2017 (4) TMI 1413

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.... For Revenue: Smt. U. Mini Chandran, DR ORDER Per Smt. P. Madhavi Devi, J.M. Both the appeals are filed by the assessee for the A.Y 2012-13 & 2013-14 respectively. In both the years, the assessee is aggrieved by the orders of the CIT (A) in confirming the assessment of income by the AO at 5% of the cost of the goods sold. 2. Brief facts of the case are that the assessee, who is runn....

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....t properly but the AO has estimated the income without rejecting the assessee's books of account and therefore, the estimation is not sustainable. Further, he also submitted that the assessment of income at 5% of the stock of the goods sold is on a higher side and prayed for a lower rate of profit to be estimated. 4. The learned DR however, supported the orders of the authorities below. 5. H....

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....me is concerned. However, the rate of the estimation at 5% to the cost of the goods sold, in our opinion is on a higher side. The Coordinate Bench of this Tribunal in a number of cases, to which J.M. is a signatory, have been following the judgment of the Hon'ble High Court of Andhra Pradesh in the case of CIT vs. Shri Kamlekar Shankar Lal in ITTA No.21 of 2013 dated 23.07.2013 wherein the Hon....