9911796707
TMI Blog2014 (4) TMI 1231X X X X Extracts X X X X X X X X Extracts X X X X ..... RABAD] income of the assessees in the line of liquor business has to be estimated at 5% cost of sales made by them - decided against revenue - ITA. No. 1825 to 1836/Hyd/2013 - - - Dated:- 25-4-2014 - S/SHRI B. RAMAKOTAIAH, A.M. And SAKTIJIT DEY, J.M. For Revenue: Mr. B. Yadagiri For Assessee: None ORDER PER BENCH These 12 appeals by Revenue are directed against the Order of the CIT(A)-VI, Hyderabad for the A.Y. 2008-2009 and 2009-10. The Revenue in its appeals has raised 6 grounds on two issues i.e., rejection of books of accounts and estimation of profits. The appeals are posted for hearing and notices were sent through RPAD to assessees, but the same are returned un-served with a postal remark addressee l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .1825/Hyd/2013 : 1. The order of Ld. CIT(A) is erroneous on the facts and in the circumstances of the case. 2. The 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 prof it 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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 cost of the goods sold relying on the order of the Tribunal in the case of M/s. Amaravati Wine Shop, in ITA No. 1196/Hyd/2011 dated 8.6.2012. Since the impugned order of the CIT(A) is in consonance with the consistent view taken by the coordinate benches of the Tribunal i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
