1970 (1) TMI 77

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....rted business in groundnut and groundnut kernel in the assessment year 1962-63. For the first assessment year, he returned a turnover of Rs. 78,232.23. There were two surprise inspections made by the departmental officers on 14th September, 1962, and 27th November, 1962, which disclosed heavy suppressions to the tune of Rs. 27,235.00 and Rs. 15,578.75 on 14th September, 1962, and Rs. 19,950.00 on ....

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....al mercy and such guess is ordinarily dependent upon the facts and circumstances of the case and particularly the conduct of the assessee in the course of his business. Though it is essentially subjective in nature, yet it has some objective features as well and it is such objective material which prescribes varied and variegated standards for the ultimate assessment of the turnover on a hypotheti....

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....tisfactorily explained that such suppressions were properly reflected in the regular accounts kept by the assessee. The assessee wanted to explain and on the face of it the explanation was spurious. Such suppressions were found in a pocket note-book recovered during inspection and the assessee gullibly explains away the pocket note-book as one relating to another person and not his. He did not tak....