TaxTMI 
TaxTMI 
2022 (4) TMI 588
X X X X Extracts X X X X
X X X X Extracts X X X X
....gainst the order of the Ld. CIT (A), Vijayawada in appeal No.414/CIT(A)/VJA/2015-16, dated 14/10/2019 passed U/s. 143(3) r.w.s 250(6) of the Act for the AY 2013-14. 3. The assessee has filed grounds of appeal at the time of filing of the appeal. Subsequently, on 07/02/2022 the assessee has filed Revised Grounds of Appeal and they are extracted herein below for reference: "1. The order of the Ld. CIT(A) is contrary to the facts and also the law applicable to the facts of the case. 2. The Ld. CIT(A) is not justified in upholding the action of the Assessing Officer in rejecting the books of account of the appellant and in estimating the business income. 3. Without prejudice to the above, the Ld. CIT(A) ought to ha....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f the Act, the Ld. AO also made addition of Rs. 6,52,000/- as unexplained cash deposits and determined the assessed income at Rs. 21,79,292/-. Aggrieved by the order of the Ld. AO, assessee filed an appeal before the Ld. CIT(A). 5. On appeal, the Ld. CIT (A), after considering the submissions of the assessee, granted to relief to the assessee in respect of unexplained cash deposits in the assessee's bank accounts and sustained the decision of the Ld. AO with regard to estimation of net income from business of liquor @ 5% and partly allowed the appeal. Aggrieved by the order of the Ld. CIT(A), the assessee is in appeal before the Tribunal. 6. Before us, the Ld. AR briefly narrated the facts of the case and submitted that under identica....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cost of goods put to sale. The relevant portion of the Tribunal in the case of Sri Venkateswara Wines, Scunderabad in ITA No.1206/Hyd/2015 is reproduced hereunder: "5. Having regard to the rival contentions and the material on record, we find that the assessee has not maintained any books of account and therefore, the estimation of income is justified. It is only the rate at which the income is to be estimated is before us. A.O. has estimated the income at 5% of the cost of goods sold, while the assessee is seeking the estimation at 3% of the cost of goods sold. We find that in the case of Venkateswara W ines, Nizamabad (supra), the Coordinate Bench of this Tribunal has taken note of the decision of Hon'ble High Court of Telang....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f the Coordinate Bench (to which both of us are signatories), the AO is directed to estimate the net profit at 3% of the cost of goods put to sale. The assessee's appeal is accordingly allowed. 9. Respectfully following the Coordinate Bench decision of the Tribunal (supra) as well as following the principle of consistency, we hereby direct the Ld. AO to estimate the net profit @ 3% of the cost of goods put to sale. Accordingly, Revised Grounds No.3 raised by the assessee is allowed. 10. Grounds No.1 and 4 are general in nature and therefore they are dismissed as such. 11. In the result, appeal of the assessee partly allowed for statistical purposes as indicated herein above. ITA No. 15/Viz/2020 10. This is a twin appeal filed....