9911796707
TMI Blog2011 (12) TMI 460X X X X Extracts X X X X X X X X Extracts X X X X ..... antial questions of law: "(1) Whether the Appellate Tribunal was justified in law in sustaining the best judgment made by the assessing authority to the extent of Rs. 16.50 lakhs even though the assessing authority had not complied with the specific directions given by the Appellate Tribunal to go into matter in depth of the various records recovered on March 7, 1994 by examining each entry in them and pass an order in accordance with law after affording reasonable opportunity to the petitioner to explain the nature of the slips, etc., and entries thereon? (2) Whether the Appellate Tribunal was justified in law in making adhoc addition of 50 per cent of the alleged actual suppression without having due regard to the fact that the inspecti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,207, vide order dated September 15, 1998, and thereby confirmed the original assessment order. On appeal to the Appellate Assistant Commissioner, the taxable turnover was reduced to Rs. 22,05,548 and the penalty was also reduced to Rs. 87,263. On further appeal to the Sales Tax Appellate Tribunal, by the impugned order, the Tribunal has further reduced the taxable turnover and estimated the turnover at Rs. 16,53,921 and reduced the penalty to Rs. 55,880. It is as against the said order, the assessee has filed the present revision. It is an admitted fact that the assessee, who was originally a polisher, has started jewellery business in the year 1993-94 and closed it in the year and the assessment came to be made on the basis of certain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee at Rs. 5,00,000 (rupees five lakhs), the impugned order of the Sales Tax Appellate Tribunal stands modified to the extent that the taxable turnover of the assessee could be fixed Rs. 5,00,000, and by applying the ratio followed by the authority below, out of the said sum of Rs. 5,00,000, Rs. 2,00,000 (rupees two lakhs) shall be assessed at one per cent and the remaining Rs. 3,00,000 (rupees three lakhs) shall be assessed at three per cent. Accordingly, the total tax payable by the assessee shall be arrived at. Since the assessee has already paid a sum of Rs. 19,763 towards tax and a sum of Rs. 715 towards surcharge, the assessee is entitled for the refund of the excess amount, if any, paid by it. The assessing officer shall ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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