9911796707
TMI Blog1974 (3) TMI 96X X X X Extracts X X X X X X X X Extracts X X X X ..... ing officer disbelieved the accounts and determined the turnover at Rs. 3,00,000. In appeal the turnover was fixed at Rs. 2,50,000. The assessee then went up in revision. The revising authority rejected several of the grounds upon which the departmental authorities had rejected the assessee's books of account. It held that the parcha, which is paper No. 18 of the seized documents at the survey hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books should show every transaction of cash. It may be pointed out that the contention of the department that a sum of Rs. 1,600 was utilised for suppressed transaction cannot be ruled out." On this view the revision was dismissed. At the instance of the assessee the following questions of law have been referred for opinion to this court: "(1) Whether there was any material for rejecting the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lised for suppressed transaction at the shop is irrelevant. The contention of the department that a sum of Rs. 1,600 was utilised for suppressed transaction does not have any material in its support and is a pure guess work. In our opinion, this contention had no relevance to the credibility of the account books as such. The account books could not validly be rejected on such hypothetical grounds. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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