2012 (5) TMI 802

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....s Assessee by : Shri M.V. Rajasekhar Rao ORDER Saktijit Dey,   The appeal filed by the Revenue and Cross Objection filed by the assessee are directed against the order dated 27- 10-2011 passed in appeal No.0663/10-11/CIT (A)-VI and they pertain to the assessment year 2007-08. 2. The Revenue raised the following grounds before us:- "1. The CIT (A) ought to have upheld t....

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.... 3. We have considered the rival submissions of the parties and perused the material available on record. We find that the issue in question has been decided by us vide order dated 13-4-2012 passed in ITA Nos. 2191 and other group cases of Pittala Yakaiah and Others wherein the Tribunal held as follows:- "We find that the issue in the Departmental appeal regarding estimation of profit i....

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....in the past is between 0.12% to 0.28% of sales. The co-ordinate Bench of the Tribunal in the case of Manjir Singh Bagga Vs. ITO in ITA No.371 & Others dated 30th September, 2010 held that the estimation of the net profit at 3% is reasonable. In view of the matter, ends of justice would be met if we estimate the net profit of the assessee at 3% of purchases or stock put for sale during the year und....