2008 (11) TMI 632

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....s of law arise for consideration: (i) Whether in the facts and circumstances, the Tribunal has erred in not considering that the assessee cannot approbate or reprobate the statement made during inspection as held in the case of Yousuff Radio v. Board of Revenue reported in [1979] 43 STC 525 (Mad)? (ii) Whether the order of the Tribunal is erroneous inasmuch as the reconciliation statement re....

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....ercial Tax Officer was not inclined to accept the explanation given by the assessee with regard to the stock variation. As regards the inter-State purchase which was not accounted for, the Commercial Tax Officer is of the opinion that, "But for the inspection, the transaction are bound to go unaccounted". Similarly, with regard to the estimation based on the D7 records, the objections raised by th....

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....e in great detail. As regards the discrepancy in stock which was treated as suppressed turnover, the Tribunal found on fact that the reconciliation statement produced by the assessee which was supported by other relevant records cannot be ignored and was of the opinion that the appellants have explained the stock variation with regard to mixer grinder (78 Nos.), table fan (66 Nos.) and ceiling fan....