9911796707
TMI Blog1997 (6) TMI 344X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 times the running stock to 3 times the running stock. From the above order of the Tribunal the revision is filed. 2.. The books of account were rejected by the assessing authority, since suppression was found on inspection of the business premises by the Intelligence Officer on November 13, 1987. There was excess stock of 44.950 gms. of gold ornaments and a shortage in stock of 106.750 gms. of silver ornaments. The difference was admitted by the assessee and the offence of non-maintenance of correct and complete account had been compounded for Rs. 1,500. It was also found that no stock register was maintained for silver ornaments. The assessing authority proposed to fix turnover on a multiple of 4 times of the running stock. The asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Kerala [1996] KLJ (TC) 97. In the above case it was observed that even though estimation of turnover at a certain number of times of the average running stock is permissible, it cannot be taken that it is the only method of estimating the turnover in relation to a jewellery business. Addition made on the basis of running stock is set aside and this Court directed an ad hoc addition of Rs. 15,000. According to the learned counsel, the above principle should be applied in this case and this Court may direct addition of the actual amount of suppression, which, according to the counsel, would come only about Rs. 14,000. 4.. The learned Government Pleader contends that the facts of the case relied on by the assessee are entirely different. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 73,652, which included the stock variation and unaccounted transaction. The quantum of variation in the above case is less than what was found in the present case. No material is placed before us regarding the turnover returned for the earlier or subsequent years for the purpose of comparison. Reported as George Joseph v. State of Kerala [1997] 107 STC 152 (Ker). 5.. Taking into consideration all the facts and circumstances of the case we find that interest of justice will be served if two times the average running stock is taken. We therefore modify the order passed by the Tribunal estimating the turnover as three times the running stock value as two times the running stock. The revision stands partly allowed. C.M.P. No. 946 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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