2017 (5) TMI 989

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....Mr. Zoheb Hossain, Senior Standing Counsel with Mr. Deepak Anand, Advocate. O R D E R 1. This is an appeal under Section 260A of the Income Tax Act, 1961 ('Act') against an order dated 19th January, 2017 of the Income Tax Appellate Tribunal ('ITAT') in ITA No. 702/Del/2013 for the Assessment Year ('AY') 2008-09. 2. The issue sought to be projected by the Assessee in this appeal concerns the a....

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.... items, would be Rs. 2 crores. It is submitted that when the matter travelled up to the CIT (A), the investment in stock was worked out for a period of 91 days and the production cycle was calculated at an average of 23 days. According to Ms. Bansal the above calculation overlooked the actual production cycle of the Petitioner working on three continuous shifts. 4. It is seen that the CIT (A) has....

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....24392   2. 2006-07 24929   3. 2007-08 25290   The above yearly production reveals that on an average 68 MT of production is being made by the appellant daily. If we translate the quantity of undisclosed sales of 1570 tons, it gives an average of 23 days of production cycle/stock. The undisclosed sales of Rs. 6.11 crore is for a period of 91 days (January to March 2008). Ac....