TMI Blog2017 (11) TMI 1926X X X X Extracts X X X X X X X X Extracts X X X X ..... llowed this norm while making assessment in similar type of cases and have accepted the book results shown by the assesses. No infirmity in the order of the CIT(A) while directing the Assessing officer to accept the books results shown by the assessee for this year also and to delete the additions made by the Assessing officer on account of unaccounted profits / unaccounted investment made on estimation basis - Decided in favour of assessee. - ITA No. 672/Chd/2017 - - - Dated:- 10-11-2017 - Shri Sanjay Garg, Judicial Member And Ms. Annapurna Gupta, Accountant Member Appellant By: Sh. Ravi Sarangal Respondent By: Sh. Sudhir Sehgal ORDER Sanjay Garg, The present appeal has been preferred by the Revenue agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... some days though there was electricity consumption yet no production was shown. He further noted that otherwise on other days, there was also a balance and consistency in consumption of electric units vis-a-vis production of finished goods. He, therefore, observed that it indicated that the daily production recorded by the assessee of the finished goods was not correct and, hence, not reliable. He observed that the data relating to the daily production had not been maintained as per actual production. When confronted in this respect, the assessee explained that the consumption of electricity was dependent on various factors as detailed in his reply which has been reproduced by the Assessing officer in the assessment order. The Assessing of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the consumption of the electricity is within the range of 15% of the yearly average consumption of power, the book results should be accepted. Accordingly, its book results were accepted for the assessment year 2013-14. It was, therefore, pleaded that its book results for the assessment year 2012-13 should also be accepted and consequently, the addition should be deleted. The Ld. CIT(A) got verified from the Assessing officer the above contentions of the assessee. The Assessing officer, however, after verification of the record reported that the yearly average comes to 320.35 units whereas the highest average per cycle of 30 days for the block period as detailed by him in Annexure-E of his report was 300.62 units and the lowest was 108.9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 directed the Assessing officer to accept the book results shown by the assessee and deleted the additions so made by the Assessing officer on estimation basis. 5. Being aggrieved by the above order of the CIT(A), the Revenue has come in appeal before us. 6. We have heard the Ld. Representati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Secondary Steel Technology (NISST) and the Industry representatives. The Ld. CIT(A) has accepted the variation of 15% in consumption of electricity per metric ton of finished goods as per the report of the Committee. He has also observed that pursuant to the report of committee, the Assessing officers have also ..... X X X X Extracts X X X X X X X X Extracts X X X X
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