TMI Blog2014 (3) TMI 1056X X X X Extracts X X X X X X X X Extracts X X X X ..... dy, Chander Rao, Saidulu Narsing, Sridhar Reddy E., Raju Gurram, Bal Reddy Mekala, and others [2012 (5) TMI 699 - ITAT HYDERABAD], we set aside the order of the CIT(A) and direct the assessing officer to estimate the profit from the wine business of the assessee by applying the rate of 5% of the purchases made net of all other deductions. The assessing officer should also bear in mind that in no c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iquor. Briefly the facts are, the assessee an individual carries on wine business through its two proprietory concerns i.e. Srinu Bar Restaurant and Pydimamba Wines. Ofcourse, the assessee also carries on execution of civil contract work of Visakhapatnam Steel Plant. The assessee filed its return of income for the assessment year 2007-08 and 2008-09 declaring total income of ₹ 13,17,990/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a different method by estimating the gross turnover at 120% of the purchases and thereafter adding the license fee, estimated the income at 5% of the turnover. The assessee being aggrieved of such estimation of income preferred appeals before the CIT(A). The CIT(A) on the basis of a decision of the Hon ble A.P. High Court in the case of CIT Vs. R.N. Rao and others vide judgement dated 21.6.2011 wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of the CIT(A). Having considered the submissions of the assessee, we are of the view that the issue is no more res integra in view of a series of decisions of the ITAT Hyderabad bench in similar cases. The coordinate bench in case of ITA No.127/Hyd/12 and others dated 18.05.2012 as well as a number of other cases have held that profit in case of business in Indian made foreign liquor has to be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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