1997 (2) TMI 508

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....ng a business of jewellery. He filed returns taxable turnover of Rs. 12,26,207 for the assessment year 1988-89. The assessing authority rejected the accounts and completed the assessment by way of best judgment. Basis of such best judgment assessment was the suppression found during an inspection on May 20, 1988. The assessing authority estimated turnover at 2½ times the average running sto....

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....uld contend that the Tribunal was fully justified in sustaining the first appellate authority's order. He submits that the suppression found on inspection was for a day and it is therefore substantial. According to him, no reduction shall be made from what has been assessed by the Tribunal. 4. We cannot agree with the stand taken by the learned Government Pleader that suppression found to ....

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....ssee had admitted suppression found as above and compounded the offence for an amount of Rs. 4,603. Therefore there cannot be any dispute that the suppression to the extent of Rs. 73,652 found out at the time of inspection has to be taken on the basis. It cannot be taken that there was no pattern of suppression merely on the ground that there was no second inspection. Taking into consideration the....