1994 (12) TMI 133

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..... olding yield shown by the appellant as low, in estimating yield at 22% in estimating sales of such finished product, in assuming its sale price at average rate of 67 and in making consequent addition. 2. That the learned lower authorities erred in disallowing Rs. 500 out of miscellaneous expenses." 2. S/Shri N.M. Ranka and R.K. Yadav, advocates appeared for the assessee and Shri A.K. Singh app .....

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..... te the addition accordingly. 5. Shri N.M. Ranka, learned counsel for the assessee, strongly urged that in view of proper books being maintained, the addition is totally uncalled for. Emeralds, he said, are natural stones and not man-made items, hence the quality would always vary and accordingly the yield. In support of this submission he has given a comparative chart of yield of the eight previ .....

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..... ssessee and direct that the trading addition of Rs. 1,02,711 be totally deleted. 8. The main reason driving us to this conclusion is that the assessee has been maintaining regular and proper books of account. The same method of accounting and recording the transactions is being consistently followed by the assessee from year to year and never the Revenue authorities have inferred anything advers .....

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