9911796707
TMI Blog2024 (10) TMI 796X X X X Extracts X X X X X X X X Extracts X X X X ..... or at least before the assessing officer. No reason has been assigned for such nonproduction at the relevant point in time and neither has the Appellate Assistant Commissioner assigned any reason for permitting the admission of the document, belatedly. There is thus no evidence whatsoever to prove the assessee's argument that the stock relating to the turnover added as suppression of purchase/sales, formed part of the closing stock for the previous period. This argument of the petitioner is rejected and the conclusion of the Tribunal in this regard is confirmed. Two equal time additions towards purchase suppression is unwarranted. The business premises of the petitioner has been subjected to inspection and the authorities had full acces ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opportunity to the assessee, the assessing authority made an addition on account of purchase suppression towards Aluminium winding wires of Rs. 41,356/-, adding 15% towards freight and Gross Profit. Two equal time additions were made for probable omission for the previous period, till the date of inspection. An addition was also made towards sales suppression and second sales of electrical goods. Penalty in terms of Section 16(2)(d) of the Act at the rate of 150% was imposed in relation to the sales/purchase suppression. 3. An appeal was filed by the petitioner before the first appellate authority who, upon consideration of the submissions made, allowed the appeal in full by order dated 14.11.2002. 4. Assailing this, the revenue filed an ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trading account, if at all such document existed, ought to have been produced before the authorities at the time of inspection or at least before the assessing officer. No reason has been assigned for such nonproduction at the relevant point in time and neither has the Appellate Assistant Commissioner assigned any reason for permitting the admission of the document, belatedly. There is thus no evidence whatsoever to prove the assessee's argument that the stock relating to the turnover added as suppression of purchase/sales, formed part of the closing stock for the previous period. This argument of the petitioner is rejected and the conclusion of the Tribunal in this regard is confirmed. 8. However, we are of the considered view that tw ..... X X X X Extracts X X X X X X X X Extracts X X X X
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