2019 (11) TMI 145

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....the Assessing Officer (AO) under s. 143(3) of the Income Tax Act, 1961 (the Act) concerning AY 2010-11. 2. The ground of appeal raised by assessee reads as under: "1) The CIT(A) has erred both in Law and in fact in confirming addition of Rs. 4,85,834/-alleging it to be excessive shortage. Your Appellant has been maintaining regular and proper books of accounts duly Audited and the shortage declared and claimed is fair and reasonable keeping in mind the method of accounting as well as past practice. During course of assessment providing and before CIT(A) we had given full data and explanation with regard to shortage and the addition by Assessing Officer being on presumption and guess work and only on one sole instances the entire add....

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....s called for hearing, the learned AR for the assessee submitted that his grievance is limited to disallowance of depreciation on new Looms amounting to Rs. 6,04,563/- and disallowance of transport and labour charges of new Looms Rs. 88,170/- as capitalized by Revenue only. The learned AR thus submitted that he does not seek to press the grounds concerning excessive shortage in production of gray hose Rs. 4,85,834/-, excessive shortage in Lab Testing Rs. 2,35,980/- and Research & Development expenses Rs. 75,000/-. In view of the assertions made on behalf of the assessee Grounds Nos. 1, 2 & 3 are dismissed as not pressed. 4. We shall now advert to Ground No.4 which concerns claim of depreciation of Rs. 6,04,563/- on purchase of new Weaving ....