Suppressed turnover based on seized records and statement rightly assessed by AO

State of Tamil Nadu Vs Tvl. Alagar Jewellery Mart (Madras High Court) Madras High Court held that AO based on seized records and statement of dealer was justified in assessing the suppressed turnover. Accordingly, order of Assistant Commissioner and Tribunal set aside and addition upheld. Facts- The place of business of the respondent was inspected on 14.11.1996. During inspection, serious discrepancies were found. In total, suppression of more than Rs.60 lakhs was found, and with other connected omissions, the figure came to Rs.1,22,78,056/-. An income tax raid in March 1997 revealed excess c...