9911796707
TMI Blog2021 (12) TMI 408X X X X Extracts X X X X X X X X Extracts X X X X ..... huge profits cannot be a proposition of general application. Various factors will determine the extent of profits. Since the assessee failed to maintain the books of account, best judgment assessment was validly resorted to. Though the assessing officer is entitled to enter into some guess work while carrying out the best judgment assessment, we are of the opinion that 70% or even 65% was exces ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal, Trivandrum. The appeals relate to the assessment years 2010-11 and 2011- 12 respectively. In both the assessment years, the issue involved are almost identical. The assessee is also the same and hence we deem it appropriate to dispose of both these appeals by this judgment. 2. Assessee is a registered Bar Hotel with three star facility at Attingal. Due to non-production of books of acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the year 2010-11, gross profit has been calculated at 70% while for the year 2011-12, gross profit was fixed at 65%. 6. We have heard Adv.T.M.Abdul Latheef on behalf of the revision petitioner and Adv.V.K.Shamsudheen, the learned Senior Government Pleader on behalf of the respondents. 7. The learned counsel for the petitioner submitted that the reasoning adopted by the assessing officer as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry same assessee. Of course, the facts for the said assessment year were different since the assessee had maintained books of account though the same were not proper and correct. On a consideration of the facts in the present case especially for these two assessment years, we are of the view that the order produced as Annexure-B in STR.No.03/2018 cannot be relied as such. 10. However, taking no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion in these two revision petitions. In the aforesaid circumstances, we allow these two revision petitions and direct the sales turn over of liquor to be estimated for the assessment years 2010-11 and 2011-12 by adding gross profit at 55% of the purchase value of liquor and beer sold by the assessee. We clarify that the discretion we exercised in this case to reduce the addition is commensurate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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