https://www.taxtmi.com/caselaws?id=37796 The Tribunal erred in upholding the addition of Rs. 34,000 to the assessee's income due to higher wastage claimed by a weaving mill company. The court found the AAC's deletion of the addition justified, emphasizing factors like moisture and machinery efficiency. The Tribunal's reliance on the ITO's assessment without concrete evidence was deemed erroneous, citing the insufficiency of higher wastage alone to reject book results. The court ruled in favor of the assessee, highlighting the lack of material evidence supporting the assumption that the additional wastage was solely used for manufacturing specific products. en-us Wed, 01 Mar 1978 00:00:00 +0530 Thu, 01 Apr 2010 11:47:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37796 The Tribunal erred in upholding the addition of Rs. 34,000 to the assessee's income due to higher wastage claimed by a weaving mill company. The court found the AAC's deletion of the addition justified, emphasizing factors like moisture and machinery efficiency. The Tribunal's reliance on the ITO's assessment without concrete evidence was deemed erroneous, citing the insufficiency of higher wastage alone to reject book results. The court ruled in favor of the assessee, highlighting the lack of material evidence supporting the assumption that the additional wastage was solely used for manufacturing specific products. Case-Laws Income Tax Wed, 01 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37796