9911796707
TMI Blog2021 (11) TMI 729X X X X Extracts X X X X X X X X Extracts X X X X ..... ducts at a rate fixed by the revenue without bringing on record any exemplars. Therefore, the view taken by the Tribunal as well as the lower authorities that the goods were sold at lesser price is bad. Further the record reveals that only on the basis of surmises and conjucture, the account books of the assessee have been rejected and turnover has been enhanced which cannot be justified. It is already well-settled that in the absence of any definite adverse material accounts kept in regular course of business cannot be disbelieved and must be given credence and due weight - In the case in hand, no adverse material whatsoever was brought on record to disbelieve the account books maintained by the revisionist and therefore rejection of ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd circumstances of the case, the Commercial Tax Tribunal, Ghaziabad as well as authorities below were justified in disallowing the claim of damage which is less than 1%, inasmuch as the same has been allowed by the assessing authority himself in the assessment year 2008-09? 4. Brief facts of the case are that the revisionist is multi-national company engaged in the business of manufacturing and sale of vegetable oil, refined oil and ghee. The revisionist has its own manufacturing unit at Gujrat and having its branches at other States. In the normal course of business the goods are being sent as stock transfer to its branches. During the assessment year 2005- 06, being the first year of business, stock transfer were made and the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed fact that the disputed assessment year was the first year of the business of the revisionist and to establish itself in the market, the competitive rates were given. Otherwise also the authorities have not brought any material on record to show otherwise. He further submits that so far as the shortage of maze was concerned, the main reason behind it, was that after some time, it dries and therefore the weight was less than mentioned in the stock. Moreover, the said issue does not affect its sale and prays for allowing the revision. 6. Per contra, learned Standing Counsel supports the order passed by the authorities below and submits that the dealer has failed to bring on record any justified material to show the huge loss of edible oi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e authorities, without any basis, have partly accepted the contention of 10,000/- litres of transit loss, whereas in the subsequent years the assessing authority on the same identical set of facts, has accepted the disclosed transit loss of the revisionist i.e. for assessment year 2007-08 and 2008-09, copies of which have been filed at Annexure no.7 of the revision. The Tribunal being the last Court of fact, has just narrated / quoted the assessment year while disbelieving the transit loss and has not given its own finding. Further there was no other evidence brought on record to show that the dealer was found in selling the edible oil out of books of account. Only on the basis of surmises and cunjucture sale of 81021 litres has been held t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oods below the expected market price, may be a warning to put the revenue on alert which may call for a thorough and detailed scrutiny of the account books. However, if no adverse materials is found despite the scrutiny, the account books cannot be rejected on suspicion and surmises alone. Where the genuineness and regularity of the accounts are not challenged, the accounts are relevant and are prima facie proof of the entries and the correctness thereof under Section 34 of the Evidence Act. To put it differntly, the rejection of account books cannot be made on pretent. If the returns could be substantiated and the figures disclosed therein are verifiable from the account books in which no defect is noted, the Assessing Authority is not leg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sence of any definite adverse material accounts kept in regular course of business cannot be disbelieved and must be given credence and due weight. In the case in hand, no adverse material whatsoever was brought on record to disbelieve the account books maintained by the revisionist and therefore rejection of account books and enhancement of turnover is uncalled for. 15. In view of aforesaid facts and circumstances of the case as well as various law laid down by this Court, all the orders passed by the authorities below are set aside. The Tribunal is directed to pass an order under Section 11(8) within a period of two months from the date of receipt of a copy of this order. 16. The revision is allowed with cost of ₹ 2000/- (tw ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
