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2023 (6) TMI 738 - HC - Income TaxAddition on account of sale of rice - no stock was maintained by the assessee quality wise and quality of different quality of rice produce from milling of paddy could not be ascertained - HELD THAT:- As the income has to be computed in accordance with the method of accountancy followed by an assessee i.e cash or mercantile. Such method has to be followed keeping in view the accounting standard notified by the Central Government from time to time. In the absence of qualitative details, it is quite difficult to examine the sales of the assessee. The higher quality of a rice can be shown as sold at a lower rate in the bills. There was flaw in the maintenance of the details. Thus, the addition on account of sale of rice has rightly been made. Assessee appeal dismissed.
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