2008 (6) TMI 171

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ge K. George for respondent No. 2. JUDGMENT The judgment of the court was delivered by RAMACHANDRAN NAIR J. - This tax reference arises from the order of the Tribunal disposing of the appeal for the year 1990-91. Since the Income-tax reference and the Original Petition pertain to the same matter, we heard the matter together and proceed to dispose of both the cases through this common jud....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nal petition the prayer is for restoring cross objection along with appeal filed before the Tribunal and to decide the matter afresh. 3. We have heard the learned counsel appearing for the assessee and the Senior Standing Counsel for the respondent. 4. The main contention of the assessee is that the Tribunal had not considered the documents produced by the Department as well as the assessee,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....namandapam were not in fact transferred and the articles were not found there. Based on this evidence, the Assessing Officer verified the books of accounts. The assessee was found to be not maintaining proper bills or vouchers for the purchase or sales. Consequently, the transfer value accounted by the assessee was taken as unaccounted sale and the assessing officer consequently disallowed the los....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ppeal to this Court is maintainable against the order of the Tribunal under Section 260A of the Income Tax Act only on substantial question of law. We do not find any substantial question of law arising against the order of Tribunal, upholding the assessment which is based on facts found during survey conducted by the Department and based on statement of the appellant's manager. Above all, the ass....