9911796707
TMI Blog2015 (6) TMI 886X X X X Extracts X X X X X X X X Extracts X X X X ..... rd, that the assessee has separately offered for tax ₹ 35 lakhs as income apart from the income computed as per its books of accounts. In the absence of any material to show that any discrepancy of more than ₹ 35 lakhs was found in the books of accounts of the assessee, during the course of assessment, we do not find any error in the order of the CIT(A), which is hereby confirmed and the ground of appeal of the Revenue is dismissed. - Decided in favour of assessee. - IT (SS) A No. 2/Ahd/2012, CO No. 68/Ahd/2012 - - - Dated:- 8-5-2015 - N S Saini, AM And S S Godara, JM,JJ. For the Appellant : Shri S L Meena, CIT-DR For the Respondent : Shri Vijay Ranjan, AR ORDER Per N S Saini, Accountant Member This is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and treated as deemed income 5,28,872 Addition for lesser production on comparison of yield of A.Y.2008-09 Total 23,38,317/- 5. The CIT(A) observed that first two additions of ₹ 5,93,121/- and ₹ 1,79,741/- were made on account of excess and shortage of rawmaterial and the next two additions of ₹ 50,908/- and ₹ 1,85,559/- was made on account of excess and shortage of finished goods. Further, the addition of ₹ 5,28,872/- was made by the AO after taking the market rate of the quantity of the finished goods issued by the assessee for samples and the addition of ₹ 8,00,116/- was made by the AO on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 116/-. It was submitted that in fact the yield for Asstt.Year 2008-09 was shown by the assessee at 34.85% as against the yield of current assessment year of 34.34%. Thus, there was no suppression of yield. The consumption of raw material varies from finished product to finished product, depending upon the width of the produce, and therefore, the AO was not justified in comparing the yield of the previous Asstt.Year 2008-09 with the yield of 15 days of the current assessment year. 6. In the alternative, it was submitted by the assessee that the assessee has declared additional income of ₹ 35 lakhs in the return of income as other business income. In the Notes to the return of income the assessee has mentioned as under: While fili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of ₹ 23,38,317/-, the details of which are as follows: Particulars as per Assessing Officer Amount (Rs.) Value of raw material stock found in lesser in search and added as deemed sales proceeds 5,93,121 Excess stock of raw material treated as unexplained investment 1,79,741 Value of finished goods found in lesser in search and added as deemed sales proceeds 50,908 Excess stock of finished goods treated as unexplained investment 1,85,559 Quantity issued as sample and treated as deemed income 5,28,872 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
