1977 (9) TMI 14 - HC - Income Tax

Summary

The High Court of Calcutta addressed a tax reference involving the assessment year 1955-56. The issue revolved around the yield of oil cake and refraction shortage in mustard oil production. The Income Tax Officer estimated the yield at 36.4% and a shortage of 2,361 maunds, adding Rs. 1,24,838 to the income. The Appellate Authority reduced the addition to Rs. 50,000. The Tribunal upheld the AAC's decision based on the lower yield shown by the assessee. The Tribunal rejected the assessee's application for rectification, stating that the wastage was 0.85%, not 2%. The Court ruled in favor of the revenue, stating that the Tribunal's decision was correct.