Kalyan Rice & General Mills v. Commissioner of Income-tax & Anr
[Citation -2020-LL-0227-12]

Citation 2020-LL-0227-12
Appellant Name Kalyan Rice & General Mills
Respondent Name Commissioner of Income-tax & Anr.
Relevant Act Income-tax
Date of Order 27/02/2020
Judgment View Judgment
Keyword Tags sister concern • difference in stock • addition to income

IN HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH ITA No.26 of 2001 (O&M) Date of Decision 27.02.2020 M/s Kalyan Rice & General Mills Appellant versus Commissioner of Income Tax & anr. Respondents CORAM: HON'BLE MR.JUSTICE AJAY TEWARI HON'BLE MR.JUSTICE AVNEESH JHINGAN Present: Mr. Alok Mittal, Advocate for appellant. Mr. Vivek Sethi, Sr. Panel Counsel with Mr. Varun Issar, Jr. Panel Counsel for respondents. AJAY TEWARI, J. (Oral) 1 This appeal has been filed against order of revenue making substantial addition on basis of stock variation. 2 primary grouse of appellant was that at relevant period it had obtained contract for milling rice. For some period it did not have electric connection and it had got that some paddy milled from its sister concern and that explained stock variation. authorities below having not accepted this explanation, present appeal has been filed. 3 Before us it is not disputed that sister concern had also reflected this transaction and that was ultimately accepted by revenue. 4 In these circumstances, both learned counsel have agreed that it would be appropriate if matter is decided afresh in view of changed circumstances i.e. plea of sister concerned having been accepted. 5 Impugned order is set aside and matter is remanded back. 6 Since main case has been decided, pending civil miscellaneous application, if any, also stands disposed of. ( AJAY TEWARI ) JUDGE ( AVNEESH JHINGAN ) JUDGE 27.02.2020 pooja sharma-I Whether speaking/reasoned Yes/No Whether Reportable : Yes/No Kalyan Rice & General Mills v. Commissioner of Income-tax & Anr
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