2011 (12) TMI 460

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....itted by this court on the following substantial questions of law: "(1) Whether the Appellate Tribunal was justified in law in sustaining the best judgment made by the assessing authority to the extent of Rs. 16.50 lakhs even though the assessing authority had not complied with the specific directions given by the Appellate Tribunal to go into matter in depth of the various records recovered on March 7, 1994 by examining each entry in them and pass an order in accordance with law after affording reasonable opportunity to the petitioner to explain the nature of the slips, etc., and entries thereon? (2) Whether the Appellate Tribunal was justified in law in making adhoc addition of 50 per cent of the alleged actual suppression without h....

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....,096 and accordingly, imposed the penalty at Rs. 2,90,207, vide order dated September 15, 1998, and thereby confirmed the original assessment order. On appeal to the Appellate Assistant Commissioner, the taxable turnover was reduced to Rs. 22,05,548 and the penalty was also reduced to Rs. 87,263. On further appeal to the Sales Tax Appellate Tribunal, by the impugned order, the Tribunal has further reduced the taxable turnover and estimated the turnover at Rs. 16,53,921 and reduced the penalty to Rs. 55,880. It is as against the said order, the assessee has filed the present revision. It is an admitted fact that the assessee, who was originally a polisher, has started jewellery business in the year 1993-94 and closed it in the year and....