2008 (1) TMI 821

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....epartment. No one has appeared from the respondent's side. 4. The IT Department is challenging the order of Tribunal dt. 9th Oct., 1998. The brief facts are that the assessee was a country liquor contractor/vendor. In the assessment proceedings, the account books of the assessee were rejected on the ground that the sales alleged by the assessee were not verified. Thereafter, following Sectio....

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....ecause the proviso to Section 145(1) has been applied and the sales have been estimated it cannot be said with certainty that the sales disclosed by the assessee as per its books of account were false. At best it could be said that the sales as declared by the assessee could not be substantiated by the assessee by evidence. 5.1 As regards the net profit rate, the assessee's explanation has been....