TaxTMI 
TaxTMI 
2021 (10) TMI 954
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....sake of convenience. ITA No. 1104/Del/2017 (A.Y. 2010-11) 3. Grounds of appeal No. 1 and 2 raised by the assessee are as under:- "1. That the learned Commissioner of Income Tax (Appeals) Moradabad has erred on facts and in law in confirming the action of A.O. in making addition Rs. 981560.00 as per details below on account of under valuation of free sugar, levy sugar and molasses for non inclusion of education cess and higher education cess on excise duty. i) Under valuation of free sugar - 577154.00 ii) Under valuation of levy sugar - 96140.00 iii) Under valuation of molasses - 308266.00 2. That the learned CIT (Appeals)Moradabad has also erred on facts and in law in confirming the action ....
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....ise duty: Rs. 71/-, cess: Rs. 24/-, education cess: Rs. 1.90 and higher education cess: Rs. 0.95, totalling to Rs. 97.85 per quintal. However, the assessee has valued the closing stock of free sale sugar by including only basic excise duty and cess thereon by adopting a rate of Rs. 95/- per quintal. Therefore, the valuation of closing stock of free sale sugar as on 31/03/2010 has been understated by Rs. 2.85 per quintal (97.85 - 95). The closing stock of free sale sugar as on 31/03/2010 was 2,02,510 quintals. Thus, the valuation of closing stock of free sale sugar as on 31/03/2010 has been understated by Rs. 5,77,154/- (202510 x 2.85) and is liable to be added to the total income. 5. Similarly, he noted that the prevailing rate of excise....
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.... the AO made addition of Rs. 9,81,560/- to the total income of the assessee. 7. In appeal, the ld. CIT(A) upheld the action of the AO by observing that in AY 2008-09 the Department valued the closing stock by adding the education cess and excise duty on closing stock of sugar. The predecessor CIT(A) also has decided the issue in AY 2011-12. Following the decision of his predecessor and observing that the AO has made the aggregate addition as per the provisions of section 145A, he upheld the action of the AO. However, he directed that the opening value of the stock for the next year should be amended accordingly. 8. Aggrieved with such order of the CIT(A), the assessee in appeal before the Tribunal. 9. We have heard the rival argume....
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....That the learned CIT(A) Moradabad has also erred on facts and in law in confirming the action of A.O. in treating Rs. 49077705.00 being interest earned from Cooperative Societies and Bank as income from other sources instead of business income." 11. The ld. Counsel for the assessee, at the outset, submitted that the ground of appeal No. 3 taken by the assessee is decided against the assessee by the order of the Tribunal in assessee's own case in ITA No. 3634/Del/14, order dated 4th May, 2007 for AY 2001-02. In view of the above submission by the ld. Counsel for the assessee and in absence of any objection from the side of the ld. DR, the ground No. 3 raised by the assessee is dismissed. ITA No. 1105/Del/2017 (A.Y. 2012-13) 12. ....