https://www.taxtmi.com/caselaws?id=164344 Inspection materials showed that the assessee had failed to account for goods received from its branch office and had not maintained accounts in the ordinary course of business. That factual suppression was treated as proved, and the equal addition for probable omission was sustained because the unaccounted receipt supported the inference of suppressed turnover. The penalty was also upheld, though reduced from 150 per cent to 50 per cent, in view of the established suppression and the likelihood of tax evasion. Revisional interference was therefore found unwarranted, and the Tribunal's reliefs and modifications remained undisturbed. en-us Thu, 06 Nov 2008 00:00:00 +0530 Tue, 22 Apr 2014 16:13:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=164344 Inspection materials showed that the assessee had failed to account for goods received from its branch office and had not maintained accounts in the ordinary course of business. That factual suppression was treated as proved, and the equal addition for probable omission was sustained because the unaccounted receipt supported the inference of suppressed turnover. The penalty was also upheld, though reduced from 150 per cent to 50 per cent, in view of the established suppression and the likelihood of tax evasion. Revisional interference was therefore found unwarranted, and the Tribunal's reliefs and modifications remained undisturbed. Case-Laws VAT and Sales Tax Thu, 06 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=164344