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2019 (7) TMI 1124 - ALLAHABAD HIGH COURTBest Judgement Assessment - rejection of books of accounts - Whether, in view of the two challans alleged to be unaccounted for which related to the beginning of the assessment year in question only, the entire books of accounts of the assessee could have been rejected and best judgment assessment made? - HELD THAT:- Insofar as rejection of books of accounts is concerned, there does not appear any error in the orders passed by the Assessing Authority and the Tribunal, inasmuch as the challans did represent sale of goods made by the assessee. His explanation that those goods were rejected for reason of quality and, therefore, no sale took place, was not supported by any evidence produced by the assessee - The explanation being purely factual and based on no evidence, the finding of the last fact-finding authority, i.e. the Tribunal being based on evidence, does not warrant any interference in exercise of the revisional jurisdiction. Quantification - HELD THAT:- The first appeal authority had valued those goods and further determined the tax that may have been payable over them. This finding of fact has not been disturbed by the Tribunal but it has merely made a wild guess work. That exercise does not appear to be founded on any cogent or relevant material. It is also a fact that besides the aforesaid directions pertaining to the two challans, no other challan was detected in the entire year as may reflect that the assessee was engaged in any activity of sale of goods. In such facts, the estimation made by the Tribunal was found to be not based on any material, whereas the estimation made by the first appeal authority was found to be based on material and evidence on record. The order passed by the Tribunal dated 07.01.2008 is set aside to the extent of quantification being found to be not based on any material or relevant consideration - revision allowed.
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