2009 (10) TMI 855

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.... is filed by the State challenging the order of the Tribunal accepting the gross profit of 29.18 per cent declared in the accounts of the respondent-assessee. We have heard Government Pleader appearing for the petitioner and counsel appearing for the respondent. The assessing officer on noticing that gross profit returned is not consistent with the sale bills, made estimation of gross profit at 55....

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....ls from one single agency which is the Beverages Corporation Ltd. Therefore, purchase cost is same for all the bar hoteliers. However, there may be price variation on retail sale by bar hotels because some are star hotels and others are ordinary hotels where the facilities, location, etc., are different. Further, competition in the same area also may lead to competitive rate in the retail sale ....