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TMI Blog2014 (6) TMI 1008X X X X Extracts X X X X X X X X Extracts X X X X ..... trolled and regulated by Excise Department and as there is no discrepancy in the stock register maintained and the Excise Department did not find any discrepancy - AO committed an error in disbelieving the Account book only on the ground that sales vouchers has not proper - there was no sufficient ground with the AO for invoking provisions u/s 145(3) - Decided in favor of assessee - ITA No.150/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing Officer invoke the provisions of Section 145(3) and applying the profit rate of 3% on the estimated sale of ₹ 22,01,74,560/-. The net profit was worked at ₹ 6,60,537/- . Appeals were filed and in an appeal the net profit was worked at ₹ 1.77% of the sale and a sum of ₹ 41,75,784/- was deleted. Challenging this deletion, this appeal has been filed and the only ground ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... screpancy in the stock registered maintained and the Excise Department did not find any discrepancy, learned Assessing Officer committed an error in disbelieving the Account book only on the ground that sales vouchers has not proper. The Tribunal dealt with the matter in the following manner :- Since the quantity of the liquor is regulated by the Excise Department and no discrepancy in stock o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de and is generally an accepted and prevalent practice. It may be noted that absence of cash memo in a given situation like liquor trade may not per se lead to an interference that the accounts are incorrect or incomplete. Here in the case of appellant, the Assessing Officer had not pointed out any defect or deficiency in the books of accounts and therefore, there was no sufficient ground with the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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