YASHWANT VARMA,J. - (1.) Heard learned counsel for the revisionist and the learned standing counsel.
(2.) This revision is directed against an order of the Tribunal which has proceeded to affirm a rejection of books of accounts of the assessee and a consequential best judgment assessment undertaken.
(3.) As is evident from the order of the assessing authority dated 19 March 2003, the assessee as well as various transactions disclosed in the books of accounts were placed under a cloud of doubt on account of imposition of certain penalties alleging violation of Section 13-A (4) of the U.P. Trade Trade Act, 1948. Influenced by the existence of the order imposing penalty, the assessing authority proceeded to reject the books of accounts maintained and estimated escaped turnover.;