TMI Blog2023 (12) TMI 1034X X X X Extracts X X X X X X X X Extracts X X X X ..... t the order of Commissioner of Income Tax (Appeals) [CIT(A)], National Faceless Appeal Centre (NFAC) vide DIN Order No.ITBA/NFAC/S/250/2022-23/1043575647(1) dated 27.06.2022, arising out of order passed u/s 143(3) of the Income Tax Act, 1961 (in short Act ) dated 05.06.2017 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) wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e gone through the condonation petition filed by the assessee and find there is a justifiable cause for filing the appeal belatedly before the Tribunal. I, therefore, condone the delay and admit the appeal for hearing. 3. Brief facts of the case are that the assessee is 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 pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tice. 6. The only grievance of the assessee is that the assessee s appeal was dismissed ex-parte by the Ld.CIT(A) without giving sufficient opportunity. The Ld.AR further contended that on similar set of facts, ITAT, Hyderabad in the case of ITO Vs. M/s Kanaka Durga Wines, estimated the profit 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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