9911796707
TMI Blog1993 (6) TMI 225X X X X Extracts X X X X X X X X Extracts X X X X ..... ner-firm is carrying on the business in gold ornaments in Thrissur. The respondent is the Revenue. We are concerned with the assessment year 1989-90. The petitioner returned a taxable turnover of Rs. 54,35,472.50. The assessing authority rejected the returns, since irregularities were found out when the business premises were inspected on January 22, 1990. The average running stock was fixed at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated November 12, 1991. The appeal filed by the Revenue was dismissed. The appeal filed by the assessee was allowed to a limited extent. The Appellate Tribunal confirmed the rejection of accounts, but held that the turnover for the year 1989-90 can be reasonably fixed at 3 times the average running stock value which will work out to Rs. 86,42,970. The assessee has filed this revision against th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a different decision, holding that the rejection of accounts and the estimate sustained is in any way improper and interfere with the said decision, it will lead to a conflicting state of affairs. The decision of the Appellate Tribunal in T.A. No. 539 of 1991 has become final. In the common order, considering the rival pleas put forward by the assessee as well as the Revenue, the Tribunal has sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2, 1990 and physical verification of the ornaments were made, it turned out that there were discrepancies in stocks and unaccounted purchases and sales. Fourteen slips were recovered. The assessee compounded the offence departmentally on payment of Rs. 5,525 towards compounding fee. The 14 account slips recovered at the time of inspection revealed unaccounted sales of new ornaments to the tune of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sale of new gold ornaments and other defects adverted to by the statutory authorities, the estimate of taxable turnover at 31/2 times the average running stock value is fair and reasonable. The fixation and the determination of the taxable turnover on the basis of the average running stock is one of the recognised methods. The Appellate Tribunal has given cogent and clear reasons and materials in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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