SHRI.PRAKASH R. NAIR,KOLLAM vs. DCIT, KOLLAM

In the result, the assessee’s appeal is partly allowed for statistical purposes

Bench: Shri Sanjay Arora & Shri Manomohan Dasprakash R. Nair Dy.Cit, Central Circle Prop. Dhanya Foods Kollam Kochuppilammoodu Vs. Kollam 691001 [Pan:Abfpn4424P] (Appellant) (Respondent)

297 (SC)). This was not accepted by the AO who, reckoning that on manufactured and traded goods separately, worked out deduction on the latter at Rs.327.40 lakhs. The assessment was completed on 09.03.2004, making the following adjustments to the returned income, also initiating penalty proceedings u/s. 271(1)(c) of the Act vide notice u/s. 274 of even date