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TMI Blog1970 (1) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... t kernel in the assessment year 1962-63. For the first assessment year, he returned a turnover of Rs. 78,232.23. There were two surprise inspections made by the departmental officers on 14th September, 1962, and 27th November, 1962, which disclosed heavy suppressions to the tune of Rs. 27,235.00 and Rs. 15,578.75 on 14th September, 1962, and Rs. 19,950.00 on 27th November, 1962. Though the dealer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ependent upon the facts and circumstances of the case and particularly the conduct of the assessee in the course of his business. Though it is essentially subjective in nature, yet it has some objective features as well and it is such objective material which prescribes varied and variegated standards for the ultimate assessment of the turnover on a hypothetical basis. In the instant case, the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssions were properly reflected in the regular accounts kept by the assessee. The assessee wanted to explain and on the face of it the explanation was spurious. Such suppressions were found in a pocket note-book recovered during inspection and the assessee gullibly explains away the pocket note-book as one relating to another person and not his. He did not take any steps to substantiate his stateme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oks of the assessee were rejected because on the date when the mills were inspected, there was a suppression of over one lakh of rupees on one single day. The revenue rightly, therefore, assessed the assessee in its best judgment. They, however, estimated the turnover and added 50 per cent. to the book turnover, as returned by the assessee. The Tribunal reduced it and added only 25 per cent. of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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