ASHWANI KUMAR MISHRA,J. - (1.) Heard learned Standing Counsel for the revisionist and Sri Naveen Sinha, learned Senior Counsel, assisted by Sri Raghav Naiyar for the respondent.
(2.) Stock transfer made by the assess to its various depots has been treated to be Central Sale by the assessing authority merely on the ground that sales have been made within couple of days of such movement of stock. The Tribunal has examined the materials brought on record and a finding has been returned that mere fact that such stocks have been sold within a short period, would not lead to an inference that stocks were transferred pursuant to transaction of sale. It further transpires from the record that there is no finding returned by the assessing authority that stock transfer had taken place, pursuant to a contract of sale, and therefore, necessary ingredients to attract Section 3-A of the Act was missing. In such circumstances, if the Tribunal has interfered with the order of assessing authority and reduction in the amount of tax payable has been allowed, no illegality or perversity could be shown. The conclusion drawn by the assessing authority that sale since had taken place within a couple of days of stock transfer, it was indicative that such transfer may have been, pursuant to a contract of sale, appears to be based entirely on surmises.
(3.) The view taken by the Tribunal does not appear to suffer from any error of law. Revision fails and is dismissed.;