9911796707
TMI Blog2011 (3) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income Tax Department (the Department) under Section 260-A of the Income Tax Act (the Act). The appeal has been admitted on the following substantial questions of law: "(1) Whether on the facts and in the circumstances of the case, Ld. ITAT was legally justified in confirming the relief allowed by Ld. C.I.T. (A) amounting to Rs.39,71,156/- and Rs.77,66,940/- on account of 'unaccounted p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 145(2) of I.T. Act, on the basis of which additions were made by the Assessing Officer were not applicable?" The dispute relates to assessment year 1990-91. The assessee - respondent is carrying on business of manufacturing tyres and tubes. The disclosed income of the assessee was not accepted by the assessing officer and certain additions were made on the ground that wastage claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epted wastage in respect of bead-wires at 2.39% and in respect of valve-bodies at 1.65% for that year. The wastage was 1.65% in the assessment year 1987-88, 0.13% in the assessment year 1988-89 and 0.93% in the assessment year 1989-90. The Tribunal also found that it is a question of making estimate and allowed wastage of bead-wires and valve-bodies at 2.5% in each case. We do not find any illegal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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