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TMI Blog2022 (8) TMI 1024X X X X Extracts X X X X X X X X Extracts X X X X ..... 872 - ITAT VISAKHAPATNAM] by allowing the estimation of gross profit @ 15% of the turnover for the AY 2007-08. Since the facts are similar for the AY 2009-10, we find that the rectification order passed u/s. 154 of the Act by the Ld. CIT(A), Vijayawada did not have legs to stand. Therefore, we are of the considered view that the rectification order passed by the Ld. CIT(A) dated 26/07/2019 deser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is engaged in the business of wholesale trading in Copra and Sugar filed his return of income for the AY 2009-10 admitting a total income of Rs. 1,22,030/-. The Ld. AO made an addition of Rs. 7,57,765/- towards the profit derived from unaccounted business transactions in Copra carried out through the bank account held with ICICI bank and determined the total income of Rs. 8,79,770/-. Ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed a rectification petition u/s. 154 of the Act before the Ld. CIT(A), Vijayawada. The Ld. CIT(A), Vijayawada after considering the submissions made by the assessee allowed the rectification petition filed by the AO based on the fact thatthe Ld. AO had acted duly on the specific direction of the CIT. Aggrieved by the order of the Ld. CIT(A), the assessee is in appeal before us. 3. The asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Authorities below. The only issue in this case is the validity of rectification order passed U/s. 154 of the Act by the Ld. CIT(A), Vijayawada. It is noticed that the Ld. CIT(A), Vijayawada while passing the original order dated 10/08/2018 has considered the decision of the Hon ble ITAT in ITA No.294/Vizag/2017, dated 11/07/2018 by allowing the estimation of gross profit @ 15% of the turnove ..... X X X X Extracts X X X X X X X X Extracts X X X X
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