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TMI Blog2015 (2) TMI 1276X X X X Extracts X X X X X X X X Extracts X X X X ..... said appeal of assessee is against order dated 17/01/2014 of ld. CIT(A), Guntur pertaining to AY 2010-11. 2. Registry has pointed out delay of four days in filing appeal. Assessee has filed a petition praying for condonation of delay supported by an affidavit. After examining the cause of delay, as shown in the affidavit, we are inclined to condone the delay of four days and admit the appeal for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee was asked to explain the reason for such low gross profit, assessee explained that due to heavy competition in the particular line of wine business to attract retailers, discount of 2% was offered. AO not being satisfied with the explanation of assessee as well as the books of account maintained by assessee, rejected the book result and proceeded to estimate the profit from wine trade at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 3% should be adopted. 7. Ld. DR, on the other hand, submitted that uniform net profit rate cannot be adopted in all cases as estimation of profit is discretionary and depends upon the facts of each case. Therefore, as in case of assessee, net profit rate of 5% was found to be appropriate, the same cannot be disturbed only because in some other cases 3% rate has been adopted. Ld. DR further subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it at a particular rate, it cannot be interfered with such exercise of discretion, unless such exercise of discretion is absolutely arbitrary. 9. If we examine the facts of the present case from the material submitted before us, it appears that the net profit percentage declared by assessee from AY 2009-10 to 2013-14 varies between 1.54% to 3.50%. Though, it is a fact that initially the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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