2009 (8) TMI 1107

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....the circumstances of the case, the Tribunal was right in partly remanding the turnover, when the basis for all are one and the same, is correct in law? (iii) Whether, on the facts and in the circumstances of the case, the Tribunal was right in sustaining the penalty imposed on the petitioner without bringing home the guilt, is right in law?" The assessee is a dealer and manufacturer of furniture. The assessment relates to the year 1990-91. The assessee reported with a turnover of Rs. 1,865. There was an inspection on July 17, 1990 by the Enforcement Wing. Based on the inspection, the turnover was fixed at Rs. 15,90,125. Such turnover came to be arrived at on the footing that actual suppression was estimated based on statistical rep....

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....dered by the Appellate Tribunal, came to be made after a detailed analysis of various statistical details culled out in the inspection held on July 17, 1990. On a perusal of the order of the assessing authority as well as that of the Tribunal, we find that the ultimate conclusion of the Tribunal to restore the estimation based on the statistical details as was carried out by the assessing officer was out-and-out based on the facts and figures drawn from the inspection records. As the assessing authority as well as the Tribunal, who are the fact-finding authorities, have bestowed their valuable time and consideration while reaching a conclusion that such details relating to the actual figures were to be drawn based on the statistical figures....