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2013 (11) TMI 53 - MADRAS HIGH COURTSuppressed sales turnover - Discrepency in books of accounts - Non maintenance of records for inter state purchases - Penalty u/s 12(3) - Held that:- A reading of the order of the Assessing Officer, the Appellate Assistant Commissioner and the Tribunal shows the inconsistent stand taken by the assessee. While before the assessing officer the assessee denied having any transaction with the Delhi parties, before the Tribunal, the assessee accepted the purchase effected from these sources. Thus, the extracts and the stock variation clearly pointed out the nature of dealing of the assessee warranting equal addition, as had been done by the Appellate Assistant Commissioner - Tribunal passed a very mechanical order, extracted the arguments and accepted the plea of the assessee on the face value to delete the equal time addition. Although, normally, on a revision this Court does interfere with the order of the Tribunal, where there are findings of the Tribunal, which is the highest fact finding authority in the hierarchy of appeal and revision authorities, when the order of the Tribunal lacks any material to base its view and when there is no discussion at all as to why it thought fit to cancel the estimated addition, on the face of the materials available, as had been found by the Assessing Officer, as well as the Appellate Assistant Commissioner, we uphold the contention of the Revenue - Decided against assessee.
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