2011 (4) TMI 1251

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.... manufacturing and trading of rice and rice bran. A survey was conducted in the business premises of the assessee on March 15, 2003. Neither any accountant nor the proprietor was available on the spot during the survey. The aged father of the proprietor was present who stated that the proprietor has gone outside. The books of account produced later but were rejected. So, the assessing officer made the addition on the estimate basis by rejecting the books of account. With this background, Sri M.M. Dewan, learned counsel for the revisionist, states that at the time of survey, no books of account were found. The stock of wheat, rice and rice bran was noted down by ignoring the stock lying in a separate godown. At the time of survey, neither t....

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....ister is checked and signed by the officers of marketing department from time to time. The levy stock register was checked and signed by senior marketing inspector on March 16, 2003 when stock of rice had been recorded. Lastly, he submits that the stock of rice and rice bran recorded in the books of account are much higher than the stocks recorded by the surveying team which shows bona fide of the revisionist since he would be bound to disclose the sales of all these stocks as and when they are sold. Thus, there was no question of any possible suppression of production or sales. On the other hand, learned standing counsel relied on the order passed by the lower authority as well as the impugned order passed by the Tribunal.I have heard le....