TaxTMI 
TaxTMI 
1981 (10) TMI 64
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....tage shown and accepted at 4.25% and 4.18% for the asst. yrs. 1975-76 and 1976-77. The assessee before the ITO being questioned on the excessive shortage stated that the shortage was only in dolomite and gypsum. The shortage in dolomite and gypsum was high due to the fact that due to heavy price of Bardana the dolomite was partly consigned in loose and partly in very old bags and the gypsum was consigned loose. Further these two articles were very cheap and were stored in open. The shortage was in those articles which are cheap, but the shortage in costly articles was very low. The ITO accepted the argument of the assessee in part, but, however, he found that the assessee was not in a position to explain the total shortage and he, therefore....
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....ear under appeal as against the shortage allowed at 4.25% and 4.18% for the asst. yrs. 1975-77. If the shortage claimed and allowed for the asst.yrs.1975-76 and 1976-77 are taken into consideration, the shortage claimed by the assessee during the year under appeal is excessive. However, the assessee has given two statements on pages 6 and 7 of its paper book. It is clear from the statements that the shortages occurred in cheap variety of raw materials and the shortages in the costlier varieties were lower during the year under appeal. The shortages occurred mainly in dolomite and gypsum. They were partly taken loose because of high cost of bardana. These two articles were also stored in open and the shortages occurred due to rain and open a....
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.... was urged by the assessee that the notice u/s 210 could have been issued by the ITO on the basis of the latest completed assessment. The latest completed assessment was 1973-74 which was completed on nil income. Under the above circumstances, the ITO could have issued notice u/s 210 on income on which the tax u/s 140A had been paid by the assessee. The assessee stated that no tax u/s 140A was paid on the income returned for the asst. yr. 1975-76 and, therefore, the notice issued u/s 210 was invalid. The assessee supported its claim by the decision in (1968) 68 ITR 877 (All). The CIT (Appeals) accepted the argument of the assessee and deleted the interest charged by the ITO. The department is in appeal. 9. The Deptl Rep. Very strongly sup....
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....21 (Raj) and the latest decision of the Rajasthan High Court in (1979) 12 CTR (Raj) 67 : (1981) 130 ITR 868 (Raj). The assessee has filed appeal not only on the issue of ss. 215 and 216 but several other issue had been taken by the assessee in appeal. Moreover, the appeal had rightly been accepted as valid by the CIT (Appeals) in view of the decision in 130 ITR 868 (Raj). 10. The assessee had filed the dates of filing its returns and the completion of assessments for the asst. yrs. 1972-73 to 1975-76. On the basis of the statement, it was clear that the notice u/s 210 could have been issued by the ITO on the basis of the latest assessment completed for the asst. yr. 1973-74 on 27th March 1976. However, the assessment for the asst. yr. 197....