2019 (7) TMI 1199

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....or A.Y. 2003-04 by which, the Tribunal has rejected the assessee's appeal and affirmed the orders of the first appellate authority and the assessing authority. The assessing authority had rejected the books of account of the assessee and made the best judgment assessment. 3. Learned counsel for the assessee has pressed the present revision on the following question of law: "Whether in absence of any defect found in the books of account, the same could have been rejected and the best judgment assessment made only because such books could not be produced during one survey though stock found at the time of survey was found to be far less than that found in the recorded account books during the assessment proceedings?" 4. The....

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.... produced at the time of single survey conducted during the assessment year. Also, it has been submitted that the fact that the assessee was carrying more stocks than was found disclosed was itself clear evidence that the assessee was not engaged in any illegal activity. The defects noted by the assessing authority were technical and venial. 8. Learned Standing Counsel on the other hand submits that the assessee was duty bound to maintain thorough and actual account of his business activity. Insofar as it is admitted that those accounts were not produced at the time of survey, the assessee cannot claim that it had duly maintained those accounts. Second, it has been submitted that once the assessee had himself admitted that the stock reco....