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TMI Blog2009 (10) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... e to the arguments raised on behalf of the revenue as well as the assessee and it is apparent that one of the main arguments raised was whether the books of account could be rejected or not? In fact, according to the Tribunal, the first issue to be decided was whether the Assessing Officer was justified in rejecting the books of account. After considering the entire material, the Tribunal came to the conclusion that the Assessing Officer was justified in rejecting the books of account. It has also given reasons for the same. – order of ITAT upheld X X X X Extracts X X X X X X X X Extracts X X X X ..... ess of production and sale of cedar wood oil. For the assessment year 1993-94, the assessee filed its return declaring an income of Rs.7,49, 760/-. The case of the assessee was taken up for the scrutiny. The Assessing Officer found that there were discrepancies in the books of account maintained by the assessee and proceeded to assess the income on the best judgment assignment. The Assessing Officer made addition of Rs.2,84,832/-on account of sale of cedar wood oil on the basis of the consumption of the packing material, i.e., drums used. Another amount of Rs.14,02,080/- was added to the income of the assessee on the ground that the drums which had been purchased had not been shown in the account and the asseessee must have used these drums ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the orders which are on the file, it is apparent that the Assessing Officer had come to the conclusion that the Assessee had not prepared proper books of account and had rejected the books of account of the company. The CIT (A) held that the Assessing Officer was not justified in rejecting the accounts of the assessee. Sh. M. M. Khhana, learned senior counsel submits that in view of the fact that no specific ground in this regard was raised in the appeal, the Tribunal could not have permitted the revenue to challenge the books of account of the assessee and the finding of the learned Tribunal to this extent is illegal. We have gone through the grounds of the appeal filed by the revenue and find that the same are not very happily worded. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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