KISAN SAHKARI CHINI MILLS LIMITED, GADARPUR,GADARPUR vs. DCIT, CIRCLE-2(2)(1), KASHIPUR

Appeal is allowed

Bench: Sh. Satbeer Singh Godara & Sh. Manish Agarwal

u/s 143(3) of the Income Tax Act, 1961. 2. Heard both the parties at length. Case file perused. 3. We notice during the course of hearing that the assessee/appellant raises it’s sole substantive grievance challenging both the learned lower authorities’ action levying section 271(1)(c) penalty of Rs.54,56

M/S THDC INDIA LIMITED, RISHIKESH,RISHIKESH vs. PCIT, DEHRADUN, DEHRADUN

In the result, appeal of the assessee is partly allowed

56,06,82,000 on the ground that the Assessing Officer while\ncalculating the period for LPSC has considered only 10 months on estimate\nbasis whereas debtors carried forward from earlier years are outstanding for\n12 months and the same was required to be adopted for the purpose of\ncalculation of LPSC.\n3.8. The Appellant submits that the mercantile system