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2013 (11) TMI 405 - MADRAS HIGH COURTNon maintenance of stock register - Exemption under second sales - Held that:- the assessee had not maintained any accounts either relating to first sales or second sales, but however, claimed second sales exemption. Even though learned counsel for the assessee made grievance as regards Rs.61,01,040/-, the Assessing Officer admitting only 27% as for second sales exemption, the only course available under the stated circumstances was to take note of the purchase of raw skins from inter-State and local purchase of tanned skins, sale of tanned skins locally and of export. Thus, on an analysis of the facts available, the Joint Commissioner sustained the method of accounting adopted by the Assessing Officer. - There is no violation in the order of the Joint Commissioner in approving the proportion guiding the best of judgment assessment. Keeping of a stock register by the manufacturer is of importance to verify the assessee's account for a quantitative tally of different goods attracting different rates; if such a stock book is not maintained, there being no other material to identify the different goods, it leads to the conclusion that the account books are not reliable or that particulars are not properly verifiable. Thus, we do not find that there is any arbitrariness in fixing second sales exemption based on the formula - Decided against assessee.
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