9911796707
TMI Blog2008 (11) TMI 640X X X X Extracts X X X X X X X X Extracts X X X X ..... Chennai, dated November 12, 1996 in T.A. No. 713 of 1995 for the assessment year 1992-93. The assessee is the petitioner herein. The relevant assessment year is 1992-93. The assessee is a dealer in bearings. Serval defects were found in the inspection conducted on August 17, 1992. It was found that the goods received from their other State branches from April 1, 1992 were not accounted for, pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there was purchase suppression. The basis on which addition was made was also challenged as unwarranted and as also the levy of penalty. The appellate authority found from the records that the assessee had not maintained its accounts in the ordinary course of business and hence their returns could not be relied as true and correct. They suppressed the receipt of goods from their branch office d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion is factual and there is no error in the factual findings recorded and there is no justification to interfere. The inspection was conducted on August 17, 1992. The defects relating to variation of stock and also purchase suppression relating to transport of goods from Chennai to Secundrabad branch and vice versa. The unaccounted receipt of goods from the branch was found to be clear purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imposed by the assessing officer, it was sustained by the appellate authority. The Tribunal found that the suppression was not only admitted, but proved. But for the inspection, there would have been evasion of tax. Considering the case, the Tribunal reduced the penalty to 50 per cent from 150 per cent. We find that there is no justification to interfere with the findings of the Tribunal. Ther ..... X X X X Extracts X X X X X X X X Extracts X X X X
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