1975 (11) TMI 146

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....the assessment year 1967-68 the assessee did not submit any return on the ground that he was exclusively dealing in the product of country oil chekkus. On a surprise inspection certain bills were recovered of which one of them showed a receipt of Rs. 162 for groundnut kernel. The assessing officer was of the view that this slip related to a sale transaction of groundnut kernel and that, therefore,....

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....u revision against this order and after following the prescribed procedure ultimately came to the conclusion that the slip recovered related to a sale of groundnut kernel worth Rs. 162 and that, therefore, the exemption was not applicable. In that view he set aside the order of the Appellate Assistant Commissioner and restored the assessment order, but all the same reduced the penalty to Rs. 1,500....

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....red by the slip, even assuming to be a sale, has not been shown to be dealt with as a dealer in groundnut kernel. So far as the assessee was concerned, he was flatly denying that it referred to any sale transaction, much less a sale transaction in the course of his business. There being no evidence that the sale, even assuming it to be a sale, was in the course of business of the assessee in groun....