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Kesarwani Zarda Bhandar,, Allahabad vs Assessee on 15 July, 2014

To support the arguments, the appellant has relied on the decision of the Hon'ble Supreme Court in the matter of C.I.T. Vs. Flexi Pack in SLP (C) No.18112 of 2009 reported in 319 ITR Page 3. The Hon'ble Court held that there was no question of going into estimation without rejection of books of account, properly maintained in the regular course. Another argument put forward by the appellant is that the search and seizure action did not result in the discovery of any suppressed production lying in the premises, so no adverse finding could be given on the production of the finished products. The department could not find any hidden place to store the suppressed production. There is no allegation about exit of suppressed production by the Central Excise, the duty is leviable at the point of exit. The process of manufacturing was explained to the A.O. but the A.O. did not visit the manufacturing process. Relying on the decision of Allahabad High Court in the case of Mascot (India) Tools & Forges, the appellant has argued that no addition on account of suppression of sale can be made without any valid basis when the goods were excisable and correctness of the declared sales is supported by regular books of account, duly audited by the auditors. No G.P. rate addition can be made unless some specific mistakes in the accounts are pointed out. The A.O. has not considered the evaporation / 81 ITA Nos.358 & 374 to 378/Alld./2014 ITA Nos. 06 to 11/Alld./2014 wastage of percentage in arriving at her working of suppressed production. The appellant has also referred to one survey conducted by the excise department in the year 1991 for verification of stock in which they alleged that there was excess stock of tobacco found as a result of pilot experiment. They reached the conclusion that the increase in the weight on account of addition of chemicals, perfumes, menthol etc. was purely temporary and the weight of the coloured leaves come almost to the same level after evaporation. Loss of weight on the use of other materials for example perfumes, chemicals, silver and silver vark, kimam and masala etc. is on account of evaporation and processing. The surrender of Rs.50 lakh was only with the intention to purchase peace of mind and to avoid litigation. But the surrender did not represent the acceptance of suppression of production. The yield during the various stages, manufacturing process cannot be uniform as the raw materials are largely agricultural produce or vegetable products, some of which are hygroscopic in nature and some are volatile. There is no fixed rate of ratio or parameter for the consumption of various raw materials in the manufacturing process of the tobacco. The yield always varies on account of quality of raw materials used. The consumption and product cannot be matched at 1 to 1 ratio but the A.O. failed to understand this simple fact. The appellant has given the example of preparation of a cup of tea wherein various ingredients such as water, milk, sugar, tea leaf are mixed and heated, after getting the essence and colour of the tea, leaf and other ingredients used are thrown out.
Income Tax Appellate Tribunal - Allahabad Cites 58 - Cited by 0 - Full Document

Ito, New Delhi vs Ram Prakash & Co. Pvt. Ltd., New Delhi on 19 April, 2022

4. We have carefully considered the rival submissions and perused the order of the Tribunal which is subject matter of rectification. We straightaway notice M.A. No. 659/DEL/2018 3 that the Revenue has proceeded on misconception that the law on amended provision of Section 55A has been applied which is wholly incorrect. The Tribunal has applied the ratio of Pooja Prints (supra) and held that the Assessing Officer is not empowered to refer the valuation of capital asset to the valuation cell where the value determined by the assessee is higher than the fair market value as on 01.04.1981. Such interpretation is clearly based on pre-amended law as applicable at the relevant time. Hence, we see no error in the order of the Tribunal which falls within the sweep of mistake apparent from record envisaged under Section 254(2) of the Act. We thus see no merit in the Misc. Application filed by the Revenue.
Income Tax Appellate Tribunal - Delhi Cites 6 - Cited by 0 - Full Document

Mayur Resorts Pvt. Ltd.,, New Delhi vs Department Of Income Tax on 18 November, 2015

In case of Commissioner of Income Tax Vs. Dolphin Can Pack Ltd [2006] 283 ITR 190 (Delhi) Delhi High Court inter-alia held that: "Where the credit entry relates to the issue of the share capital, the ITO is entitled to examine whether the alleged shareholders do in fact exist or not. In the course of said enquiry, "The assessee had disclosed to the Assessing Officer not only the names and the particulars of the subscribers of the shares but also their bank accounts and the permanent account numbers issued by the Income Tax Department. Superadded to all this was the fact that the amount received by the company was all by way of cheques.
Income Tax Appellate Tribunal - Delhi Cites 10 - Cited by 0 - Full Document
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