2006 (7) TMI 634

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he common order of the Sales Tax Appellate Tribunal, disposing of two appeals, one filed by the assessee and the other by the State, for the same assessment year 1991-92. The assessee was a retail dealer in arrack during the relevant year. Three inspections were held. On all the inspections, petitioner/assessee did not have the proper accounts and, therefore, nonmaintenance of accounts was accepte....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....that could have been purchased and sold without accounting the same. The first appellate authority, however, modified the assessment by sustaining addition of Rs. 1 lakh. The Tribunal, on departmental appeal, restored the assessment by allowing the departmental appeal and by dismissing the assessee's appeal. Even though the learned counsel appearing for the petitioner firstly canvassed for ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....epted as the market price of the commodity. This would indirectly mean that the petitioner's accounts should be accepted. Having upheld the rejection of petitioner's books of account, we cannot accept petitioner's theory that the sale value accounted is the price realised for the purchased quantity accounted. It is seen from the Tribunal's order that the purchase price was Rs. 26 a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rate adopted by the Department is low. Since the market price determined is based on enquiry by Intelligence Department and the assessing officer, we see no reason to deviate from the same. Therefore, the Tribunal's decision to accept the market price determined by the assessing officer based on enquiry, is upheld. The next question to be considered is whether the estimation of first sales ....