YASHWANT VARMA,J. - (1.) Heard learned counsel for the revisionist and Sri A.C. Tripathi, learned counsel for the respondent.
(2.) This revision has been preferred against the decision of the Tribunal dated 24 August 2007 which has while setting aside the judgment of the First Appellate Authority upheld a best judgment assessment undertaken against the assessee.
(3.) The assessee who is stated to have been engaged in the manufacture of bricks and was operating a brick kiln is stated to have issued a communication dated 26 April 2001 and 21 May 2001 informing the respondents that due to financial constraints it was not undertaking any manufacturing operations during the Financial Year 2001-02. The business premises of the assessee were inspected on 25 March 2001 and 11 June 2002. On the basis of materials and evidences collected in the course of these two surveys, the assessing authority proceeded to negative the contention of no manufacturing activity having been undertaken during the assessment year in question.;