2013 (7) TMI 557

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..... able turnover without assigning any cogent reasons the tribunal has rightly reverse the same - t was not the case of the assessee that he had been maintaining two separate books of accounts one for the U.P. Trade Tax Act and other for the Central Sales Tax Act, therefore, once the accounts books for valid reasons have been rejected for the purpose of levy of tax under the U.P. Trade Tax Act and th .....

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..... ty rejected the account books and determined the taxable turnover to the best of its judgment. In appeal preferred by the assessee, the taxable turnover under the U.P. Act was reduced by Rs.55 lacs whereas that under the Central Act was reduced by Rs.2 crores. The Tribunal by the impugned order dated 22.2.2007 has approved the reduction in the taxable turnover made under the Central but has held .....

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..... losed therein cannot be made the basis for assessment. Thus, the assessment made by the assessing authority to the best of its judgment ignoring the books of accounts cannot be faulted with and since the first appellate authority had reduced the taxable turnover without assigning any cogent reasons the tribunal has rightly reverse the same. The other argument of learned counsel for the assesse .....

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