TMI Blog1999 (4) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... at investment by way of incurring the cost in acquiring the goods which have been sold has been made by the assessee and that has also not been disclosed. In the absence of such finding of fact the question whether the entire sum of undisclosed sale proceeds can be treated as income of the relevant assessment year answers by itself in the negative. The record goes to show that there is no finding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessment year 1994-95: "Whether the Appellate Tribunal is right in law and on facts in holding that only the net profit rate can be applied in respect of admitted sales of goods outside the books of account?" The facts giving rise to the present case are that during the course of survey conducted on the premises of the assessee on December 1, 1994, from the excise records found, inf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of sales. The Tribunal also found that there is no material on the record to suggest that the assessee made any investment outside the books of account to make alleged unaccounted sales in respect of the aforesaid appellate order. The applicant made an application under section 256(1) for referring the aforesaid two questions said to be arising out of the Tribunal's order. Having perused ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... old has been made by the assessee and that has also not been disclosed. In the absence of such finding of fact the question whether the entire sum of undisclosed sale proceeds can be treated as income of the relevant assessment year answers by itself in the negative. The record goes to show that there is no finding nor any material has been referred about the suppression of investment in acquiring ..... X X X X Extracts X X X X X X X X Extracts X X X X
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