9911796707
TMI Blog1975 (11) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... 74) and for 1970-71 (Revision No. 974/75). 2. In the year 1969-70 prior to reconstitution of the firm on 11th Nov., 1969 there was a gross and net turnover of Rs. 434.49 and Rs. 75,992.80. The net turnover was enhanced to Rs. 80,000 and confirmed in appeal. After reconstitution, however, the applicant's gross and net turnover came to be only Rs. 1,89,304.87 and Rs. 30,050.14. The assessing auth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was not possible to issue cash memos and that the petty sales were recorded accurately and faithfully by counting the cash at the end of the day. It will be seen that the retail sales were a very small portion of the assessee's total sales. I do not think that there could be any intention of suppressing any sales in those small figures. Since the only ground was the failure to keep a stock inven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... herefore, probably the latter did not know the facts fully. It is not fair to treat the assessee's dealing with suspicion. 6. No doubt there has been a significant fall in the assessee's disclosed turnover of the year 1969-70 from that in the earlier period of the same year, but that by itself is not an incriminating circumstances because in the very subsequent year, i.e., 1970-71 the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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