GURU PROTEINS LTD. Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS appeal has been preferred by the assessee against order of the Tribunal, Chandigarh Bench 'B' in respect of asst. yr. 1995 -96.

(2.) ONLY question relevant for decision of this appeal is the estimation of yield of rice bran oil. tune of Rs. 30,50,700. In view of discrepancies in the stock, a surrender of Rs. 3 lakhs was made on account of profit earned on the unaccounted sales.

(3.) IN view of admission of the assessee that sales outside the books of account had been made, books of account were rejected. Yield of rice bran oil was taken at the rate of 12.25 per cent, as per the previous year as against assessee's claim being 11.59 per cent. The AO also made addition of Rs. 1,21,699 in respect of purchases made by the assessee.