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2013 (12) TMI 1001 - ITAT HYDERABADDetermination of profit @5% of the cost of goods sold – Held that:- Following Income tax Officer-Ward-2, Hyderabad Versus Amaravathi Wine Shop, Hyderabad [2012 (8) TMI 706 - ITAT, HYDERABAD] - Income of the assessees in the line of liquor business has to be estimated at 5% cost of sales made by them - the CIT(A) directed the Assessing Officer to determine the profit @ 5% of the cost of the goods sold - There was no infirmity in the orders of the CIT(A) – Decided against Revenue.
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