2001 (3) TMI 65

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....the circumstances of the case, the Tribunal had acted on materials or evidence before it to hold that the figures given before the sales tax authorities could not be the correct figures and that since there were only two figures before the Tribunal and that one figure was not based on any proper material the other figure is the only figure which it may adopt?" The facts of the case are as follows: The assessee is an individual deriving income mainly from cashew export. For the assessment year 1981-82, the original assessment was made with the addition of Rs. 45,650 as profit on unaccounted sales of cashew kernels totalling to 415 bags. For the addition, the Assessing Officer relied on certain documents found in the course of an inspectio....

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....g stock of cashew nuts as given before the sales tax authorities is 1994 bags as against 778 bags. In respect of the local purchase of nuts, the difference between the two figures is only of seven bags. Since the assessee had shown excess opening stock both in kernels and in nuts, the value of such excess opening stock fixed at Rs. 5,67,801 was given credit and only the balance of Rs. 7,70,816 was added to the value of the closing stock. The contention was that the entire sum of Rs. 7,70,816 represented excess closing stock of kernels only. Thus after going into the facts in the case and the evidence adduced, the appeals were allowed and the orders of the lower authorities were set aside. It is challenging the above orders that the present ....