GEORGE JOSEPH Vs. STATE OF KERALA

JUDGEMENT

(1.) REVISION is at the instance of the assessee. Petitioner is running a business of jewellary. He filed returns taxable turnover of Rs. 12,26,207 for the assessment year 1988-89. The assessing authority rejected the accounts and completed the assessment by way of best judgment. Basis of such best judgment assessment was the suppression found during an inspection on May 20, 1988. The assessing authority estimated turnover at 2 1/2 times the average running stock and fixed taxable turnover at Rs. 30,77,234. On appeal, the Appellate Assistant Commissioner reduced the estimate and fixed and same at 2 times the average running stock. He fixed the taxable turnover Rs. 26,21,786. In second appeal, the Tribunal affirmed the above finding.

(2.) IT is contended by the learned counsel for the appellant-assessee that the reason given by the Tribunal for sustaining the estimate at 2 times the average running stock in on no basis at all. The learned counsel for the appellant submits that the Tribunal should have sustained only the addition of the actual suppression, in view of the fact that there was no subsequent inspection. Therefore, the finding that there was a pattern of suppression is not sustainable.