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TMI Blog2009 (8) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... en the rate of purchases for the impugned Assessment Year considerably increased in comparison to last year - The assessee has followed the Fifo method while valuing the stock at cost and copies of bills were submitted during assessment proceedings and the latest rates were available with the assessee in respect of its products – Order of CIT(A) and ITAT upheld. - 446 of 2009(O&M) - - - Dated:- 19-8-2009 - ADARSH KUMAR GOEL and DAYA CHAUDHARY, JJ. Mr. Rajesh Katoch, Standing Counsel for the Revenue. ORDER 1. The Revenue has preferred this appeal under Section 260A of the Income Tax Act, 1961 (for short, "the Act") against order dated 31.12.2008 of the Income Tax Appellate Tribunal, Chandigarh Bench 'A', Chandigarh passed in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xplanation for decrease in sale. There was no infirmity in the valuation of stock. The assessee followed the same method of valuation consistently for the last so many years. 3. The Tribunal upheld the said view with the following observations:- "We have considered the rival submissions and perused the material available on the file. Brief facts are that the assessee was engaged in the business of milk processing, declared loss of Rs.33,91,918 in its return, filed on 29.10.2004 which was accompanied by computation of total income, tax audit report, TDS certificate and other necessary documents. The assessee attended the assessment proceedings from time to time and furnished requisite information / details called for and the same were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hee before the Assessment Year 2003-04 nor after that. He has also contended that the return shows that for the year 2002-03 conversion charges of Rs.71,80,109 packing expenses of Rs.7,18,109 and purchase tax of Rs.32,57,072 are actually manufacturing expenses but do not shown in that expenses in manufacturing account rather these were shown in Profit loss account resulting into higher booking of Gross Profit by Rs.1,11,55,290 in 2002-03. Considering these expenses as direct expenses the Gross Profit rate comes to 19.26% for the year 2002-03 whereas for the year 2003-04 it is 19.22% i.e. almost same as per last year. So, in this way there is no difference in Gross Profit rate. He also stated that a comparative chart for the last three yea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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