9911796707
TMI Blog2007 (8) TMI 666X X X X Extracts X X X X X X X X Extracts X X X X ..... d against the order of the Tribunal dated September 7, 2001 relating to the assessment years 1985-86, 1986-87 and 1987-88. The applicant was registered dealer and was engaged in the business of manufacture and sales of metal ingot. For the assessment years 1985-86, 1986-87 and 1987-88 the applicant had disclosed taxable turnover at Rs. 19,71,005, Rs. 49,99,637 and Rs. 32,28,127.24. The assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... first appellate authority also considered the case of the applicant that it was not possible to maintain the books of account at every stage of production because there are number of stages. It has also been held that the books of account have been accepted in the previous years. Being aggrieved by the order of the first appellate authority, the Commissioner of Trade Tax filed appeals before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of account has been accepted in the previous years. He further submitted that the details of the raw material consumed and the goods manufactured have also been furnished and no defect has been found, therefore, the acceptance of the books of account and disclosed turnover by the first appellate authority is wholly justified. Learned Standing Counsel relied upon the decision of the apex court in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ufacturer, is of great importance. It is a means of verifying the assessee's accounts by having a quantitative tally. Section 12(2) of the Act mandates the dealer to maintain stock books in respect of raw materials as well as products obtained at every stage of production. If such a stock book is not maintained, it leads to the conclusion that the account books are not reliable or that particu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he High Court was wrong in holding that the defect is of a technical nature and the account books should be accepted. We set aside the decision of the High Court and direct that the estimated turnover of the dealer as upheld in appeal, shall stand restored. The appeal is allowed. However, in the facts and circumstances of the case, there shall be no order as to costs." In view of than above, I do ..... X X X X Extracts X X X X X X X X Extracts X X X X
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