2016 (7) TMI 1449

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....ER SMT. P. MADHAVI DEVI, J.M. This is assessee's appeal for the A.Y. 2011-2012 against the order of the CIT(A) in confirming the action of the A.O. in rejecting the books of account and in estimating the net profit at 5% of the cost of the goods sold. The further grievance is against the direction of the CIT(A) that the depreciation on assets is deductible even after estimation of income and i....

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.... of A.P. is absolutely on the higher side. The Ld. A.R. contended that in majority of the similar liquor cases, the ITAT, Hyderabad Bench has been taking the totality of the facts into consideration and holding that the total income of the assessee shall be 3 to 5% of the goods put to sale and that the same has been upheld by the Hon'ble High Court of A.P. The A.O. however, observed that the Hon'b....