2024 (7) TMI 1140

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....he order dated 30/02/2024 passed by the learned Commissioner of Income Tax (Appeals)- National Faceless Appeal Centre (NFAC), Delhi ("Ld. CIT(A)"), in the case of Sri Vidya Gangam, ("the assessee") for the assessment year 2016-17, assessee preferred this appeal. 2. Brief facts of the case are that facts of the case are that the assessee is carrying on the business of retail trading in Indian ma....

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....ned Assessing Officer rightly followed the decision of the jurisdictional ITAT and estimated the income at 5% of the turnover, and there are no grounds to interfere with such estimate. He accordingly confirmed the addition on account of business income. 4. Assessee, therefore, preferred this appeal contending that the rate of estimation of the net profit in liquor trade varies from case to case....

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....sions made on either side. Insofar as the estimate is concerned learned Assessing Officer placed reliance on the decision of the Tribunal rendered in the case of M/s. Kanakadurga Wines (supra) and other cases. As observed by the Hon'ble High Court, the profit percentage to be adopted differs from case to case. Apart from that fact, subsequently the privilege fees is introduced and according to....