TMI Blog2020 (1) TMI 448X X X X Extracts X X X X X X X X Extracts X X X X ..... o find that the assessee has failed to bifurcate the sales and also in estimating of profit from such sales. Therefore, no discrepancy in CIT(A) s adopting the same rate of net profit declared by assessee on the declared turnover to the undisclosed turnover as well. However, in the peculiar circumstances of the case, the net profit can be reduced to do justice to the assessee. Therefore, direct the AO to adopt 6.5% as net profit on the entire turnover of the assessee. However, make it clear that this finding shall be effective only for the relevant A.Y. and cannot be adopted as precedent for any other A.Y. - Assessee s appeal is partly allowed. - ITA No. 530/Hyd./2018 (Assessment Year: 2014-15) - - - Dated:- 6-12-2019 - Smt. P. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A), stating that he was not given proper opportunity before the AO. The CIT(A) however, rejected the contentions of assessee and proceeded to consider the appeal on merits. Before the CIT(A), the assessee has stated that he is into trading business i.e. purchase and sale of vegetables and also sells the vegetables on behalf of the agriculturists at AMC market, Bowenpally. It was submitted that the undeclared turnover was from such sales and income should be estimated thereon. However, the CIT(A) observed that the assessee has not furnished any details with regard to bifurcation of the turnover. As regards the assessee s prayer to bring only peak credit to tax, CIT(A) held that the assessee has failed to identify the specific cash withd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... siness of selling of vegetables both from the dealers as well as farmers and, therefore, the profit on the sale of vegetables on commission basis is much lesser and cannot be adopted at a uniform rate of 7.43%. 3.1. The Ld.DR, however, supported the order of CIT(A) and drew our attention to assessee s Note which is reproduced at para 8.6 of CIT(A) s order. She submitted that the assessee having failed to bifurcate the turnover between the sales of vegetables on behalf of the agriculturists and on behalf of other dealers, the AO as well as the CIT(A) have no other option but to adopt the same rate of net profit to turnover. 4. Having regard to the rival contentions and material placed on record, I find that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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