2015 (9) TMI 1616

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.... (DR) ORDER Per Smt.P. Madhavi Devi, J.M. This is assessee's appeal for A.Y 2010-11. In this appeal, the assessee is aggrieved by the order of the CIT u/s 263 of the I.T. Act. 2. Brief facts of the case are that the assessee, which is engaged in the business of sale of Indian Made Foreign Liquor, filed its return of income for the relevant A.Y on 15.10.2010 admitting total income of Rs....

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....rnover, while the Tribunal in the case of M/s. Mayuru Wines & Others (ITA No.148 to 177/Hyd/2012) had estimated the income of the assessee therein from retail liquor business at 5% of the total turnover. Therefore, he was of the opinion that there is short computation of income by Rs. 7,37,950 in the case of the assessee. He further observed that in the return of income, assessee had claimed to be....

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....of being heard and after proper examination of the facts. 4. Aggrieved by the said order of the CIT u/s 263, the assessee is in appeal before us. The learned Counsel for the assessee submitted that the AO has estimated the net profit from the IMFL business of the assessee @ 2.5% of the turnover on the ground that the assessee has failed to produce its books of account and the bills and vouchers....

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.... however, supported the orders of the CIT. 6. Having regard to the rival contentions and the material on record, we find that the AO has called for books of account of the assessee but the assessee had failed to produce the same. Therefore, AO had estimated the income of the assessee at 2.5% of the turnover. The CIT wants the same to be estimated at 5% of the total turnover because the Tribu....