TMI Blog2007 (4) TMI 228X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Sea Customs Act, 1878, and the contract price shown by the assessee in the contract resulted in any additional income liable to income-tax to the assessee in the face of the finding of 'proven underinvoicing' by the assessee, given by the Supreme Court? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the 'proven underinvoicing' was not deliberate or intentional? 3. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that no variation to the book results could be made merely on the basis of the notional value fixed by the customs authorities under section 30(b) of the Sea Customs Act, 1878, for the purpose of the customs duty in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was in contravention of the Customs Act. During the pendency of the said proceedings, the Assessing Officer initiated reassessment proceedings for the assessment year 1953-54 by issuing notice under section 148 of the Income-tax Act, 1961, on March 20, 1970. The assessee challenged the said notice by filing a writ petition before this court, and the same was dismissed. Thereupon, the assessee filed an appeal before the apex court and the apex court dismissed the appeal by holding that the condition precedent for initiating proceedings under section 147 of the Act, were complied with. However, the apex court noted that the assessee's income has to be determined on the basis of price received by it for the goods exported. Thereafter, in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e customs authorities have taken the market value of the exported goods for the purpose of customs duty could not be a ground to make additions in the case of the assessee unless there was any material to show that the assessee had in fact received more amount than what was shown in the invoices/bills. Admittedly, there is no material on record to show that the assessee had received amounts in excess of what is reflected in the books of account. The grievance of the Revenue that the assessee has failed to produce books of account, has been rejected by the Tribunal by upholding the contention of the assessee that it was not possible for them to produce the books relating to the financial year 1952-53 in the year 1970. In any event, at no p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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