- (1.) Both these income tax appeals u/sec. 260A of the Income-tax Act, by the appellant-Revenue are directed against order dt. 13/02/2015 passed by the Income Tax Appellate Tribunal, Jaipur Bench (for short, 'Tribunal') and relate to the assessment years 2008-09 & 2009-10. Since the facts are identical and the controversy involved is common, both the appeals are being decided by this common order.
(2.) The brief facts, which are relevant for disposal of the present appeal, are that the respondent-assessee is a partnership firm and is carrying on business of manufacturing of edible oil and oil cake from mustard oil and sale thereof. It is claimed that the assessee maintains complete books of account supported by supporting material and accounts are audited. The assessee is also maintaining complete details of production of edible oil and stock register/production register in quantitative details of the trading account, which was placed before the Assessing Officer (for short, 'AO').
(3.) During the course of assessment proceedings, the AO, while perusing the stock register, found that there were certain discrepancies mainly (i) that the stock register/production register are not maintained in terms of quality wise and in the absence of quality of seeds, proper/actual analysis of yield of edible oil and oil cake from mustard oil cannot be ascertained; (ii) the production register/manufacturing register does not contain day to day detail of shortage of particular lots and (iii) it was noticed that details of oil and cakes are maintained on daily basis but shortage has been accounted in only few months and not regularly and finding these discrepancies, held that the stock register/production register is not verifiable, is not maintained in proper manner and the assessee could manipulate the production according to its convenience and true profits were not deducible.;