9911796707
TMI Blog2017 (10) TMI 1547X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing officer asked the assessee to furnish details of daily production of finished goods as well as the details of the manufacturing process involved. The Assessing officer further observed that the amount of electricity consumed was directly related to the production of finished goods. In order to co-relate the consumption of electricity vis-à-vis production shown, the Assessing officer gathered information regarding the consumption of electricity from the Electricity Board. The Assessing officer analyzed the consumption data of electricity vis-a vis the production of finished goods and observed that there were wide variation in ratio of electricity units consumed to per metric tons of finished goods produced during the yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee were not correct and he accordingly rejected the books of accounts of the assessee by invoking the provisions of section 145(3) of the Income-tax Act, 1961 (in short 'the Act') and proceeded to frame the assessment in the manner as provided u/s 144 of the Act. He thereafter worked out the unaccounted income of the assessee on account of unaccounted production at Rs. 62,12,239/- and added the same to the income of the assessee. 3. Being aggrieved from the above order of the Assessing officer the assessee preferred appeal before the CIT(A). 4. Before Ld. CIT(A), the assessee filed detailed submissions. It was also brought into the knowledge of the CIT(A) that subsequent to the passing of the above stated impugned asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p to 15% would not warrant any adverse cognizance. He accordingly held that since pursuant to the report of the committee, the Assessing officer has already followed this norm while making the assessment in similar cases and in same set of circumstances has accepted the books results shown by the assessee which included the assessee as well, hence, he following the principle of consistency laid down by the Hon'ble Punjab & Haryana High Court in the case of CIT Vs. RIETA Biscuits Co. (P) Ltd [2009] 309 ITR 154 (P&H) held that the books results shown by the assessee company for the year under consideration need to be accepted, as well. He therefore, set aside the action of the Assessing officer in rejecting the books of account and direct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing officer with a direction to decide the issue afresh in accordance with law in the light of the internal guidelines issued by the Principal, Commissioner of Income Tax, Patiala. 7. Further, in our view this matter need not to be restored in the present appeals as the Ld. CIT(A) while deciding the above appeals in favour of the assessee has already followed the internal guidelines of the committee constituted by the Principal Commissioner of Income Tax, Patiala. The Committee so constituted was a Broad based Multi Member body having Additional Commissioner of income Tax, Mandi Gobindgarh as its Head and all the Assessing officers of the Range as its Members. It was also assisted by the experts of the National Institute of the Secon ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
