TMI Blog2017 (5) TMI 989X X X X Extracts X X X X X X X X Extracts X X X X ..... of 23 days of production cycle/stock. The undisclosed sales of ₹ 6.11 crore is for a period of 91 days (January to March 2008). Accordingly, the investment in the stock relating to undisclosed sales comes to ₹ 1,54,51,743/(Rs.6.11 crore x 23 days/91 days). Therefore, the addition of ₹ 2 crore made by the AO is restricted to ₹ 1,54,51,743/-. Thus, the appellant gets a relief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hatnagar and Mr. N.C. Jain, Advocates. Respondent Through: Mr. Zoheb Hossain, Senior Standing Counsel with Mr. Deepak Anand, Advocate. O R D E R 1. This is an appeal under Section 260A of the Income Tax Act, 1961 ( Act ) against an order dated 19th January, 2017 of the Income Tax Appellate Tribunal ( ITAT ) in ITA No. 702/Del/2013 for the Assessment Year ( AY ) 2008-09. 2. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es for the period January to March, 2008, taking it to be three production cycle items, would be ₹ 2 crores. It is submitted that when the matter travelled up to the CIT (A), the investment in stock was worked out for a period of 91 days and the production cycle was calculated at an average of 23 days. According to Ms. Bansal the above calculation overlooked the actual production cycle of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de by the appellant: Serial No. Assessment Year Production MT) (in 1. 2005-06 24392 2. 2006-07 24929 3. 2007-08 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee beyond what was given by the CIT (A). The production cycle was reduced from 23 days to an average of 15 days resulting in more relief being granted to the Assessee. 6. The Court is certainly not inclined to grant any further relief to the Assessee as the basis on which the CIT (A) proceeded to arrive at the conclusion, as extracted hereinbefore, was rational and could not be said to be b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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