2014 (4) TMI 704

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....stal remark "addressee left". There is no intimation about change of address. Accordingly, after hearing the learned D.R. the case was decided ex-parte assessee. 2. Brief facts of the case are that the assessee is carrying on the business of retail trade in liquor under the name and style of Laxmi Wines. The assessee filed its return of income admitting total income of Rs.3,38,870/-. During the course of scrutiny proceedings, the A.O. rejected the books of accounts of the assessee on the ground that the sale figures shown by the assessee are not supported by any sale bills/receipts and applied the provisions of section 145 of the Act. The A.O. estimated the profits at the rate of 27% of the stock put to sale i.e., Rs.1,47,76,105/-, which w....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 the decision of ITAT-B Bench, Hyderabad, in the case of M/s. Amaravathi Wines, Hyderabad in ITA.No.1196/Hyd/2011, dated 08.06.2012, since the volume of business, location of business and prof its in the case of Venkateswara Wines, Hyderabad cannot be compared with that of the assessee and also that each assessment proceedings are indepen....