1997 (6) TMI 344

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....fore the Tribunal the assessee obtained relief to some extent, since it reduced the estimation from 4 times the running stock to 3 times the running stock. From the above order of the Tribunal the revision is filed. 2.. The books of account were rejected by the assessing authority, since suppression was found on inspection of the business premises by the Intelligence Officer on November 13, 1987. There was excess stock of 44.950 gms. of gold ornaments and a shortage in stock of 106.750 gms. of silver ornaments. The difference was admitted by the assessee and the offence of non-maintenance of correct and complete account had been compounded for Rs. 1,500. It was also found that no stock register was maintained for silver ornaments. The....

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....s case. In support of his contention he relied on a decision of this Court in C. Kunhikannan v. State of Kerala [1996] KLJ (TC) 97. In the above case it was observed that even though estimation of turnover at a certain number of times of the average running stock is permissible, it cannot be taken that it is the only method of estimating the turnover in relation to a jewellery business. Addition made on the basis of running stock is set aside and this Court directed an ad hoc addition of Rs. 15,000. According to the learned counsel, the above principle should be applied in this case and this Court may direct addition of the actual amount of suppression, which, according to the counsel, would come only about Rs. 14,000. 4.. The learned Go....