9911796707
TMI Blog1987 (2) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... in the following circumstances: The assessee had imported certain cadmium plates during the accounting year. The Customs Authorities took objection that the assessee had licence for the import only of cadmium anodes and not cadmium plates and the goods imported were not authorised to be imported. The goods were confiscated but the assessee was allowed to redeem the same on payment of a fine of Rs. 14,000 under section 125 of the Customs Act. The assessee claimed that this sum of Rs. 14,000 was deductible in the computation of business profits since it went to enhance the cost price of the commodity imported by the assessee, the profit or loss on sale of which was taken into account for tax purposes. This has given rise to the first questio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er for scrap was kept by the assessee. He was of the opinion that free wheels to the extent of one lakh numbers had been kept out of the books and that an addition of at least Rs. 6,00,000 was called for to the trading results shown by the assessee. On appeal, the Commissioner of Income-tax (Appeals) broadly approved the method of approach of the Income-tax Officer but, in the light of certain submissions made before him, reduced the addition to Rs. 1,50,000. On further appeal, the Tribunal has reduced the addition further to Rs. 1,00,000. The assessee is not satisfied and is aggrieved that any addition at all should have been made to the trading results and hence the prayer of the assessee to refer as many as three questions said to be que ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate discussion concluded that as many as one lakh pieces of free wheels must have been kept outside the books. Certain defects in a part of the reasoning of the Income-tax Officer were brought to the notice of the Commissioner of Income-tax (Appeals) who made the necessary adjustments and for this reason reduced the addition to Rs. 1,50,000. The Tribunal has substantially confirmed this addition giving some relief to the assessee. The actual quantum of addition, in the ultimate analysis, is only a question of estimate and since the order discloses a basis for the addition sustained, we are unable to discover any principle of law. We, therefore, find no question of law in this part of the Tribunal's order. For the reasons already stated, w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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