TMI Blog2017 (4) TMI 1413X X X X Extracts X X X X X X X X Extracts X X X X ..... lls did not contain the details of what is sold, how much is sold and to whom it is sold and most of them are self made vouchers. Therefore, though the AO has not specifically mentioned that the books of account have been rejected, the fact that he has proceeded to estimate the income after recording a finding that it is impossible to arrive at the real profit of the business practically amounts t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er For assessee: Shri K. Hanmandloo For Revenue: Smt. U. Mini Chandran, DR ORDER Per Smt. P. Madhavi Devi, J.M. Both the appeals are filed by the assessee for the A.Y 2012-13 2013-14 respectively. In both the years, the assessee is aggrieved by the orders of the CIT (A) in confirming the assessment of income by the AO at 5% of the cost of the goods sold. 2. Brief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee has maintained the books of account properly but the AO has estimated the income without rejecting the assessee s books of account and therefore, the estimation is not sustainable. Further, he also submitted that the assessment of income at 5% of the stock of the goods sold is on a higher side and prayed for a lower rate of profit to be estimated. 4. The learned DR however, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of the AO as regards the estimation of income is concerned. However, the rate of the estimation at 5% to the cost of the goods sold, in our opinion is on a higher side. The Coordinate Bench of this Tribunal in a number of cases, to which J.M. is a signatory, have been following the judgment of the Hon'ble High Court of Andhra Pradesh in the case of CIT vs. Shri Kamlekar Shankar Lal i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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