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Issues involved: Rejection of books of accounts by assessing officer, Commissioner (Appeal), and Tribunal based on discrepancies in maintaining records.
Summary: Issue 1: Rejection of books of accounts The appellant raised concern over the rejection of books of accounts, arguing that the audit report and chartered accountants' report supported the accuracy of the records. However, the Commissioner (Appeal) highlighted the absence of a consumption register for certain materials, making it difficult to verify production and consumption figures. The Tribunal also noted challenges in verifying raw material consumption and expenditure, ultimately upholding the decision to reject the books of accounts. Issue 2: Verification of records Despite the appellant's reliance on the audit report and chartered accountant's certificate, the High Court found significant discrepancies in the maintained books of accounts. The Court agreed with the assessing officer, Commissioner (Appeal), and Tribunal that the discrepancies were substantial, leading to the dismissal of the appeal for lack of merit. In conclusion, the High Court dismissed the appeal, stating that no substantial question of law was involved, as the findings of the assessing officer, Commissioner (Appeal), and Tribunal were deemed reasonable and not perverse based on the discrepancies found in the books of accounts.
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