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TMI Blog2017 (4) TMI 1401X X X X Extracts X X X X X X X X Extracts X X X X ..... to sale - Held that:- Having regard to the rival contentions and the material on record, we find that in similar cases, this Tribunal has restricted the profit at 3% of the goods put to sale - Assessee’s appeal is treated as allowed by directing the AO to estimate the income at 3% of the cost of the goods put to sale. - ITA No.94/Hyd/2017 - - - Dated:- 28-4-2017 - Smt. P. Madhavi Devi, Judicial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the Income Tax Appellate Tribunal Hyderabad Bench in the case of Amaravati Wines in ITA No.231/Hyd/2013. On appeal, the CIT (A) confirmed the order of the AO and the assessee is in appeal before us. 3. The learned Counsel for the assessee submitted that this Tribunal in similar cases has been restricting the profit at 3% of the goods put to sale. He prayed for similar direction in the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s vs. ITO in ITA No.181/Hyd/2016 wherein the Tribunal has upheld the estimation of income at 3% of the cost of goods sold. Both of us are signatories to the said order. Respectfully following the same, we direct the AO to estimate the income of the assessee also at 3% of the cost of goods put to sale. Assessee s ground of appeal No.2 is accordingly allowed . 6. Respectfully following the sam ..... X X X X Extracts X X X X X X X X Extracts X X X X
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