2005 (12) TMI 186

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.... with Order-in-Appeal No. 353/02, dated 27-5-2002. The Commissioner in the impugned order has noted that Revenue has not established the under-invoicing of the product and the assessee having received the extra amount. He has noted that the Managing Partner has resiled from the statement promptly and there was corroborative, direct or circumstantial evidence to establish such charge that the asses....

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....er stating that he has received extra amount, is sufficient to prove the charge of undervaluation. 3. The learned Counsel submits that there is no ground to substantiate the statement of the Managing Partner. The Managing Partner resiled from the statement and there was no other evidence to establish flow back of the said extra money. Hence order is in term of the cited judgments. He prays for di....