1996 (1) TMI 412

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....ied the reason to decide this revision case separately, which we proceed to do hereafter. The assessment year in question is 1987-88. The declared turnover is Rs. 10,70,240 as considered by the assessee for the same reason of rejection of accounts, the assessing authority resorted to the best judgment approach and estimated the turnover in a similar manner, estimating the taxable turnover at Rs. 1....

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....ck variation is very very small when compared to the total stock held at the time of inspection. In fact the statement of accounts submitted by the assessee have to be approached on the basis of an attitude of acceptance. This is even inspite of the power of the assessing authority to resort to best judgment assessment in a situation made available by peculiarity of facts and circumstances of e....

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....ng authority to resort to best judgment assessment. It is not necessary that a resort to best judgment assessment must be based on plurality of factors. 5.. However, the factual matrix spell out hereinbefore shows that there is a single item of variation showing shortage of only 5.800 grams as against a total stock of 2,975.500 grams on the day of inspection. This situation is re-emphasized by ....

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.... v. State of Kerala 1993 KTR 598 the differences adopted at the time of inspection are worth appreciating. By the Circular No. 6 of 1990 dated June 5, 1990, the Board of Revenue recognised the difficulty occurring in gold trade having regard to the repeated weighments of small quantities as also weighment with stones. It is seen further that realising this problem directions are issued not to take....