2018 (11) TMI 1257

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....question of law, as below: Whether the Tribunal was right in having deleted the entire block assessment on ground only of the assessee having, time left to file the returns even for the first year of the block of two assessment years especially when the assessee had not disclosed the sales turnover as found in search in the books of accounts? 2. The learned Senior Counsel for Government of India (Taxes) submits that the residence of the Managing Director of the assessee was searched and survey proceedings were conducted in the assessee's own business premises. Statements were recovered on search from both the premises and the statements recovered from the business premises were found to have disclosed excess sale considerati....

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....ods purchased were Indian Made Foreign Liquor [for brevity "IMFL"] and the State had conferred monopoly to distribute IMFL to the Kerala State Beverages Corporation. Hence, it was contended that there could be no sales suppression found by the Department without corresponding purchase suppression. However, we held that there was no purchase suppression, since the purchase was made in wholesale and the sale carried out in retail without any stipulation for the sale price; which was at the discretion of the Bar Hotel. This does not have any application to the facts of the present case. 4. Binoy Mathai (supra) was placed on record to show that, the mere fact that the period for filing the return was not over would not absolve the assesse....