M/S GLITTERS Vs. COMMISSIONER, COMMERCIAL TAX

JUDGEMENT

(1.) Books of account of assessee stands discarded by the authorities, on account of survey conducted on 8.7.2004. It is recorded in the order of Tribunal that value of stock was disclosed by assessee to be Rs. 10-12 lacs, whereas as per the books of account, the stock was only of Rs. 5.60-5.70 lacs. Treating difference in stock of 5-6 lacs over a period of three months, the Tribunal has enhanced turnover by Rs. 15 lacs.

(2.) Learned counsel for the revisionist submits that there was no physical verification of stock, and merely on some alleged oral statement on behalf of assessee, the value of stock could not be presumed to be 10-12 lacs. It is stated that books of account could not be discarded on such ground. Reliance is placed upon an order passed by this Court in Pankaj and Company, Kanpur v. Commissioner, Commercial Taxes, U.P., Lucknow, reported in 2017 NTN (Vol.63) 369 , in order to contend that in absence of physical verification of stock, the books of account could not be discarded.

(3.) Learned Standing Counsel supports the order of Tribunal for the reasons recorded therein.