TaxTMI 
TaxTMI 
2001 (1) TMI 30
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....ble facts, the Assessing Officer did not accept the correctness of the result of the oil extraction and taking into consideration a number of facts estimated the percentage yield of oil from mustard oil seeds to be 36 per cent. and he also added estimated interest on interest-free loan advanced to the sister concern. The relevant facts for the present purposes are that ultimately when the matter reached before the Income-tax Appellate Tribunal, on the appeal filed by the assessee, the Tribunal reduced the estimated yield of the oil from the mustard oil from 36 per cent. to 35 per cent. and deleted the addition made on account of estimated interest on the advance of interest-free loan to the sister concern by accepting the plea of the assess....
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....opportunity to the assessee to produce/file the same statement before him ? (3) Whether, on the facts and in the circumstances of the case, the decision of the Income-tax Appellate Tribunal to delete the entire addition of Rs. 6,12,996 on account of concealed sales of cotton seeds oil and cake is not perverse being unreasonable and contrary to the admitted facts particularly when the difference in the quantity of purchase of cotton seed persisted even after considering the details of such purchase filed before the Income-tax Appellate Tribunal ? (4) Whether, on the facts and in the circumstances of the case, the finding of the Income-tax Appellate Tribunal that addition of Rs. 1,68,955 on account of undervaluation of closing stock is ....
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....ccount of estimated interest deemed to have been earned by the assessee on the interest-free loan advance made available to the sister concern. Having considered the contentions raised by learned counsel for the applicant, we are of the opinion that none of the three controversies give rise to any issue of law which may require consideration by this court. It is not in dispute that the Income-tax Officer himself has resorted to an estimate percentage yield of the mustard oil by rejecting the correctness of the yield shown by the assessee in his books of account and was not founded on any exactitudes formula. It is clear that in the totality of the circumstances in the perception of the assessing authority 36 per cent. yield was consid....
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....without affecting the business profitability. This again in our opinion is a question of appreciating evidence and circumstances attending thereto. It cannot give rise to a question of law. It is not even the contention that in all circumstances where interest-free loan is advanced the estimated interest income must necessarily be included in the income of the assessee. Lastly, the question of allowability of the additional evidence. It is not the say of the petitioner that the Tribunal had no jurisdiction to allow the additional evidence. The only contention raised by learned counsel for the applicant in this connection was that in such event the Tribunal ought to have remanded the case back to the assessing authority for reappreciation....