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TMI Blog2018 (4) TMI 1611X X X X Extracts X X X X X X X X Extracts X X X X ..... MAKOTAIAH, A.M. : This is an appeal by assessee against the order of the Commissioner of Income Tax (Appeals)-5, Hyderabad, dated 22-08-2017, confirming the estimation of income at 5% on the liquor put to sale. 2. Briefly stated, assessees is in the business of liquor and returned profit of Rs. 16,10,677/-. Assessing Officer (AO) arrived at the stock put to sale at Rs. 8.90 Crores and on that, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 725/Hyd/2015 in the case of Venkateswara Wines, dt. 04-09-2015, wherein the profit was estimated @ 2.5% of the total turnover. 4. Ld.DR, in reply, however, relied on the orders of the Coordinate Bench in the case of Amaravathi Wine Shop in ITA No. 1196/Hyd/2011, dt. 08-06-2012 and in the case of M/s. Kanaka Durga Wines, in ITA No. 815/Hyd/2011, dt. 16-12- 2011 and also SMC-B Bench decision in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from 2.5% to 5%. The latest order by the SMC Bench in the group case of Badri Srinivas Vs. ITO (supra) is @ 3%. In the said case, the Bench has considered the issue as under: "11. I have carefully considered the rival submissions and perused the record. A.O. as well as Ld. CIT (A) have relied upon the decisions of the ITAT rendered in 2011 / 2012 whereas the Assessing Officer, under similar circ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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