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TMI Blog2019 (3) TMI 588X X X X Extracts X X X X X X X X Extracts X X X X ..... . The assessee is in the appeal against the judgment of the Income Tax Appellate Tribunal raising following questions for our consideration:- "(i) Whether on the facts and in the circumstances of the case and in law, the findings of the Tribunal that the books of accounts of the appellant are unreliable and the finding that appellant has claimed a higher processing loss, is perverse being arrived ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etween the assessee's consumption of raw material and output of various drugs manufactured by the assessee. After carrying out detail exercise, the Assessing Officer rejected the assessee's books and proceeded to examine the possible sale by the assessee outside of the books. The Assessing Officer under this head made an addition of Rs. 96.98 lacs (rounded off). The assessee challenged suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee had admitted only loss of 3 to 10%. The Assessing Officer also took into account the assessee's further submission that caustic soda and soda flakes utilized in the chemical process would be lost. The Assessing Officer granted the benefit of such loss in vague terms was 10.76%. After considering the overall loss of 6.5% admitted by the assessee, the Assessing Officer believed tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecord, we do not find any question of law arising. The assessee's contention of appropriate opportunity being not given by the Assessing Officer was also considered and rejected by the CIT(A). Perusal of the order of the Assessing Officer would demonstrate that sufficient opportunities were granted. The central issue was only one namely of the production loss viz. a viz. stock shown by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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