2013 (10) TMI 654

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....ng a Rice Sheller and is engaged in the business of processing as also of sale of rice and its bye-products. It had filed its return at an amount of Rs. 23,97,763.76 with audit report etc. There was considerable fall in the gross profits in comparison to the previous assessment year 2007-2008. The appellant was called upon to explain the reasons thereof. Notwithstanding the explanation given by the assessee, the Assessing Officer framed the assessment vide order dated 29.11.2010, (Annexure P11), resulting in making of addition for declaration of low gross profits on adhoc basis at an amount of Rs.4,00,000/- (Rs. Four Lacs). 3. Appeal preferred against this order by the Assessee was dismissed on 24.10.2011, (Annexure A-14). Still aggrieve....

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....nue on the other hand is that accounts of the assessee are not genuine and only make belief version is forthcoming. In nutshell, it is explained that quality of paddy and rice as also of their byproducts has not been mentioned in the tabulated information of the assess. It is claimed that the books of accounts are contrived and material information is lacking. Action of the Revenue in making addition of 4 lacs in the income of the assessee is claimed to be right. Discussion follows: 7. Material produced by the Assessee in support of his claim was tabulated and presented in a logical way, wherein it had given year-wise details (ranging from year ending 31.3.1999) on five parameters viz. returned income, opening stock, purchases, sales ....