1994 (12) TMI 133

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....ue before us are as follows: "1. That the learned lower authorities erred in holding yield shown by the appellant as low, in estimating yield at 22% in estimating sales of such finished product, in assuming its sale price at average rate of 67 and in making consequent addition. 2. That the learned lower authorities erred in disallowing Rs. 500 out of miscellaneous expenses." 2. S/Shri N.M....

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....n appeal, estimated the yield to be 22% and directed the Assessing Officer to recompute the addition accordingly. 5. Shri N.M. Ranka, learned counsel for the assessee, strongly urged that in view of proper books being maintained, the addition is totally uncalled for. Emeralds, he said, are natural stones and not man-made items, hence the quality would always vary and accordingly the yield. In s....

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....d the parties. We have scanned the material before us. We uphold the contention of the assessee and direct that the trading addition of Rs. 1,02,711 be totally deleted. 8. The main reason driving us to this conclusion is that the assessee has been maintaining regular and proper books of account. The same method of accounting and recording the transactions is being consistently followed by the a....