https://www.taxtmi.com/caselaws?id=244654 The Court ruled in favor of the appellant, setting aside the order of the Income Tax Appellate Tribunal regarding the addition of Rs.1,22,547 in income for the assessment year 1990-91. The Tribunal's decision to reduce claimed wastage from 2.7% to 2% lacked a sound basis, as it did not question the accuracy of entries in the stock register and other books of accounts. The Court emphasized the importance of maintaining accurate records and justifying deviations in figures, ultimately finding merit in the appeal and criticizing the Tribunal's approach of overgeneralizing wastage quantity based on past assessments without proper scrutiny. en-us Fri, 21 Feb 2014 00:00:00 +0530 Tue, 04 Mar 2014 10:37:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244654 The Court ruled in favor of the appellant, setting aside the order of the Income Tax Appellate Tribunal regarding the addition of Rs.1,22,547 in income for the assessment year 1990-91. The Tribunal's decision to reduce claimed wastage from 2.7% to 2% lacked a sound basis, as it did not question the accuracy of entries in the stock register and other books of accounts. The Court emphasized the importance of maintaining accurate records and justifying deviations in figures, ultimately finding merit in the appeal and criticizing the Tribunal's approach of overgeneralizing wastage quantity based on past assessments without proper scrutiny. Case-Laws Income Tax Fri, 21 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244654