2012 (5) TMI 797

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.... in the MA, besides mentioning the reasons for not attending the hearing of his case, requested that non attendance on the date of hearing was out of inadvertence and not as the assessee was disinterested in prosecution of appeal. 2. We have heard the learned counsel of the assessee and the learned DR in the matter. In view of the above that the assessee is interested in prosecuting its appeal, the order of the ITAT (supra) is recalled. 3. Since the issue raised in the corresponding appeal is covered by the decision of the co-ordinate bench of ITAT, Hyderabad, we have decided to dispose of the appeal, on merits, along with the M.A. and the same was accepted by both the parties. ITA NO. 462/HYD/2011 4. Briefly stated the facts of....

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....sold value of Rs. 38,39,427/-. According to the above profit percentage, the profit on the premium items sold was worked out to be Rs. 26,21,081/- and on beer items worked out to Rs. 9,59,856/-. It was pointed out by the AO that the assessee had admitted the profit on the goods sold is much lesser than the profit margin allowed by the Government of AP Prohibition and Excise Department. Therefore, the sale proceeds of the assessee was determined at Rs. 2,05,25,769/- and whereas, the assessee had adopted the sale proceeds at Rs. 1,93,98,341/-, and thus concluded that there is understatement of sales to the extent of Rs. 11,27,428/- and brought the same to tax. 6. On appeal, the CIT(A) after considering the submissions of the assessee and a....

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....hases. This was done after verifying the previous history of business done by the assessee. The Hon'ble ITAT had followed the same decision in some other cases. 3. However, in these cases, there is no previous business done by the assessee to verify. The Assessing Officer has relied on the business practices in this trade where the sale price is much above that fixed by the Excise Dept. i.e. more than MRP. The media have reported numerous cases where liquor is sold above the MRP. 4. It is brought to the kind notice of the Hon'ble Tribunal that as per the latest ACB Investigation in the liquor trade, the sales are made much above MRP by forming cartels of liquor traders. 5. In the interest of social justice, it is ....