2020 (5) TMI 751 - SCH - Income Tax

Suppressed production - manufacturing processes leads to loss of material which depending upon the product is in the range of 3% to 10% - Correctness in the findings of the Tribunal that the books of accounts of the appellant are unreliable and the finding that appellant has claimed a higher processing loss - As decided by HC 2019 (3) TMI 588 - BOMBAY HIGH COURT AO had carried out minute examination of the material on record. He had held and established that the sale of finished product was below what the assessee ought to have produced and sold even ignoring the production loss and loss of caustic soda and soda flakes during the chemical process. The entire issue was thus purely factual in nature based on the evidence on record. CIT(A) and Tribunal confirmed this view of the AO. When two Revenue Authorities and the Tribunal had concurrently decided the issue based on appreciation of evidence on record we do not find any question of law arising HELD THAT - Upon hearing the counsel the Court made the following Learned counsel for the petitioner prays for and is granted permission to withdraw the petition to enable the petitioner to take benefit of the Government scheme. Accordingly the petition is dismissed as withdrawn with the aforesaid liberty.

Summary

The Supreme Court of India allowed the petitioner to withdraw the petition to benefit from a Government scheme. The petition was dismissed as withdrawn with liberty. Justices Ashok Bhushan, Sanjay Kishan Kaul, and M.R. Shah were part of the bench.