TaxTMI 
TaxTMI 
2008 (1) TMI 591
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....ned counsel for the appellant. The following substantial question of law is proposed for admission of this appeal. "Whether the Appellate Tribunal is right in law and on facts in confirming the order of the Commissioner of Income-tax (Appeals) confirming only unaccounted sales to the tune of Rs. 4,32,848 and thereby deleting the remaining amount of Rs. 41,61,922 made by the Assessing Officer....
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.... nor before us. In the show-cause notice, it was mentioned that on physical verification of the fabrics in the business of two independent witnesses, 28,433 meters of man made fabric value at Rs.5,13,474 was found in excess as compared in the balance shown in the stock register. During the stock verification, 30,566 meters of cotton fabric value at Rs. 3,56,647 was also found short as compared to ....
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....ying under process as on September 15, 1992, in the factory mentioned. He had personally verified the physical stock of fabric on that date and the paper also contained details regarding dispatch of pro-duct from the factory to various parties. These papers also contain regarding item wise processing of cotton fabrics and man-made fabric and the cost incurred separately during April, 1992, to Augu....
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....nd only a small part of the same was shown in the excise register. The assessee even could not be able to reconcile the production, sales and the closing stock although the specific opportunity was provided by the Assessing Officer. Under these circumstances, we agree with the Commissioner of Income-tax (Appeals) that the assessee failed to explain the suppression of production of 18,80,500 meters....