1973 (6) TMI 56

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....the assessee in this case was assessed on a certain turnover in respect of his dealings in certain commodities. But, only a turnover of Rs. 42,470 was disputed before the Tribunal. The said turnover represented the addition made by the assessing authority to the turnover returned by the assessee on the ground that there were certain defects found in the assessee's accounts. The assessee explained ....

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....uppress the turnover and evade payment of tax, failed to disclose the same in the returns. Aggrieved against the order of the Tribunal, the revenue has come up before us. It is contended on behalf of the revenue that the Tribunal, having held that in view of the defects pointed out, the addition towards suppressions is justified, erred in reducing the addition to Rs. 15,000 and that there is no....

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....e in this contention. The Tribunal has given various reasons in the earlier part of its order as to how the addition of Rs. 15,000 is justified. Having upheld the best judgment assessment passed by the assessing authority, the Tribunal cannot say that the assessing authority is not justified in invoking the power under section 12(3) of the Act and levying the penalty. On the facts of the case, the....