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TMI Blog2013 (9) TMI 1065X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of Ld. CIT(A) and direct the Assessing Officer to make the addition of ₹ 2 lakhs on trading account. - ITA No. 556/CHD/2013 - - - Dated:- 26-9-2013 - SHRI T.R. SOOD, ACCOUNTANT MEMBER AND MS. SUSHMA CHOWLA, JUDICIAL MEMBER For the Appellant: Shri Tej Mohan Singh For the Respondent: Shri Akhilesh Gupta ORDER PER T.R.SOOD, A.M. This is an appeal filed by the assessee against the order dated 03/04/2013 of CIT(Appeals), Panchkula 2. Following grounds have been raised in this appeal:- 1. That the Ld. Commissioner of Income Tax (Appeals) has erred in law as well as on facts in upholding the addition of ₹ 41,24,000/- made on account of alleged difference in opening stock price and Sale pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... full sale price and therefore, calculated the sale price as under:- 4. The opening stock price and sale price have been compared and some differences were found in some items which are as below:- Sl.No. Items Opening Stock Price Closing Stock Price Sale price taken Sale Price to be considered (O.S price + GP% Sale x Diff in price Addition (Rs) 1 2 3 4 5 6 7 8 1 Bardana 14.39/bag - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gly the same was billed at a lower rate. The selling rate cannot be compared to the opening stock price particularly because bardana is sold at the same rate as rice, rice bran which varies during the year from ₹ 3.6 to 14.74. 4.1 In respect of rice bran, it was submitted that assessee had opening balance of rice bran of 30 quintals which was valued at the rate of ₹ 800/- per quintal. It was submitted that in the rice mill industry husking of the paddy and converting it into rice, many varieties of rice comes out i.e. broken rice, rice Nikoo, rice bran, rick phuk and rice etc. During the year the assessee had obtained from the manufacturing process 3348.75 quintals and the same quantity was sold during the year. It was submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds. 4.3 In respect of rice sharbti it was stated that opening stock was only 18.26 quintals which was valued at ₹ 2200/- per quintal. The sale price of sharbti rice, including broken rice, the details were as under:- Sl.No. O.S paddy Nil 1 Paddy sharbati purchased from 08.09.08 to 31.03.2009 9847.16 2 Rice sharbati procured from above paddy @67% 6597.59 3 O.S. of rice sharbati as on 01.04.2008 18.26 4 Total of (ii)+(iii) comes total rice sharbati including broken comes at ..... X X X X Extracts X X X X X X X X Extracts X X X X
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