9911796707
TMI Blog2009 (11) TMI 393X X X X Extracts X X X X X X X X Extracts X X X X ..... for liquor sales. The total unaccounted income amount to Rs. 24,72,170/-. The Tribunal sustained both addition. High Court directed the Assessing Officer to grant deduction of kist payment. The Commissioner directed the revision order. After receiving the revised order assessee again filed the appeal to Commissioner. The Tribunal however, deleted the addition. Held that- in the first round the Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the delay and admit the appeal. 2. The appeal is filed against the order of the Tribunal deleting Rs.24,72,170, which is a suppressed income assessed, based on inspection in the assessee's premises held on December 12, 1996. 3. We have heard the standing counsel appearing for the appellant and SriP. Balakrishnan, counsel appearing for the respondent. 4. A search was conducted in the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Officer treated this as spurious liquor sales, but granted deduction of cost of purchase and treated the net amount as suppressed income. In appeal, the Tribunal sustained both additions. However, when the matter was taken up on appeal in reference to the High Court, the High Court directed the Assessing Officer to grant deduction of kist payments. The Commissioner also directed revision of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct of brandy sales which is nothing but sale of liquor purchased from authorised sources. When the assessee accounts the full sale consideration in the computer statement, only around 70 per cent. of the same is accounted in the bills maintained in writing. The difference is nothing but excess price realised over the accounted sale price. In the first round, the Tribunal sustained the addition and ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
