2017 (12) TMI 589

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.... This appeal by the assessee is directed against order passed by the CIT(A)-2, Visakhapatnam and it pertains to assessment year 2011-12. Assessee raised several grounds, which are taken up in seriatim. 2. Brief facts of the case are set out below. The assessee is engaged in the business of purchase and sale of IMFL supplied by A.P. Beverages Corporation Limited, who is the sole selling author....

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....timated the net profit @ 20% of purchases put to sale. The A.O. also made an addition of Rs. 9,77,510/- on the ground that the assessee could not prove the source of availability of the funds. 4. The Ld. CIT(A) was of the opinion that the profit margin in this line of business would be 10% of purchase price and directed the A.O. accordingly. 5. As regards unexplained income, the Ld. CIT(A) o....

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.... file the appeal in time. Ld. D.R. has not raised any serious objection in this regard. Having regard to the circumstances of the case and for the reasons given in the affidavit, I am of the view that the delay in filing the appeal is supported by sufficient cause. I, therefore, admit the appeal and proceed to dispose of the appeal on merits. Ld. Counsel submitted that ground nos.1.0 to 1.2 can be....