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TMI Blog1975 (4) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1971. 2. The first objection concerns an addition of Rs. 77,282 made on account of transfer of press-mud to its agricultural farm run as a separate unit by the assessee. According to the Income-tax Officer, while press-mud had been transported to the (Putha) farm at the assessee's cost no credit was taken in the assessee's books for the transfer of such press-mud. The Income-tax Officer reasone ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l. The Revenue then appealed to the Tribunal but the Tribunal dismissed the Revenue's appeal. (It is explained that the assessments for the years 1968-69 to 1970-71 are pending and that appeal for the assessment year 1971-72 is pending before the Tribunal). Shri Malik submits that no valid reason has been given by the authorities below to reach a conclusion different from that expressed by the Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and it was not necessary that the assessee should make a profit by trading with itself, so to say, on this account. These submissions also carry considerable force. The result is, the addition of Rs. 77,282 is deleted. 5. The next objection relating to an addition of Rs. 1.000 was not pressed and hence rejected. 6. Lastly objection is taken to a disallowance of Rs. 5,230 out of entertainment exp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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