2015 (3) TMI 1448

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....t a survey operation on the premises of the respondent-assessee firm came to be conducted on 02/05/1997 in the presence of Mr. Satish Chandra Agarwal, who happens to be partner of the firm. The assessee firm is dealing in mustard, mustard oil & Khal. On verification mustard, mustard oil & Khal having been checked with the stock register & physical stock, the authorized officer found difference of about 46 Quintal 54 Kg. of mustard oil in excess and it was observed by the Assessing Officer at the time of assessment that stock to the extent of 46 Quintal 54 Kg. was undisclosed and its value was computed at Rs.1,25,658/- and accordingly penalty @ 20% under section 77(8) was imposed at Rs.25,132/- vide order dt. 02.05.1997, which came to be ass....

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....es, later on it could not have been challenged & contended that view of both the two learned appellate authorities below, i.e. the Dy. Commissioner (Appeals) as well as the Tax Board is improper and contended that substantial questions of law arise out of the order of the Tax Board. 5. I have considered the arguments advanced by the counsel for the revenue and find that the Tax Board has recorded a specific finding of fact based on the material available on record. 6. It would be appropriate to quote section 77(8) and Rule 50 of the RST Act :- Section 77(8) "The assessing authority or the officer referred to in sub-section (6) may, after having given the dealer an opportunity of being heard and after having held such furth....

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....s in which they were found shall be prepared by such officer and shall be signed by the witnesses. A copy of such list shall be tendered to the dealer or the person concerned and a copy thereof shall be forwarded to the Commissioner within twenty four hours after the completion of such search. (2) The accounts, registers and documents may be examined without calling witnesses by the officer empowered under section 77, but in the case of seizure thereof, the following procedure shall be adopted:- (a) Seizure of accounts, registers, and documents shall be made in the presence of two witnesses. (b) While making seizure of accounts, registers and documents, a seizure-memo shall be prepared by such officer and reasons ....