TaxTMI 
TaxTMI 
TaxTMI 
2020 (1) TMI 1115
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....any engaged in the business of manufacturing of beneficiated bauxite & trading of iron ore. The assessee had filed its return of income on 17th October, 2011, declaring total income at Rs. 8,58,585/- The return of income was processed under Section 143(1) of the Act. 4. It appears that the Union of India got information that certain companies have extracted excess minerals and ores from the mines situated in Odisha, Goa and Jharkhand etc. The Inquiry Commission of Justice M.B. Shah was appointed to find out extra exploitation of mines whereby extra minerals were being extracted by the Companies and exported it by under-invoicing. 5. On the basis of the report given by Justice M.B. Shah Commission, it has come to the notice of the Department that the respondent-assessee was one of such exporters who had exported 44,000 WMT's of iron ore. Therefore, the Assessing Officer, on the basis of such report, came to the conclusion that the export price was quoted at 30% lessser than the base value. Accordingly, he recorded reasons demonstrating escapement of income and reopened the assessment. 6. The Assessing Officer, therefore, made an addition on the basis of the aforesaid repor....
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....ssee qua those defects. If the assessee failed to explain the defects than on the basis of the book result, income cannot be determined and Assessing Officer would compute the income according to his estimation keeping in view the guiding factor for estimating such income. 17. In light of the above, if we peruse the record, then it would reveal that the Ld. AO has nowhere expressed his inability to deduce true income from the books of the assessee. He has not rejected the book results for determining the suppressed sales. The next contention raised by the Ld. counsel for the assessee was that in order to substantiate genuineness of its transaction, it has submitted the following documents: Ii. Copy of Sales Purchase contract of iron ore no. IOF- 2010-01 Dated: 04-01 -2010. ii. Copy of Letter of Credit No. M16AR1001RS00203 Dtd. 07/ 01/2010. iii. Copy of Shipping bill & Custom Duty Challan no. 6404 Dtd.21/01/2010. iv. Copy of Bill of Lading No. GOA/RMIPL/101 DTD.23/01/2010. v). Copy of Certificate of Analysis by SGS India Private Limited Dtd. 25-01-2-2010. vi. Copy of Invoice No. RMIPL/ IOF/ 2009-10/01 & 02 Dated: 27/01/2010 & 29/03/2010 respectively. vii. Cop....
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....stigate the issue further. This stand of Solicitor General as well as Advocate General appearing for the State of Goa have been noted down by the Hon'ble Supreme Court in the judgment, which is reflected in para 10. It is worth to take note of this finding as under: "10. Mr. Mohan Prasaran, learned Solicitor General for the Union of India, on the other hand, submitted that as the notification dated 22.11.2010 of the Central Government appointing the Justice Shah Commission under Section 3 of the Commissions of Inquiry Act, 1952 would show, reports were received from various State Governments of widespread mining of iron ore and manganese ore in contravention of the MMDR Act, the Forest (Conservation) Act, 1980 and the Environment (Protection) Act, 1986 or other Rules and Licenses issued thereunder and for this reason, the Central Government appointed the Justice Shah Commission for the purpose of making inquiry into these matters of public importance. He submitted that after the Justice Shah Commission submitted the report pointing out various illegalities, the Union Government has kept the environment clearances in abeyance and it will legal action on the basis of its own as....
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....ology adopted by the Commission itself is improper and its comparison is misplaced. Under invoicing has been worked out qua the assessee at page no.236. Before that we would like to take note of three-four serial numbers in order to appreciate the error. We would like to make comparative analysis of certain exports made by other assessees. It is pertinent to note that the assessee has exported FD grade 58 iron ore. Therefore, we take note of rate of this grade noticed by the Commission with regard other parties. For example, Sesa Goa Ltd., has exported FE grade 58 vide two shipping bills bearing no. 5024395 and 5024397 on 10.12.2009. The rates were 2179.04 WMT. On the same day, this concern has exported same quality of iron ore at the rate of 3008.73. Thereafter, Commission noticed export was made by the Sesa Goa Ltd. on 15.12.2009 FE grade 58 at the rate of 2222 per MT. The next rate noticed by the Hon'ble Commission on 15.12.009 pertained to Chowgule & Co. P. Ltd. It relates to FE grade 58 and this concern exported at the rate of 2492.98. On 12.1.2010 Sesa Goa again exported FE 588 grade at the rate of 2120.76. The rates of the assessee which have been considered by the Hon'ble C....