2017 (3) TMI 149

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....he leading case.The defect pointed out in the Income Tax Appeal no.58 of 2016 is removed, the deficiency is made good. The Income Tax Appeal no.148 of 2016 has been filed by the assessee under section 260A of the Income Tax Act for the assessment year 2009-10. Out of the questions of law (i) to (iv) framed in the appeal, this appeal is admitted by this court on 30.5.2016 on the questions of law (i) and (ii), which are hereinunder: "(i) Whether upon the facts and circumstances of the case, the Income Tax Appellate Tribunal was justified in setting aside the well reasoned order of the Commissioner of Income Tax (Appeals) without assigning any good reason to estimate the yield of sugar at 8% and baggase at 33.21%? (ii) Whe....

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....ver been noted by the excise authorities in respect of production of sugar and bagasse by the assessee and as such the manufacturing activities disclosed by the assessee was fully verified and liable to be accepted. Further it was contended that the additions made merely by comparing the results achieved by the assessee with those of a nearby sugar mills, was not the sound basis or criteria to reject the book results based on excise record. The above arguments made by the assessee in the appeal found favour with the C.I.T. (Appeal) who deleted the additions following the earlier order of the tribunal in the case of assessee itself. The matter was then carried to the tribunal by the department wherein a reliance was placed on differ....