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of <h1>Income-tax Tribunal upholds deletion of Rs. 52,44,064 addition for low oil recovery, citing expert opinions and consistent methods.</h1> <h3>Commissioner of Income-tax -II Versus Patidar Oilcake Industries</h3> The appeal challenging the deletion of an addition of Rs. 52,44,064/- on account of low recovery of oil by the Income-tax Appellate Tribunal was ... - Issues involved: Challenge to deletion of addition on account of low recovery of oil u/s Income Tax Act for assessment year 2007-2008.Summary:The appellant-revenue challenged the deletion of an addition of Rs. 52,44,064/- made on account of low recovery of oil by the Income-tax Appellate Tribunal. The assessee, engaged in the business of de-oiled cake powder, had shown a total loss of Rs. 53,79,000/- for the assessment year, with a gross profit of Rs. 35,72,930/-. The Assessing Officer recalculated the yield of oil at 38.94% instead of the declared 35.26%, resulting in the addition of Rs. 52,44,064/- to the income. The Commissioner (Appeals) allowed the appeal, noting that the Assessing Officer misdirected himself and directed the deletion of the addition. The Tribunal upheld this decision based on expert opinions and consistent methods of computing yield by the assessee.The Tribunal, in its order, relied on previous decisions in the assessee's case and concurred with the Commissioner (Appeals)'s findings. The Commissioner (Appeals) had observed that the Assessing Officer had proceeded on an erroneous understanding of the oil extraction process and that the yield declared by the assessee was reasonable. No unaccounted production or sales were found during the survey. The Tribunal found no infirmity in the Commissioner (Appeals)'s reasoning and dismissed the appeal, as no substantial question of law arose from the concurrent findings of fact.In conclusion, the Tribunal's order, based on the Commissioner (Appeals)'s findings, was upheld, and the appeal challenging the deletion of the addition on account of low recovery of oil was dismissed.
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