2014 (2) TMI 1199

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....harma, Sr.Standing Counsel for appellant. Mr.S.M.Godsay, Advocate for respondent PER COURT : 1. In this group of appeals, it is submitted that the question of law is a substantial one and namely that the material removed and without accounting for is subject matter of proceedings under The Central Excise Act, 1944. So long as the proceedings there are pending, this Court should permit the....

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....ied out in this case on 17/03/2006. Consequent upon the search action, the Assessing Officer initiated proceedings u/s 153A of the Income Tax Act, 1961. During ( 4 ) Tax Appeal No.30 of 2011 and others assessment proceedings, the Assessing Officer has observed that the Assessee / Company has consistently incurred losses. Hence the books of accounts submitted by the Assessee during the assessmen....

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..... During the course of search, no incriminating material was found relating to the said years, which could have been added in the proceedings u/s 153A. The details regarding the consumption of electricity for the production for each of the year under consideration was placed before the Authorities in the Director's Report of each year. The same has not been disputed by the Revenue. The Tax Audit R....

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....already on record. The returns have been accepted. In such circumstances, the Tribunal, as also, the Commissioner of Income Tax (Appeals) have in their orders, held that there are several factors which have to be taken into consideration and while arriving at a conclusion with regard to the alleged production calculated on the basis of electricity consumption. Rejection of books for these years on....