9911796707
TMI Blog2023 (9) TMI 735X X X X Extracts X X X X X X X X Extracts X X X X ..... d. AO ought not to have compared baggase purchase rate of Shri Kadwa Sahakari Sakhar Karkhan Ltd with our baggase purchase rate. The Ld. Ought to have considered the local baggase sale rate supplied to him and ought not to have reduced any profit of eligible unit. 2. The Ld. AO erred in reducing [CIT(A) erred in confirming] the profit of eligible unit by Rs. 1,76,320/- on account interest allocation u/s 80-IA (10).) 3. The appellant craves its right to add to or alter the Grounds of Appeal at any time before or during the course of hearing of the case." 2. At the outset, ld. Authorised Representative (ld.AR) for the assessee submitted that assessee would not like to press the Ground No.2. Accordingly, Ground No.2 is dismissed as not pressed. Brief facts of the case: 3. The Assessee filed return of income electronically on 29.09.2013 for A.Y. 2013-14 declaring total income at Rs. 98,86,924/-. The assessee's case was selected for scrutiny. It is observed by the Assessing Officer in the assessment order that assessee had claimed deduction under section 80IA amounting to Rs. 97,39,747/-. The assessee firm has a power generating unit and a manufacturing unit of sugar and jagg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a chart to demonstrate the price at which "bagasse" has been sold by assessee to third parties. The initial part of the said chart is reproduced here as under: Baggas Sales 1-Apr-2012 to 31-March-2013 Date Particulars Vch No. Narration Quantity Rate Value Gross Total Baggas Sales Vat % 30/11/2022 Shrikrishna Power Mill Unit No.2 Dec- 12/B/01 Being sales of Baggas 1279.00 tn @1600/- per from 18.11.2012 to 30.11.2012 on Crussing 10092.381 Tn (1 Tn Steam @0.325 Kg Basghghas) 1279.00 1600.00 20464400.00 2046400.00 2046400.00 03/12/2012 BAPU MAHAJAN Dec- 12/B/02 Bill no. Dec- 12/B/01 29.35 1400.00 41090.00 41090.00 41090.00 03/12/2012 GOLUL HANSARAJ Dec- 12/B/03 Bill no. Dec- 12/B/02 27.05 1400.00 37870.00 37870.00 37870.00 03/12/2012 NANA PANDA KUMBHAR Dec- 12/B/04 Bill no. Dec- 12/B/03 28.46 1400.00 39844.00 39844.00 39844.00 03/12/2012 PRADIP RAJARAM Dec- 12/B/05 Bill no. Dec- 12/B/04 21.76 1400.00 30464.00 30464.00 30464.00 07/12/2012 BAPU MAHAJAN Dec- 12/B/05 Bill no. Dec- 12/B/05 21.90 1400.00 30660.00 30660.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he "bagasse" produced by sugar factory is easily, conveniently, transferred to its power unit. Therefore, ld.AR pleaded that AO's order may be deleted. Submission of ld.DR: 7. The ld. DR for the Revenue strongly relied on the order of the lower authorities. Findings & Analysis : 8. We have heard both the parties and perused the records. It is an admitted position that assessee's manufacturing unit has sold "bagasse" to its power unit at Rs. 1600/- per metric ton. We have perused the paper book filed by the assessee and specially the chart filed by the assessee. It is observed that "bagasse" has been sold by the assessee to Independent Third Parties at Rs. 1400/- per metric ton. The small part of the chart is reproduced here as under : Baggas Sales 1-Apr-2012 to 31-March-2013 Date Particulars Vch No. Narration Quantity Rate Value Gross Total Baggas Sales Vat % 18/12/2012 NANA PANDA KUMBHAR Dec- 12/B/14 Bill no. Dec- 12/B/14 22.81 1400.00 31934.00 31934.00 31934.00 18/12/2012 PRADIP RAJARAM Dec- 12/B/15 Bill no. Dec- 12/B/15 15.84 1400.00 22176.00 22176.00 22176.00 16/12/2012 Chouhan Baggas Suppliers (Shirpur) Dec- 12/B/16 Bill ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (8) Where any goods [or services] held for the purposes of the eligible business are transferred to any other business carried on by the assessee, or where any goods [or services] held for the purposes of any other business carried on by the assessee are transferred to the eligible business and, in either case, the consideration, if any, for such transfer as recorded in the accounts of the eligible business does not correspond to the market value of such goods [or services] as on the date of the transfer, then, for the purposes of the deduction under this section, the profits and gains of such eligible business shall be computed as if the transfer, in either case, had been made at the market value of such goods [or services] as on that date : Provided that where, in the opinion of the Assessing Officer, the computation of the profits and gains of the eligible business in the manner herein before specified presents exceptional difficulties, the Assessing Officer may compute such profits and gains on such reasonable basis as he may deem fit. [Explanation.-For the purposes of this sub-section, "market value", in relation to any goods or services, means- (i) the price that ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
