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TMI Blog2014 (2) TMI 1199X X X X Extracts X X X X X X X X Extracts X X X X ..... s and relying on the electricity consumption - Regular assessment v/s assessment u/s. 153A - Held that:- The finding is that nothing incriminating was found in the course of search relating to these assessment years. The additions, therefore, were not corresponding to the seized material during the course of search. The relevant income tax returns, in normal course, are disclosing the particulars. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rial removed and without accounting for is subject matter of proceedings under The Central Excise Act, 1944. So long as the proceedings there are pending, this Court should permit the department in this case to await the outcome thereof or in any event, that substantiates the stand of the Department that there were irregularities in the books of account. 2. It is not possible for us to accept the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edings, the Assessing Officer has observed that the Assessee / Company has consistently incurred losses. Hence the books of accounts submitted by the Assessee during the assessment proceedings and those seized in CD format during search action, were examined by the Assessing Officer. 3. It is submitted that the issue involved in the appeal relates to assessment year 2000-01 and pertaining to reje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or each of the year under consideration was placed before the Authorities in the Director's Report of each year. The same has not been disputed by the Revenue. The Tax Audit Report also contains the unit production of each year, which was accepted year after year alongwith returns and no query was raised by the Revenue. The finding of fact dated 31/03/2008 in the order passed by the Income Tax App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsideration and while arriving at a conclusion with regard to the alleged production calculated on the basis of electricity consumption. Rejection of books for these years only on the ground that there has been divergence in the consumption of electricity, therefore, was held not justified. 5. We do not find that such findings of fact give rise to any substantial question of Law and on the groun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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