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TMI Blog2021 (6) TMI 888X X X X Extracts X X X X X X X X Extracts X X X X ..... profit rate at the rate of 5% and we find no infirmity in the order of the CIT(A), hence, the appeal of Revenue s is dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... es, without appreciating the fact that the information was received from Central Excise Department that the assessee has made unaccounted sale of ₹ 2,90,57,030/- and the assessing officer has opted 7% as the net profit on the unaccounted sales, which is offered by the assessee as net profit for the AY 2009-10." 3. Briefly stated facts are that the assessee engaged in the business of ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "4.1.1 The ground of appeal numbers 1 to 7 relate to the addition of ₹ 8,79,164/- being 7% of ₹ 1,25,59,483/- made by the AO on estimation basis. I have carefully considered the submissions of the appellant as well as the findings of the AO in his assessment order and find no infirmity in the decision taken by the AO. The assessee has accepted in Pan 7 of the Assessment Order fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... age varies between Net profit ratio of 2.5% to 4%. Hence, considering the submissions of the appellant in the interest of justice and lair play, while protecting the interest of revenue, it would be reasonable if the NP ratio is taken at 5%. The AO is therefore directed to allow the NP ratio at 5%. Hence, the Ground of appeal is Partly allowed." 4. We have considered the issue and gone throu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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