TMI Blog2004 (8) TMI 79X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 - - - - - Dated:- 26-8-2004 - Judge(s) : ADARSH KUMAR GOEL, N. K. SUD. JUDGMENT The judgment of the court was delivered by Adarsh Kumar Goel J.- This appeal has been preferred by the assessee against the order of the Income-tax Appellate Tribunal, Chandigarh Bench "B", in respect of the assessment year 1995-96. Only question relevant for decision of this appeal is the estimation of yield of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd of day-to-day processing nor of day-to-day yield of rice bran oil extracted. It was held that the assessee had adopted a yield rate of 12.17 per cent. in the preceding assessment year and not 12.25 per cent. as observed by the Assessing Officer. Accordingly, the Tribunal held that it would be fair and reasonable to apply the yield rate of 12.17 per cent. The finding of the Tribunal is as under: "4.7 We have considered the rival submissions, perused the records and carefully gone through the orders of the tax authorities below. On perusing the order of the Commissioner of Income-tax (Appeals), we find that in arriving at the average yield of rice bran oil at 11.7 per cent. against 12.25 per cent. applied by the Assessing Officer, and ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce bran nor day-to-day yield of rice bran oil extracted out of the same. From this report, it is further clear that in fact the actual status of the rice bran processed and the rice bran oil extracted out of the same by the assessee meaning thereby that it simply gives a possible yield of rice bran oil which can be extracted from the rice bran and not the actual yield of rice bran oil extracted by the assessee. Hence, we are of the opinion that self-prepared lab. examination report of the assessee giving a possible yield of 11.90 per cent. cannot be taken as a parameter for determining the actual yield of rice bran oil extracted by the assessee from the rice bran processed by the assessee. In this view of the matter, we are of the opinion t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x (Appeals), and 11.57 per cent. shown by the assessee". Learned counsel for the assessee submitted that the yield of oil as claimed by the assessee was fully verifiable on the basis of the lab. examination reports of the entire stock. It was contended that the Tribunal had wrongly observed that the reports only pertained to 11.88 MT of rice stock. Learned counsel also contended that the Tribunal has failed to appreciate that such reports in respect of the entire stock had been produced before the Assessing Officer for verification. It was, therefore, contended that the authority ought to have gone not only by the seized documents but also by the records produced for the period not covered by the seized documents. Learned counsel for th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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