1987 (5) TMI 7

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....e instance of the assessee, the Income-tax Appellate Tribunal, Cochin Bench, has referred the following question of law for the decision of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in rejecting the accounts ?" The relevant assessment year is 1964-65. The assessee is a manufacturer of tiles. The Income-tax Officer noticed a huge differenc....

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....d as genuine. The assessee himself has furnished two contradictory figures which is sufficient to reject the accounts unless there is material to corroborate the book figures as the correct figures. The plea of the assessee that if the capacity of the factory and the quantum of the current consumed and wages paid are taken into account, he could not have produced more than what is accounted for wa....

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....that the book figures are the correct figures. After adverting to the relevant materials, the Tribunal finally found that there is absolutely no corroborating or other circumstance to show that the accounts of the assessee are reliable and the figures supplied to the bank are inflated. On these findings, the account books were rejected. Whether the accounts are correct or reliable or genuine is a ....