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2004 (8) TMI 79 - HC - Income TaxEstimation of yield of rice bran oil - In view of discrepancies in the stock, a surrender of Rs. 3 lakhs was made on account of profit earned on the unaccounted sales. In view of the admission of the assessee that sales outside the books of account had been made, books of account were rejected. Yield of rice bran oil was taken at the rate of 12.25 per cent., as per the previous year as against the assessee's claim being 11.59 per cent. The Assessing Officer also made addition of Rs. 1,21,699 in respect of purchases made by the assessee – in the impugned order, no reference is made to the records other than the seized documents - Records said to have been produced by the assessee ought to be examined by the Assessing Officer for the purpose of determining the yield of oil on the basis of the records of lab. examination for the entire stock of rice bran. For this limited purpose, we remand the matter to the Assessing Officer
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