TMI Blog2008 (9) TMI 866X X X X Extracts X X X X X X X X Extracts X X X X ..... ered Accountant is not conclusive proof in regard to the production. Accordingly, we answer the reference against the department and in favour of the assessee and it is held that the balance sheet prepared by the Chartered Accountant was not ignored on irrelevant or arbitrary grounds. - Tax Case No. 2 of 2001 - - - Dated:- 12-9-2008 - Chandramauli Kr. Prasad and Ravi Ranjan, JJ. Shri Rakesh Kumar Singh, CGC, for the Appellant. None, for the Respondent. ORDER M/s. Universal Polythene Industries, Patna manufactures ACSR Squirrel Conductors. The production figures for the year 1989-90 in RT-12 returns show manufacture of ACSR Squirrel Conductors to the extent of 102.150 kilometers only. However, in the balance sheet for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... draw up statement of case and refer the following question of law for determination :- Whether the balance sheet of a factory prepared by a professional, qualified Chartered Accountant, a legally recognized certificate holder with the Institute of Chartered Accountants in terms of the Company Act on the basis of facts and figures so provided by the respondent can be ignored on irrelevant and arbitrary grounds? 4. In the light of the aforesaid order, the Tribunal had referred the aforesaid question for determination. 5. Mr. Rakesh Kumar Singh, Central Government Counsel submits that the balance sheet of the manufacturer i.e. Universal Polythene Industries having been prepared by a professional, qualified Chartered Accountant recognize ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er had manufactured the quantity as shown in the balance sheet, then what has been shown in RT-12 returns. The Tribunal as also the Commissioner has noted the common feature that manufacturers show inflated figures of its production in the balance-sheet for taking higher loan facilities from the Bank and accepted the plea of the manufacturer. 9. Accordingly, we are of the opinion that the balance sheet prepared by the Chartered Accountant can be ignored on relevant and good grounds. The grounds assigned by the Commissioner as also the Tribunal are good and valid grounds. We are of the opinion that the balance sheet prepared by the qualified Chartered Accountant is not conclusive proof in regard to the production. 10. Accordingly, we ans ..... X X X X Extracts X X X X X X X X Extracts X X X X
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