1975 (4) TMI 40

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....nt accounting year ended on31st May, 1971. 2. The first objection concerns an addition of Rs. 77,282 made on account of transfer of press-mud to its agricultural farm run as a separate unit by the assessee. According to the Income-tax Officer, while press-mud had been transported to the (Putha) farm at the assessee's cost no credit was taken in the assessee's books for the transfer of such pres....

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....e. This was also deleted in first appeal. The Revenue then appealed to the Tribunal but the Tribunal dismissed the Revenue's appeal. (It is explained that the assessments for the years 1968-69 to 1970-71 are pending and that appeal for the assessment year 1971-72 is pending before the Tribunal). Shri Malik submits that no valid reason has been given by the authorities below to reach a conclusion d....