Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (8) TMI 1575 - ITAT PUNEDetermination of suppressed production - estimation of production and the consequent profits thereon on the basis of consumption of electricity vis-à-vis production of TMT bars - addition was worked out in the hands of the assessee on the basis of US standards - CIT(A) in applying gross profit rate of 4% and consequently allowing manufacturing and administrative expenses on the unaccounted production - HELD THAT:- The issue arising in the present appeal is identical to the issue before the Tribunal in Shree Om Rolling Mills Pvt. Ltd. [2015 (10) TMI 2316 - ITAT PUNE] and following the same reasoning, we direct the Assessing Officer to delete the addition made on account of excess production following the consumption of electricity as per US standards as not merited. However, addition of additional income in the hands of assessee on account of admission made by the assessee of clandestine removal of goods without payment of Excise duty is to be made in the hands of the assessee as per our directions in the above said appeals. Appeals of the assessee are allowed.
|