TMI Blog2019 (7) TMI 1124X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore, no sale took place, was not supported by any evidence produced by the assessee - The explanation being purely factual and based on no evidence, the finding of the last fact-finding authority, i.e. the Tribunal being based on evidence, does not warrant any interference in exercise of the revisional jurisdiction. Quantification - HELD THAT:- The first appeal authority had valued those goods and further determined the tax that may have been payable over them. This finding of fact has not been disturbed by the Tribunal but it has merely made a wild guess work. That exercise does not appear to be founded on any cogent or relevant material. It is also a fact that besides the aforesaid directions pertaining to the two challans, no o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o have been engaged in making sale of goods against two challens bearing nos. 28 and 29 that had not been accounted for by it inasmuch as no regular bill was found to have been issued. The accounts books of the assessee were rejected and a best judgment assessment was made, wherein the taxable turnover was estimated at ₹ 75,23,000/-. That order was challenged in appeal which was partly allowed by the Joint Commissioner (Appeals) vide order dated 18.11.2002 and the tax on undisclosed sales was reduced to ₹ 1,000/-. The matter was carried in appeal by the revenue which has been allowed in part and the total tax liability was determined at ₹ 3,17,394/- against ₹ 3,41,889/- estimated by the Assessing Authority. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndulged in any similar transaction throughout the remaining part of the year in question, there did not exist any valid or other material to sustain the exorbitant additions made by the Tribunal. 7. Learned Standing Counsel has opposed the revision and submitted that the two challans did indicate that the assessee was engaged in the transaction outside the books of accounts and, therefore, the same have been rightly rejected. As to the estimation, it has been submitted that best judgment assessment is always a matter of guess work. Since the transaction of undisclosed sale of goods was made in the beginning of the assessment year in question and, therefore, proportionate estimation had to be made for the remaining part of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rely made a wild guess work. That exercise does not appear to be founded on any cogent or relevant material. 10. It is also a fact that besides the aforesaid directions pertaining to the two challans, no other challan was detected in the entire year as may reflect that the assessee was engaged in any activity of sale of goods. In such facts, the estimation made by the Tribunal was found to be not based on any material, whereas the estimation made by the first appeal authority was found to be based on material and evidence on record. 11. Accordingly, in the peculiar facts of the present case, the order passed by the Tribunal dated 07.01.2008 is set aside to the extent of quantification being found to be not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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