9911796707
TMI Blog2019 (7) TMI 1124X X X X Extracts X X X X X X X X Extracts X X X X ..... ,394/-. 2. During the assessment year in question, the assessee was engaged in the manufacture and sale of footwear including hawai chappal. It disclosed a taxable turnover of Rs. 67,87,628/-. A survey was conducted at the beginning of the assessment year on 18.04.2000 wherein the assessee was found to 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 Rs. 75,23,000/-. That order was challenged in appeal which was partly allowed by the Joint Commissioner (Appeals) vide order d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elief had been granted by the first appeal authority for the remaining amount of disputed tax. In absence of any other material having been brought on record as may establish that the assessee had indulged 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 tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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. 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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