Printing of Newspaper amounts to production & manufacture

Brief Facts of the Assessee: There are 3 matters involved in the appeal filed. 1st Matter – The assessee is engaged in the business of printing & publishing of Newspaper and Periodicals. During the course of Assessment, the Assessing Officer (herewith “AO) noticed that the assessee had claimed other expenses /general expenses for which no complete bills and vouchers were maintained by the assessee. The AO held that no verification was possible to judge whether all expenses have been incurred for the purpose of business only. Hence, a lump sum addition of Rs. 5,00,000/- was made by...