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TMI Blog2024 (7) TMI 1140X X X X Extracts X X X X X X X X Extracts X X X X ..... MI 797 - ITAT HYDERABAD ] and other cases. As observed by the Hon'ble High Court, the profit percentage to be adopted differs from case to case. Apart from that fact, subsequently the privilege fees is introduced and according to the learned AR it reduced the profit margin. We are of the considered opinion that the estimate of net profit of the assessee at 3% of the turnover would meet the end ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... During scrutiny assessment, learned Assessing Officer found that the assessee was maintaining the sales bills and therefore it was difficult to determine the profit. Learned Assessing Officer, therefore, followed the decision of the Tribunal in the case of Kanakadurga Wines vs. ITO in ITA No. 462 /Hyd/ 2011 and other cases wherein the estimate of net profit was done at the rate of 3% to 5% of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re are also judgements of the Tribunal where the net profit was estimated at 3% of the turnover in the sale, and therefore keeping in view the levy of privileged fee from the year 2012, estimate of net profit at 3% would meet the ends of justice. 5. Per contra, Ld. DR submitted that had the assessee maintained the sales bills, which are vital to arrive at the turnover of a businessman, the estimat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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