TMI Blog1994 (9) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... -tax Act, 1961, arising out of an order of the Income-tax Appellate Tribunal in Income-tax Appeal No. 320 of 1987. The Revenue is the petitioner in Original Petition No. 6896 of 1991 and the assessee is the petitioner in the other petition. The assessee is an abkari contractor. He had sold 2,51,086 litres of arrack during the year. According to him, the average sale price of arrack was Rs. 18 pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re of arrack sold. At the same time, they found that the assessee had made various payments and other expenses. In fact, the assessee's counsel had fairly conceded before the Tribunal that he did not press for acceptance of the book results and that an estimate may be made. The Tribunal, therefore, considered the question of making an estimate and came to the conclusion that an addition of Rs. 5 l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ducing the estimate made by the Income-tax Officer to Rs. 5 lakhs and whether this finding of the Tribunal was supported by material. The assessee's reference is related to the addition of Rs. 5 lakhs sustained by the Tribunal, the assessee's contention being that the said addition was without any material to justify it. The assessee also claims that the amount of Rs. 1,10,500 paid to various offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d arrack at an average price of Rs. 26 per litre in the previous year while the average sale price during the year in question was only Rs. 18. It was in these circumstances that the appeal filed by the assessee was allowed in part and an estimate was made with an addition of Rs. 5 lakhs to the income. It could not be said that the finding is not based on any materials or evidence available on rec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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