival contentions and the mate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 been taking the totality of the facts into ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 which both of us are signa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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