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TMI Blog2009 (6) TMI 531X X X X Extracts X X X X X X X X Extracts X X X X ..... material evidence on record and the same did not call for interference in the appeal. - 212 of 2009 - - - Dated:- 12-6-2009 - V. GOPALA GOWDA AND RAVI MALIMATH JJ. R. Rama Murthy for Vasan Associates for the appellant. JUDGMENT 1. The judgment of the court was delivered by V. GOPALA GOWDA J .-This appeal is along with Misc. Civil No. 9372 of 2009 to condone the delay of 107 days in filing the appeal is filed by the assessee. Since we are not interfering with the impugned order of the Tribunal, accepting the reasons in support of the affidavit filed for condonation of delay, the delay in filing the appeal is condoned and this appeal is taken up for admission. 2. Heard Sri R. Rama Murthy, learned counsel appearin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntire closing stock of the earlier year is valued at higher price and the entire stock is of superior quality. 6. The finding of the assessing authority on the basis of the presumption has been upheld by the Tribunal without applying its mind and considering the facts and material evidence produced before the assessing authority. Therefore, the Tribunal has failed to appreciate the facts and legal evidence on record while concurring with the finding of the assessing authority. Therefore, it is requested by learned counsel for the assessee to answer the aforesaid substantial question of law in favour of the assessee and further the suppression of sale value at Rs.15,22,651 which is assessed by the assessing authority has been accepted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der holding that the observation made by the Commissioner of Income-tax (Appeals) in his order regarding the exact valuation of the opening stock adopted at Rs.149 per kg. whereas the Assessing Officer has bifurcated into inferior and superior quality. Therefore, as per the valuation, it is higher quality of goods. It has also observed that the assessee has not submitted the actual purchases supporting the copies of the bills and the sales supported by copies of sale bills to prove his claim that the sales made to VS and Sons on those particular date for that particular quality of arecanut rate was as low as Rs.50 to Rs.60 per kg. particularly when the sales are made to his sister concerns and made further observation that the assessee has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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