2018 (6) TMI 736

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....avi Devi, J.M. This is assessee's appeal for the A.Y 2014-15 against the order of the learned CIT (A)-5, Hyderabad, dated 27.09.2017. 2. Brief facts of the case are that the assessee, an individual, carrying on retail trading in IMFL, filed his return of income for the A.Y 2014-15 on 24.11.2014 admitting income of Rs. 9,98,180. During the assessment proceedings u/s 143(3) of the Act, the AO obs....

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....on in the case of the assessee as well. 4. The learned DR, however, supported the orders of the authorities below. 5. Having regard to the rival contentions and the material on record, we find that this Tribunal, in the case of Secunderabad Wines (Supra) vide orders dated 20.07.2016 (to which both of us are signatories) have held 3% of the cost of goods put to sale to be reasonable estimation of....

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....ely 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'ble A.P. Hig....