2011 (8) TMI 1019

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....998-99) whereby the Tribunal has reduced the best judgment assessment turnover in respect of foodgrains from Rs. 50 lacs to Rs. 35 lacs and similarly in respect of Khali, it has been reduced from Rs. 10 lacs to Rs. 8 lacs. The learned counsel for the Department submits that such reduction in the best judgment turnover is based on mere presumptions by the Tribunal without any reference to any relevant material fact, which can justify such reduction. The learned counsel for the Department submits that a surprise raid of the premises was carried out on June 23, 1998. A diary was seized which recorded certain uncounted transactions. The stock register was found incomplete. On that basis, best judgment assessment was made. He submits that the....

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....k, the Tribunal has recorded that since there is a certificate of G.B. Pant Agriculture and Technology University, Pantnagar, it has to be held that the paddy husk was exempted from tax as no viability of oil being abstracted from paddy husk and therefore, it has to be treated as de-oiled. The learned counsel for the Department submits that such presumption is wholly misconceived. Paddy husk will not be treated to be de-oiled merely because the University has opined that it will not be financial viability to abstract the oil from such paddy husk. The learned counsel for the assessee however, submits that in the facts of the present case reduction of the best judgment assessment turnover has been done by the Tribunal after considering the....