2019 (11) TMI 825

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..... facts of the present case, it is seen that, it remained undisputed that two bill books had been found from the premises of the assessee during the survey dated 29.8.2005 wherein transaction of purchase and sale of raw materials and finished goods were found recorded. Those remained from being reconciled by the assessee from its regular books of accounts. The total number of pages on which such transaction have been found recorded were in excess of fifty and period for which they related was also in excess of a few months. Present is clearly a case where adverse material found during the survey brought to light substantial undisclosed purchase and sale of goods. Therefore, there can be no challenge to the rejection of books of accounts o .....

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..... ng purchase and sale of goods had been seized along with other items and relying on the same, the assessing authority proceeded to reject the books of accounts of the assessee and estimated the turnover of sale at ₹ 40,15,000/- as against ₹ 8,55,640.50 total turnover disclosed by the assessee. 5. Consequently, against admitted tax liability ₹ 35,783/-, the assessing authority determined the same at ₹ 1,96,250/-. Upon appeal, the first appeal authority examined the submission advanced on behalf of the assessee and thereafter sustained the finding of the rejection of the books of accounts, relying on the adverse material discovered on the survey dated 29.8.2005. However, as to estimation, the same was r .....

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..... vey dated 29.8.2005 wherein transaction of purchase and sale of raw materials and finished goods were found recorded. Those remained from being reconciled by the assessee from its regular books of accounts. The total number of pages on which such transaction have been found recorded were in excess of fifty and period for which they related was also in excess of a few months. 9. In view of the above, present is clearly a case where adverse material found during the survey brought to light substantial undisclosed purchase and sale of goods. Therefore, there can be no challenge to the rejection of books of accounts of the assessee. 10. As to estimation, though the Tribunal has rushed with the matter, the first a .....

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