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TMI Blog1975 (4) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... ddition of Rs. 77,282 made on account of transfer of press-mud to its agricultural farm run as a separate unit by the assessee. According to the Income-tax Officer, while press-mud had been transported to the (Putha) farm at the assessee s cost no credit was taken in the assessee s books for the transfer of such press-mud. The Income-tax Officer reasoned that press-mud being a commodity that could ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... but the Tribunal dismissed the Revenue s appeal. (It is explained that the assessments for the years 1968-69 to 1970-71 are pending and that appeal for the assessment year 1971-72 is pending before the Tribunal). Shri Malik submits that no valid reason has been given by the authorities below to reach a conclusion different from that expressed by the Tribunal itself on this issue for the assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... should make a profit by trading with itself, so to say, on this account. These submissions also carry considerable force. The result is, the addition of Rs. 77,282 is deleted. 5. The next objection relating to an addition of Rs. 1.000 was not pressed and hence rejected. 6. Lastly objection is taken to a disallowance of Rs. 5,230 out of entertainment expenditure. In our view, the disallowance w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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