1980 (4) TMI 208 - AT - Income Tax

Summary

The assessee, a HUF, derived income from business in cement, wheat, and rice milling. The ITO disputed the yield of rice milling at 61.6% and added Rs. 5,680 to the milling account. On appeal, the addition was reduced to Rs. 3,500. The assessee explained that the low yield was due to excessive moisture in paddy purchased during Nov./Dec. The Tribunal accepted the explanation and deleted the addition. The appeal was allowed.