TMI Blog2008 (11) TMI 673X X X X Extracts X X X X X X X X Extracts X X X X ..... n short, 'the Act') against the order of the raise following substantial questions of law : (i) Whether in the facts and circumstances of the case, the Tribunal is justified in upholding the rejection of books of account as done by the AO particularly when the AO had not recorded any satisfaction about the correctness and completeness of the books of account ? (ii) Whether the b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3(3) without recording any satisfaction regarding the correctness and completeness of the books - 2. On a survey being conducted under s. 133A of the Act, the survey team prepared inventories of stocks at the premises of the assessee and found that only a part of the stock was entered in the books of account. The assessee surrendered income of ₹ 60,00,000 by way of excess stock. During ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal also upheld the finding that the assessee was having sale and purchase outside the books of account and the estimate of sales based on best judgment was upheld. The Tribunal has considered all the points raised by the assessee and also referred to its earlier order upholding the rejection of books of account. The Tribunal also held that the CIT(A) overlooked the reasons given by the AO for r ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
