9911796707
TMI Blog2003 (9) TMI 741X X X X Extracts X X X X X X X X Extracts X X X X ..... ding to the petitioner in gross turnover was baseless and without any cogent materials on record. 2.. The order was appealed against and the respondent No. 3 modified the order of assessment and reduced the enhancement to Rs. 9,00,000. It was also observed that the valuation of the timber was determined by the assessing officer relying on the valuation determined by the Entry Tax Department and the Government market bulletin. Against the said order, revision was preferred before the board and the board rejected the application and confirmed the finding of the appellate authority holding that the petitioner had not filed any appeal against the valuation of timber assessed by the Entry Tax Officer. It was also observed that the Commercial T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies are arbitrary and not sustainable under law. 4.. On behalf of the respondents, it is submitted that the assessing officer examined the books of accounts properly and noted discrepency appeared therein. He, also took into confidence the result of assessment by the entry tax officer. The plea of the petitioner that he imported lower grade of timber is far from the truth. The question of valuation as assessed by the entry tax officer can be utilised by the commercial tax authority in view of the judgment pronounced by the apex Court. The petitioner since failed to explain the books of accounts and did not prefer any appeal against the valuation made by the entry tax officer, the order passed by the assessing officer is neither illegal no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luation assessed by the Entry Tax Officer was neither reasonable nor justified. In such circumstances, the assessing officer should have come to a proper finding by assessing the value of the goods according to the prevailing market price and by way of application of his judicious mind. But, unfortunately, it was not done in this case. We, therefore, find that the orders passed by the learned Board and the assessing and appellate authority are not sustainable under law. The orders are liable to be set aside. 9.. We, for the reasons discussed above set aside, the said impugned orders passed by the learned assessing, appellate and revisional authorities and direct the learned Commercial Tax Officer to hold a fresh assessment in accordance w ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
