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2012 (8) TMI 706 - ITAT, HYDERABADSuppression of Sales - retail trade in liquor – AO on observation of GOMS of the Govt., of AP and retailer’s margin, reworked sales based on MRP fixed - addition made for suppression of sales, deleted by CIT(A) on ground that MRP fixed by the Government may be an indicator for knowing the general price of the product but the same cannot be considered as the price for which the sales were effected by the assessee – Revenue contesting the same on various grounds including that TDS & TCS rate of 1% fixed in liquor trade if adopted would render net profit margin to be in excess of 5% - Held that:- In view of aforesaid and various other submissions of Revenue, we set aside the order of the CIT(A) and direct the AO to estimate net profit at 5% of the purchases or stock put for sale during the year subject to the assessed income not less than returned income – Decided partly in favor of Revenue.
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