made in respect of under-statement of stock of rice basmati.
3. While allowing relief at Sr. No. 2 above, the learned ... declared to the bank authorities, on solemn affirmation, 1856 qtls. of rice basmati as against 862 qtls. shown in the books of account
Punjab Basmati Rice Ltd, Amritsar. vs Assessee on 15 March, 2016
IN THE INCOME TAX APPELLATE TRIBUNAL
AMRITSAR BENCH; AMRITSAR.
BEFORE SH. A.D. JAIN ... Assessment years:2011-12 & 2012-13
PAN:AAACP9643H
M/s. Punjab Basmati Rice Ltd. vs. Jt. Commr. of Income Tax,
Sangrana Sahib, Tarn Taran
Punjab Basmati Rice Ltd, Amritsar. vs Assessee on 11 March, 2016
IN THE INCOME TAX APPELLATE TRIBUNAL
AMRITSAR BENCH; AMRITSAR.
BEFORE SH. A.D. JAIN ... Assessment years:2011-12 & 2012-13
PAN:AAACP9643H
M/s. Punjab Basmati Rice Ltd. vs. Jt. Commr. of Income Tax,
Sangrana Sahib, Tarn Taran
various varieties qualities of rice which included Rice Sharbti, Mungra
full head Basmati rice and Broken rice and the market prices of all these
varieties ... submitted to Assessing Officer. The
learned AR submitted that the full head basmati and high end basmati
rice was valued at 4500/- per qtl which
said cash was
received from the sale of 3400 qtls of basmati rice valued at Rs.66 lacs and
hypothecated/pledged with bank ... accused pledged with the bank 3,304 qtls of basmati
rice having value of Rs.66,08,000/- thus, it would be seen that broadly
said cash was
received from the sale of 3400 qtls of basmati rice valued at Rs.66 lacs and
hypothecated/pledged with bank ... accused pledged with the bank 3,304 qtls of basmati
rice having value of Rs.66,08,000/- thus, it would be seen that broadly
said cash was
received from the sale of 3400 qtls of basmati rice valued at Rs.66 lacs and
hypothecated/pledged with bank ... accused pledged with the bank 3,304 qtls of basmati
rice having value of Rs.66,08,000/- thus, it would be seen that broadly
quintals Quintals.
Parmal variety 44971.20 26432.40
Sharbati variety 92232.19 48368.77
1121/Basmati NIL 71840
The assessee was asked to explain ... moreover the firm, M/s. Chaman
Lal Setia is mainly dealing in Basmati rice whereas we have no experience
in this type of rice
quintals Quintals.
Parmal variety 44971.20 26432.40
Sharbati variety 92232.19 48368.77
1121/Basmati NIL 71840
The assessee was asked to explain ... moreover the firm, M/s. Chaman
Lal Setia is mainly dealing in Basmati rice whereas we have no experience
in this type of rice
observed by the A.O. that the entire quantity of rice basmati of 10508.78 qtl.
was sold during the year ... 5500 to Rs.5800/-, the appellant
firm has effected sales of basmati @ Rs.4000/- per qtl. To M/s. Parbir Food
Stuff Factory
