TaxTMI 
TaxTMI 
2016 (7) TMI 407
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....nd Tax Appeal No.901 of 2008 challenges the order dated 26/10/2007 passed by the ITAT in ITA No.1239/Ahd/2007 for assessment year 20012002. 2. The short facts of the case are that the assessee-Cooperative Society was engaged in the manufacturing of milk and milk products popularly known as "Dudhsagar Dairy". The return of inomce was filed on 30/10/2001 declaring NIL total income. The same was processed and it was selected for scrutiny. The AO inter alia noticed that the assessee has been valuing its closing stock by deducting 20% of the selling price, as also, gross profit disclosed by the assessee was only 3% and therefore assessee should have only deducted 3% gross profit from the selling price. The AO held that assessee undervalued the ....
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.... under Section 80I ought not to have been granted by the learned Tribunal or the CIT (A). He has further contended that there is discrepancy in the deduction claimed under Section 80I and therefore the same ought not to have been granted. He, therefore, contended that the question raised in this appeal may be answered in favour of the department. 5. On the other hand, Mr.Manish Shah, learned Counsel for the assessee has contended that the issue raised in this appeal is squarely covered by a decision in case of Commissioner of IncomeTax v. Reliance Petroproducts Pvt Ltd [2010] 322 ITR 158 (SC) and has relied upon paragraph Nos.11 and 12 which reads as under: "11. We have already seen the meaning of the word "particulars" in the earlier par....