1999 (3) TMI 617

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....riod from March 1, 1982 till March 31, 1982 the turnover relating to bakery products was fixed at Rs. 35,636. The best judgment was based on the inspection made on November 12, 1981 and the seizure of certain incriminating records. The split-up figures up to February 28, 1982 is because of the difference in the rate of tax. Before the appellate authority certain concessions were granted and the turnover was fixed in the following manner: For the period from April 1, 1981 to September 15, 1981 the turnover was fixed at Rs. 1,60,286.91. For the period from September 16, 1981 to March 31, 1982 it was fixed at Rs. 1,26,648.47. Before the Appellate Tribunal the only argument for consideration was whether the said turnovers are eligible for exem....

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....t the end of the assessment year, namely, March 31, 1982. Inasmuch as the turnover for the year has to be taken into account, the total turnover right from April 1, 1981 till March 31, 1982 should be taken into consideration and so construed it is beyond the limit of Rs. 2 lakhs referred to in the notification. Therefore, it is argued that the Appellate Tribunal is not right in granting exemption. On the other hand, it is argued by Mr. Prasad, for the respondent that the exemption granted by the first notification should be made available to the assessee till the proviso was introduced. In other words, in respect of the sales of bakery products the first notification dated March 26, 1981 was available and the assessee cannot therefore be de....