https://www.taxtmi.com/caselaws?id=157710 Stock variations found during surprise inspections justified rejection of the assessee's accounts because the records were held unreliable and not regularly kept. Once the accounts were rejected, best judgment assessment based on running stock was treated as a recognised method in the jewellery trade, and the Tribunal's year-wise reduction of the estimate to two times the running stock was not interfered with. A departmental circular on marginal stock differences in gold jewellery cases was held not to displace the assessment, as it was not relied on before the statutory authorities, related to penal action rather than regular assessment, and was not in force during the relevant years. en-us Mon, 16 Aug 1993 00:00:00 +0530 Wed, 09 Oct 2013 18:05:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=157710 Stock variations found during surprise inspections justified rejection of the assessee's accounts because the records were held unreliable and not regularly kept. Once the accounts were rejected, best judgment assessment based on running stock was treated as a recognised method in the jewellery trade, and the Tribunal's year-wise reduction of the estimate to two times the running stock was not interfered with. A departmental circular on marginal stock differences in gold jewellery cases was held not to displace the assessment, as it was not relied on before the statutory authorities, related to penal action rather than regular assessment, and was not in force during the relevant years. Case-Laws VAT and Sales Tax Mon, 16 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=157710