9911796707
TMI Blog2023 (12) TMI 1034X X X X Extracts X X X X X X X X Extracts X X X X ..... .06.2017 for the Assessment Year (A.Y.) 2015-16 with the delay of 346 days. The assessee filed a petition for condonation of delay and submitted that the order of the Ld.CIT(A) was passed on 27.06.2022 and the appeal before the Tribunal ought to have been filed on or before 26.08.2022, however, the appeal was filed on 07.08.2023 with the delay of 346 days. The assessee submitted that the reasons for the delay are that the assessee was not aware of the order of the Ld.CIT(A) which was uploaded on IT Portal on 27.06.2022 and she was advised by her ITP to approach a senior counsel only in November 2022 to file appeal before the Tribunal. When the ITP was confronted why he has informed the assessee after lapse of the period, he stated that as h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an individual, engaged in the business of retail trade in liquor, under the name and style of M/s Sri Lakshmi Wines. The assessee filed her return of income for the A.Y.2014-15 on 29.09.2015, declaring total income at Rs. 6,56,800/-. The case was selected for scrutiny and assessment order u/s 143(3) was passed by the AO on 05.06.2017, assessing the total income at Rs. 17,86,590/-, wherein addition of Rs. 11,29,791/- was made by the Assessing Officer(AO), estimating the profit @5% on purchases put to sale. 4. Aggrieved by the order of the Ld.AO, the assessee preferred an appeal before the CIT(A) and the Ld.CIT(A) dismissed the appeal ex-parte for non-prosecution. 5. Aggrieved by the order of the Ld.CIT(A), the assessee preferred an appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ofit of the assessee at 3% of the purchases or stock put for sale during the year against the estimation of 5% made by the CIT(A). Therefore, he pleaded that the profit of the assessee may also be estimated at 3% of the purchases put to sale. 7. Per contra, the Ld.DR submitted that estimation of profit at 8% is appropriate as several forums have estimated the profit at 8% on similar set of facts. However, the AO considered liberally and estimated the profit at 5%. He, therefore, pleaded to uphold the order of the Ld.CIT(A). 8. I have heard both the parties and perused the material available on record. Considering the facts and circumstances of the case, I am of the view that estimation of profit of the assessee @4% is reasonable. I, there ..... X X X X Extracts X X X X X X X X Extracts X X X X
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