1997 (2) TMI 508

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..... ar 1988-89. The assessing authority rejected the accounts and completed the assessment by way of best judgment. Basis of such best judgment assessment was the suppression found during an inspection on May 20, 1988. The assessing authority estimated turnover at 2 times the average running stock and fixed taxable turnover at Rs. 30,77,234. On appeal, the Appellate Assistant Commissioner reduced the .....

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..... the suppression found on inspection was for a day and it is therefore substantial. According to him, no reduction shall be made from what has been assessed by the Tribunal. 4. We cannot agree with the stand taken by the learned Government Pleader that suppression found to the extent of Rs. 73,652 was suppression for a day. The inspection was conducted 50 days after the starting of the assessment .....

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..... amount of Rs. 4,603. Therefore there cannot be any dispute that the suppression to the extent of Rs. 73,652 found out at the time of inspection has to be taken on the basis. It cannot be taken that there was no pattern of suppression merely on the ground that there was no second inspection. Taking into consideration the period which was over in the assessment year when the inspection was conducted .....

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