TMI Blog2017 (12) TMI 589X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of several factors, such as higher license fees, limitations in selling the liquor at tag price, etc. Facts being identical in this year also, modify the order of the Ld. CIT(A) and direct the A.O. to adopt 5% of purchases as net profit clear of all expenditure. - I.T.A.No.66/Vizag/2016 - - - Dated:- 5-5-2017 - SHRI D. MANMOHAN, VICE PRESIDENT Appellant by : Shri C. Subrahmanyam, AR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the income at 20%. 3. In response to the show cause notice, it was submitted that IMFL is only supplied to the licensed shops, who are successful in getting the shops through auction on payment of license fees to the State Excise authorities and the purchased product has to be sold at MRPs, which was fixed by Beverages Corporation. The rate of purchase and rate of sale is fixed, whereas the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itled to invoke the provisions of section 68/69 of the Income Tax Act, 1961 to make a separate addition and in this regard, he relied upon several reported decisions. 6. Further aggrieved, assessee is in appeal before the Tribunal. 7. At the outset, it may be noticed that the appeal is barred by limitation by 35 days. Assessee filed a petition, seeking condonation of delay. He has also filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the assessment year 2011-12 on account of several factors, such as higher license fees, limitations in selling the liquor at tag price, etc. Facts being identical in this year also, I modify the order of the Ld. CIT(A) and direct the A.O. to adopt 5% of purchases as net profit clear of all expenditure. 8. Ground nos.1.3 to 1.6 are not seriously pressed for consideration, by the Ld. Counsel f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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