2016 (9) TMI 1390

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....he appeals preferred by the Department and allowed the appeals preferred by the assessee against the order of the CIT (A) whereby the CIT (A) has partly allowed the appeal of the assessee. The cross-objections have also been filed by the respondent applicant. Since controversy raises identical questions of law and facts, all these cases are decided by this common judgment and order. 2. The facts giving rise to the appeals are that for the assessment years 1989-90 and 1997-98, block asseement year, the Assessing Officer has passed an order against the present respondent-assessee and estimated his income for the block assessment year. The operative part of the order reads as under: "Accordingly Rs. 29,28,920/- are taken as undiscl....

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....p manufacturing process which was duly confirmed by the CIT (A) and the same was also supported by the documentary evidence as well as practical exercise done at the time of survey itself ? (3) Whether in the facts and circumstances of the case, the ITAT was justified in setting aside the addition of interest income on the ground that it was not received whereas the factual position was not in dispute that the loan was advanced and the interest income was undisclosed? (4) Whether in the facts and circumstances of the case, the ITAT was justified in setting aside the interest income when the limited dispute before it that it should be taxed on the accrual or receipt basis ? (5) Whether in the facts and circumstance....

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....om the comparative sales prices between the component mix of the two. In so far as the report of Rajasthan Consultancy Organisation Ltd. Is concerned, we find that the organisation is sponsored by several Financial Institutions/Banks and all are public sector undertakings. Thus, this report is more credible/reliable. Moreover, the report is based on inspection of assessee's place and actual physical verification of process and production. We do not accept the contention of the Id. D/R that this report should not be believed. However, considering the facts and said report, we hold that it would be fair and reasonable if the weight gain is adopted at 7.5% in the case of appellant. The AO has prepared the calculation of undisclosed income at p....