1993 (10) TMI 317

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....not reflected in the regular books of account. For the period April 1, 1981 to March 31, 1982, the petitioner had submitted returns of his gross and taxable turnover containing the gross turnover of Rs. 24,49,006. From the said turnover, deduction was claimed in respect of taxpaid goods under section 2(r)(ii) at Rs. 19,94,357 and the taxable turnover was shown at Rs. 4,54,650. This deduction claimed was in respect of raw material which was said to be tax-paid, purchased by him for manufacture of the feeds and sold them in the market. 2.. The taxing authorities, taking into consideration the suppression, determined the gross turnover at Rs. 26,40,000 and taxable turnover at Rs. 10,44,800 and the claim for deduction was also reduced by 5 lac....

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....ional basis. That authority should not be vindictive or capricious. If the estimate made by the assessing authority is a bona fide estimate and is based on a rational basis, the fact that there is no good proof in support of that estimate is immaterial. Prima facie, the assessing authority is the best judge of the situation. It is his 'best judgment' and not of anyone else." 9.. We may also refer to the judgment reported in [1993] 89 STC 186 (Ker) (Siva Traders v. State of Kerala). It has been stated that it was open to the factfinding authority to infer that the assessee had large scale dealings outside the accounts for the whole year, though it is not possible to find out precisely the turnover suppressed which could make an estimate of ....