TaxTMI 
TaxTMI 
2007 (8) TMI 666
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....erred to as "the Act") are directed against the order of the Tribunal dated September 7, 2001 relating to the assessment years 1985-86, 1986-87 and 1987-88. The applicant was registered dealer and was engaged in the business of manufacture and sales of metal ingot. For the assessment years 1985-86, 1986-87 and 1987-88 the applicant had disclosed taxable turnover at Rs. 19,71,005, Rs. 49,99,637 ....
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....ed in which no defect was found. The first appellate authority also considered the case of the applicant that it was not possible to maintain the books of account at every stage of production because there are number of stages. It has also been held that the books of account have been accepted in the previous years. Being aggrieved by the order of the first appellate authority, the Commissioner of....
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....ined in the previous years and the books of account has been accepted in the previous years. He further submitted that the details of the raw material consumed and the goods manufactured have also been furnished and no defect has been found, therefore, the acceptance of the books of account and disclosed turnover by the first appellate authority is wholly justified. Learned Standing Counsel relied....
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....tock register, especially in the case of a manufacturer, is of great importance. It is a means of verifying the assessee's accounts by having a quantitative tally. Section 12(2) of the Act mandates the dealer to maintain stock books in respect of raw materials as well as products obtained at every stage of production. If such a stock book is not maintained, it leads to the conclusion that the ....