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2019 (2) TMI 321 - HC - Income TaxEstimation of cost of kernels - AO estimated it at ₹ 14/- per pound adding the value of the container - assessee's specific case is that the value of the container was included in the cost per pound of the kernels - percentage of dry-age claimed by the assessee @ 10%, while AO allowed it only at 5% - Held that:- The assessee's specific case that the value of the container was included in the cost per pound of the kernels was accepted by the Tribunal, which is challenged by the revenue. As to the percentage of dry-age claimed by the assessee Tribunal found that there was absolutely no material to so reduce the dry-age as claimed by the assessee. The Tribunal looked at the quantitative assessments for the earlier years and found it to be varying between 7.5% and 10%. In such circumstances, the Tribunal directed allowance of the dry-age to be granted at 7.5%. Unaccounted sales estimation the same was on the basis of the purchases made and the sales revealed in the accounts. The Tribunal computed it on the basis of bags of goods, as admitted by the assessee, an apt exercise at the hands of the last fact finding authority. In computation, in fact, the Tribunal allowed only 5% dry-age. The Tribunal found the total unaccounted sales coming to only a value of ₹ 7,38,400/-. The additional ground was allowed to that extent reducing it to what was found by the Tribunal. No substantial question of law.
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