2016 (11) TMI 899

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....o be engaged in the manufacture of glassware, glass rods, tubes. The dispute itself relates to assessment year 2003-04. It appears that a survey of the business premises of the revisionist was undertaken on 31 May 2003. During the course of the survey, the team seized a diary and two loose papers which in the submission of the Department evidenced an intent to suppress the actual turnover of the assessee. No adverse inference was drawn by the Assessing Authority on the basis of the seized diary. However on the basis of the two loose papers which were found, the Assessing Authority proceeded to estimate the total evaded sales at Rs. 4,76,241/-. Additional tax liability was accordingly imposed upon the revisionist. Having not found success....

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....or the aforesaid reasons, the learned counsel for the revisionist submits that the rejection of books of accounts and enhancement of business turnover was clearly illegal. Learned standing counsel, on the other hand, has contended that the Tribunal is the last forum for examining issues on facts. It is his submission that based on the material which was seized during the course of the survey, the assessing authority was fully justified in rejecting the books of accounts and undertaking a best judgment assessment. It was lastly urged that the Tribunal has already granted relief to the assessee in part and therefore also no occasion arises for this Court to interfere with the aforesaid order. While it is true that the Tribunal is the la....