1998 (7) TMI 666

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.... engaged in the business of hardware and paints. Inspection on the business premises of the assessee was conducted on March 5, 1988 and then stock variation to the extent of Rs. 50,000 was found. For that reason, the assessing officer estimated the turnover by adding 20 per cent to the taxable turnover. 3.. On appeal the appellate authority reduced the estimated turnover to three times of the s....

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.... established by a single inspection. This finding of the Appellate Tribunal is wholly contrary to law. This is a case where the pattern of suppression is not established. The total turnover of the assessee is of the magnitude of Rs. 48,32,448. Stock variation is only to the tune of Rs. 50,000 and that too on a single date, viz., March 5, 1988. Considering these facts, the appellate authority reduc....