https://www.taxtmi.com/caselaws?id=311052 ITAT PUNE ruled in favor of the assessee regarding suppressed production determination based on electricity consumption vis-`a-vis TMT bar production using US standards. The Tribunal followed precedent from Shree Om Rolling Mills case, directing deletion of additions made for excess production calculated through electricity consumption standards as unmerited. However, the Tribunal upheld additions for clandestine removal of goods without excise duty payment based on assessee's admission. CIT(A) had applied 4% gross profit rate allowing manufacturing and administrative expenses on unaccounted production. Appeals were allowed. en-us Wed, 12 Aug 2015 00:00:00 +0530 Tue, 05 Dec 2023 21:03:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311052 ITAT PUNE ruled in favor of the assessee regarding suppressed production determination based on electricity consumption vis-`a-vis TMT bar production using US standards. The Tribunal followed precedent from Shree Om Rolling Mills case, directing deletion of additions made for excess production calculated through electricity consumption standards as unmerited. However, the Tribunal upheld additions for clandestine removal of goods without excise duty payment based on assessee's admission. CIT(A) had applied 4% gross profit rate allowing manufacturing and administrative expenses on unaccounted production. Appeals were allowed. Case-Laws Income Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311052