https://www.taxtmi.com/caselaws?id=56994 The ITAT Amritsar Special Bench disposed of multiple revenue appeals concerning a rice mill assessee by largely allowing the assessee's claims. Preliminary objections to representation and constitution of the Special Bench were rejected as unsubstantial. On merits, the Bench held that the AO's upward revision of closing stock value, additions on account of rice bran, rice yield, and khudi phak were based on conjectures and lacked evidentiary support, especially in light of regularly maintained and audited books and statutory records. These additions were deleted. In the case of a connected assessee, the Bench partly modified the AO's estimates, directing recomputation of addition with lower yield and rate for khudi phak. en-us Mon, 06 Dec 1999 00:00:00 +0530 Wed, 10 Dec 2025 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56994 The ITAT Amritsar Special Bench disposed of multiple revenue appeals concerning a rice mill assessee by largely allowing the assessee's claims. Preliminary objections to representation and constitution of the Special Bench were rejected as unsubstantial. On merits, the Bench held that the AO's upward revision of closing stock value, additions on account of rice bran, rice yield, and khudi phak were based on conjectures and lacked evidentiary support, especially in light of regularly maintained and audited books and statutory records. These additions were deleted. In the case of a connected assessee, the Bench partly modified the AO's estimates, directing recomputation of addition with lower yield and rate for khudi phak. Case-Laws Income Tax Mon, 06 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56994