2018 (3) TMI 543

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....site Party : S.C. ORDER The revisionist is a registered dealer engaged in the business of manufacturing and sale of Pan Masala in the brand name "Rajnigandha". The product manufactured by the assessee is excisable and according to assessee all movements of stocks etc. are closely monitoring by the authorities under the Excise Act. For the assessment year 1999-2000, the applicant declared ....

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.... and sold. The first appellate authority further found that there was no material to show that any turnover had escaped assessment. The first appellate authority while holding that the assessee had maintained stock books in terms of Section 12(2) of the Act of 1948, has also observed that even otherwise, there is no basis to enhance the turnover. This order has been reversed in appeal preferred....

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....nufacturer liable to pay tax under this Act shall, in addition to the accounts referred to in sub-section (1), maintain stock books in respect of raw materials as well as the products obtained at every stage of production : Provided that in the case of any class of manufacturers, the aggregate of whose turnover, as referred to in Clauses (a) to (d) of sub-section (2) of Section 3, in an a....

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....ment of stocks were maintained. The first appellate authority has further clarified that what exactly was missing in terms of Section 12(2) has not been explained by the assessing authority. The Tribunal has not specifically reversed the finding of first appellate authority in that regard. Though the Tribunal has come to the conclusion that proper movement of stock is not maintained, but there ....