9911796707
TMI Blog2022 (5) TMI 156X X X X Extracts X X X X X X X X Extracts X X X X ..... /- made by Assessing Officer on account of Repair and Maintenance of Plant and Machinery on estimate basis." 3. Notice of hearing was issued on 07.07.2021 fixing the date of hearing on 09.08.2021. The postal authorities returned the notice unserved with the remark "left without address". So none attended on behalf of the assessee, though Sr. DR was present. Another notice was issued on 06.09.2021 fixing the date of hearing on 28.10.2021. That day also none attended for the assessee but Sr. DR attended. Last notice was sent on 22.02.2022 fixing the hearing on 04.04.2022. This notice has also been returned by the postal authorities with the remark "left without address". We are, therefore constraint to decide the appeal ex-parte after heari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal in the case of Kiccha Sugar Co. Ltd. vide ITA No. 345/Del/9 dated 08.01.2010. 6. The Ld. CIT(A) gave part relief by restricting the addition to Rs. 14,91,445/- being 10% of the value of stores consumption of Rs. 1,49,24,424/- with the following observations:- "8. ...However, it is noted that the appellant is maintaining its account on mercantile basis. On this basis, valuation of inventory including scrap is mandatory in order to compute the correct profit under the head business. On similar facts, the Hon'ble ITAT, Delhi (supra) has held that the valuation of inventory is mandatory including bye-products [vide para 8 of the order (supra)]. Further on similar facts it has been held by the Ld. CIT(Appeals), Muzaffarnagar (supra) t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is held in two-three years the same is accounted for. Before the Ld. CIT(A) also it was explained by the assessee that when the scrap is generated out of stores consumption the same is sold with the permission of District Magistrate after inviting tenders and sale of scrap is shown in the year of sale of scrap in the accounts. The Ld. CIT(A) has accepted it as a matter of fact that the practice of not showing the amount of scrap in its books in the year of generation but accounts for the same as sale in the year scrap generated is sold, is being followed by the assessee since long. The assessee brought on record a chart of sale made of scrap in last years and subsequent year which revealed that during the financial year 2014-15 it accounted ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
