2014 (3) TMI 1056

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....aktijit Dey, Judicial Member:- These appeals of the assessee are against a common order of the CIT(A) dated 30.12.2011 pertaining to the assessment year 2007-08 and 2008-09. Since facts are identical and issue is common, for the sake of convenience, these appeals are clubbed together and disposed of in this combined order. 2. The issue in dispute in the aforesaid appeal is confined to the estim....

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....also could not produce the stock register or details of sales made against wines. In such view of the matter, the assessing officer rejected the books of accounts for both the assessment years and resorted to estimation of profit for the assessment year 2007-08. The assessing officer after including the license fee to the total purchases made estimated the net profit @ 10%. However, so far as asse....

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....cting such contention of the assessee, enhanced the assessment by estimating the profit at 16% of the purchase value for both the assessment years. 3. We have heard the parties, perused the orders of the revenue authorities as well as other materials on record. It is the contention of the Ld. A.R. that the estimation of profit at 16% is high and excessive considering the normal rate of profit in ....