1. Job
Worker not maintaining the record of receipt and dispatch of the goods because
of the fact that the ownership of the fabric received
for processing is not of the assessee, nor the shortage due to shrinkage, etc.
of the fabrics belong to the assessee. Rejection of books of accounts
quashed
2. Following
shrinkage in dyeing accepted
Cambric – shrinkage – 5% and further – 2% to – 5%. If it is
further required residual shrinkage as zero.
Crapes – 10% and further – 2% if it required line dry (dry in
air).
Other than the above shrinkage, there is another loss of fabric by
2% on account of grey and dyed fabs.
3. Fire
Insurance claim received by Job Worker can not be treated as income of the Job
worker not mainstaining stock records, where he produced all the relevant
documents relating to insurance claim before the AO during the
assessment proceedings along with FIR lodged before the Police; and report of
Verifier (Valuation and Loss Assessor).
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