2012 (11) TMI 130

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.... Heard learned counsel for the revisionist and learned standing counsel for the State. This revision has been filed by M/s. Polytech Paints being aggrieved by an order passed by the Tribunal for the assessment year 1997-98 whereby the Tribunal has imposed an additional tax of Rs. 73,516 upon the assessee. The facts of the case are that the assessee was engaged in the business of manufactu....

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....ng the survey and disclosed its turnover for the year in question at Rs. 18,72,080 and tax at Rs. 1,63,180. However, the books of account of the assessee were rejected by the assessing authority who estimated the turnover of the assessee at Rs. 1,00,74,719 and tax at Rs. 10,06,877.72. The assessee filed an appeal against this assessment order and the first appellate authority reduced the tax liabi....

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....ntained was the period which was around the festival of Diwali in which season the sales of oil paints were higher and the Tribunal has taken cognizance of this fact. He has argued that the assessment made by the Department was made on the basis of the material which was seized and that the final estimate made by the Tribunal was just and reasonable and had to be paid by the assessee. The Tribunal....

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....act that the Tribunal has not made a wild guess while making the assessment but rather has made the assessment on the basis of the value of the materials found during the survey. The assessee has neither denied the survey nor has denied at any stage that certain materials were seized having the value of Rs. 2,92,000. It is also not denied by the assessee that for a certain period between the mo....