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2009 (8) TMI 39

..... (A) and ITAT hold that there is no case for rejection of books of accounts – Held that Admittedly, every Assessment Year is a separate and independent year which should be considered to the facts of that year. Even otherwise the Assessing Officer has not given any basis while increasing the Gross Profit rate while comparing the rate of purchases and sales of the last year specially when the rate of purchases for the impugned Assessment Year considerably increased in comparison to last year - The assessee has followed the Fifo method while valuing the stock at cost and copies of bills were submitted during assessment proceedings and the latest rates were available with the assessee in respect of its products – Order of CIT(A) and ITAT upheld .....

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..... ety engaged in the business of milk processing. It filed its return, declaring loss. The Assessing Officer, rejecting the books of account, made assessment by applying Gross Profit rate of 22.29%. The CIT(A) set aside the order of the Assessing Officer and held that there was no justification for rejecting the books of account. The assessee had given explanation for decrease in sale. There was no infirmity in the valuation of stock. The assessee followed the same method of valuation consistently for the last so many years. 3. The Tribunal upheld the said view with the following observations:- We have considered the rival submissions and perused the material available on the file. Brief facts are that the assessee was engaged in the business .....

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..... e Counsel for the appellant Shri Sanjay Goyal attended and argued that the reason for decrease in sale and Gross Profit rate is due to the fact that outsourcing for preparation of Ghee was done by supplying 8162860 liters milk to M/s Milk Specialities Ltd. Dera Bassi in 2002-03 and the appellant neither entered into agreement to prepare ghee before the Assessment Year 2003-04 nor after that. He has also contended that the return shows that for the year 2002-03 conversion charges of Rs.71,80,109 packing expenses of Rs.7,18,109 and purchase tax of Rs.32,57,072 are actually manufacturing expenses but do not shown in that expenses in manufacturing account rather these were shown in Profit & loss account resulting into higher booking of Gros .....

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