1993 (12) TMI 28

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..... Act, 1961 (for short, "the Act"). The sum and substance of the four questions proposed in this application is whether the Income-tax Appellate Tribunal misdirected itself and committed an error of law in holding that, on facts, the provisions of section 145(2) of the Act were attracted and the assessment was to be made on best judgment. Section 145(2) of the Act empowers the Assessing Officer to .....

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..... of the liquor. On inquiries, the Assessing Officer was informed by the District Excise Officer that the liquor contractors were free to fix the sale price of liquor and there was no control over the selling rate. A clear finding was recorded that the profit and loss account furnished by the assessee does not depict a correct and real profit earned during the year. On these findings, the Assessing .....

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..... g paid the licence fee of Rs. 25,40,000, the assessee could earn net income of Rs. 36,727 alone." Finally, the Tribunal held that, on the facts and in the circumstances of the case, the book result was rightly rejected and no case for interference was made out. The various findings recorded by the tax authorities and by the Income-tax Appellate Tribunal have not been challenged in these procee .....

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..... ete or correct from which the correct profit cannot be deduced. Whether the presence or the absence of a stock register is material or not would depend upon the type of business. It is true that absence of the stock register or cash memos in a given situation may not per se lead to an inference that the accounts are false or incomplete. However, where the absence of a stock register, cash memos, e .....

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..... findings of fact recorded by the Income-tax Appellate Tribunal, in our opinion, its order does not give rise to any question of law to direct the Tribunal to make a reference to this court. In our opinion, the findings of the Income-tax Appellate Tribunal do not suffer from any legal infirmity which are based on appreciation of facts. The application is devoid of merit and is rejected with cost .....

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