TMI Blog2008 (2) TMI 177X X X X Extracts X X X X X X X X Extracts X X X X ..... taxed on the entire amount of Rs.10,85,003/-, but, was liable to be taxed only on the gross profit earned on the said sales – finding of tribunal did not call for any interference – revenue appeal dismissed - 109 of 1996 - - - Dated:- 12-2-2008 - D. A. MEHTA and Z. K. SAIYED B. B. NAIK for the Commissioner MANISH J. SHAH for the assessee JUDGMENT The judgment of the court was de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In the course of search, various Books of Accounts and documents were seized. Annexures "C/4 to C/15" were some of the loose sheets which were seized during the course of Section 132 proceedings and the said sheets reflected sales made on various dates for the period from 15.7.1983 upto the end of June, 1984. The sales so recorded were effected by M/s. Punjab Tyres as well as M/s. Paul Tyres (a pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... each sale which are found in the cash book might not have been entered in the loose sheets and have been directly recorded in the books of accounts. In the circumstances it is not possible to give any relief for unaccounted cash sales found. The entry in the unaccounted sales of Rs.10,85,003/- are included in the total income of the assessee." 3. The assessee carried the matter in Appeal befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ultimately, the matter was referred to 3rd Member of the Tribunal, who agreed with the view adopted by the Accountant Member. The Tribunal held that the assessee could not be taxed on the entire amount of Rs.10,85,003/-, but, was liable to be taxed only on the gross profit earned on the said sales. The basis of this finding is the fact that all the purchases are from reputed companies and/or their ..... X X X X Extracts X X X X X X X X Extracts X X X X
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