2011 (9) TMI 799

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....the assessment period 2006-07 was given to the appellant and the order of assessment was passed by the Income Tax Officer 4(2), Indore on 31.12.2008. The Assessing Officer had rejected the books of account and had made the best judgment assessment. The appellant had preferred an appeal before the Commissioner of Income Tax (Appeals) which was rejected by order dated 15.09.2009. The appeal preferred by the appellant, before the Income Tax Appellate Tribunal, Indore was also rejected by order dated 07.02.2011. Aggrieved by the same, the present appeal has been filed. 3. Learned counsel appearing for the appellant has submitted that the assessing Authority has committed an error in rejecting the books of account maintained by the appellant.....

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....ed requests by the Assessing Authority. No details of production yield and wastage were produced though the papers impounded during the course of survey indicated that the appellant was maintaining these details. After noting these reasons, the Assessing Authority finally reached to the following conclusion:- "I have considered the reply of the assessee and find that after considering the facts on records as well as the fact that the details of stock/stock register has not been produced, the cash sales have not been evidenced by any record, details of production, yield and wastage has not been produced, I am not satisfied about the correctness or completeness of the accounts of assessee and resort to the provisions of sec 145(3) of the I....

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....y held in the facts and circumstances of the appellant's case that though the purchases of Raw material made have been by and large verifiable but consumption of such Raw material in preparation of various food preparations and snacks preparation is not verifiable." 8. The Tribunal has also examined the said aspect of the matter and after detailed consideration, has reached to the conclusion that the Assessing Officer did not commit any error in rejecting the books of account. 9. On the perusal of the reasoning given by the Assessing Officer, we find that the Assessing Officer had rightly recorded that he was not satisfied about the correctness and completeness of the accounts of the appellant. The said conclusion of the Assessing Off....