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2018 (11) TMI 428 - ITAT HYDERABADRejection of books of account - estimation of income - CIT-A estimated the net profit at 4% of the cost of the goods sold as against 5% assessed by AO - assessee in the business of liquor - Held that:- As relying on case of SECUNDERABAD WINES, SECUNDERABAD VERSUS THE INCOME TAX OFFICER, WARD-10 (4) , HYDERABAD. [2016 (7) TMI 1449 - ITAT HYDERABAD] we direct the AO to adopt 3% of the cost of the goods sold as income of assessee, subject to not being less than the returned income. Since assessee did not press for the grounds about rejection of books of account, the grounds pertaining to that extent are rejected. - Decided partly in favour of assessee
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