2021 (2) TMI 1084

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....narayana Raju , Sr. DR ORDER PER N. K. CHOUDHRY , JUDICIAL MEMBER This appeal has been preferred by the assessee against the order dated 04/11/2019 impugned herein passed by the ld. CIT(A), Rajamahendravaram u/sec. 250(6) of the Income Tax Act, 1961 (hereinafter referred to as "Act") for the A.Y. 2012-13. 2. The assessee has raised the following grounds of appeal:- "1. The ld.....

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....his return of income, therefore, treating the said cash deposits as sale proceeds of the Assessee qua banana trading, the income in respect thereof was estimated @8% which worked out to Rs. 9,68,416/- and resulted into addition to the total income of the Assessee. 4. On appeal the ld. CIT(A), affirmed the action of the AO by holding as under:- "5. I have perused the material available ....

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.... respect of Viswajanani Fruit Company's audit reports. However, this case is not squarely applicable to the appellant's case as there is a difference in the nature of trade." 5. The Assessee being aggrieved preferred this appeal. 6. Having heard the parties and perused the material available on record. The Assessee has claimed that it is dealing with two trades i.e. liquor and banana....

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....sed the order in cryptic manner and affirmed the estimation @8%. The Ld. CIT(A) further failed to base affirmation of estimation @8% on any material and/or circumstances while ignoring the comparable case. From the perusal of income tax return filed by the Viswajanani Fruit Company for the A.Y. 2012-13 as quoted by the Assessee as a comparable case, it reflects that the profit from banana trading ....