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TMI Blog1970 (1) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... year, he returned a turnover of Rs. 78,232.23. There were two surprise inspections made by the departmental officers on 14th September, 1962, and 27th November, 1962, which disclosed heavy suppressions to the tune of Rs. 27,235.00 and Rs. 15,578.75 on 14th September, 1962, and Rs. 19,950.00 on 27th November, 1962. Though the dealer produced his accounts, they were rejected by the revenue and ultim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arly the conduct of the assessee in the course of his business. Though it is essentially subjective in nature, yet it has some objective features as well and it is such objective material which prescribes varied and variegated standards for the ultimate assessment of the turnover on a hypothetical basis. In the instant case, the assessee started his mill for the first time during the assessment ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. The assessee wanted to explain and on the face of it the explanation was spurious. Such suppressions were found in a pocket note-book recovered during inspection and the assessee gullibly explains away the pocket note-book as one relating to another person and not his. He did not take any steps to substantiate his statement that the pocket note-book did not belong to him but related to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ills were inspected, there was a suppression of over one lakh of rupees on one single day. The revenue rightly, therefore, assessed the assessee in its best judgment. They, however, estimated the turnover and added 50 per cent. to the book turnover, as returned by the assessee. The Tribunal reduced it and added only 25 per cent. of the same and thus brought the totality as the assessable turnover. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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