TaxTMI 
TaxTMI 
1972 (4) TMI 87
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....e period 15th February, 1964, to 31st March, 1964, and it was found to be of the value of Rs. 27,794. This sum was treated by the assessing officer as the sale value of the utensils during the relevant period, and, taking it as the basis, the suppressed turnover for the entire year on this account was calculated at Rs. 2,22,352. There were other account books and slips which showed transactions on certain dates which had been suppressed from the regular accounts. The assessee could not explain the entries in those account books and slips. Therefore, the assessing authority took the entries in the other account books and slips as representing the suppression during the assessment year 1963-64 and enhanced the turnover returned by the assesse....
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....he Tribunal considered all these contentions and rejected them and ultimately upheld the estimate made by the assessing officer. The same contentions were reiterated before us by the learned counsel for the assessee. We are, however, inclined to accept the view taken by the Tribunal, having regard to the facts and circumstances of this case Here, the anamath account book, (A-1), showed certain transactions during the period 15th February, 1964, to 31st March, 1964. The assessee's explanation that it related to the entrustment of the metal to the manufacturers for making utensils and that it did not represent the turnover of sales did not find acceptance before the authorities below, including the Tribunal. That explanation not having been a....
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....ver is equally without any substance. As a matter of fact, it cannot be disputed that the period covered by the account book, (A-1), namely, 15th February, 1964, to 31st March, 1964, also included within it certain holidays and that the turnover estimated at Rs. 27,794 calculated for that period took note of the holidays during that six weeks as well. Therefore, there appears to be no need for excluding the holidays in estimating the turnover on the basis of the actual turnover found in (A-1). We are, therefore, of the view that the attack made by the assessee on the estimate made by the assessing authority is not sustainable. The learned counsel for the assessee, however, contends that the estimate made by the authorities below is arbitra....