2011 (4) TMI 1239

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....ment Advocate (Taxes), ORDER :- The order of the court was made by MRS. CHITRA VENKATARAMAN J.-The assessment year under consideration is 1996-97. Based on the inspection conducted in the business premises on March 6, 1997, the assessing officer passed best of judgment assessment on the assessee, apart from levying penalty. The assessee filed an appeal before the Appellate Assistant Commission....

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....ept for the deficiency in stock of goods not supported by purchase bills, there were no other materials, which warranted equal time addition towards probable omission. Taking note of the facts therein, the first appellate authority rightly cancelled the equal time addition. The fact that in the subsequent year, there was an inspection, which revealed suppression, by itself, would not be a good gro....