ASHWANI KUMAR MISHRA,J. - (1.) Books of account of assessee were discarded essentially on the ground that at the time of survey, stocks were not found available and claim of I.T.C was also denied. Learned counsel for the applicant points out that the order of the Assessing Authority, reversing claim of I.T.C, was set aside and benefit of I.T.C was allowed by the First Appellate Authority. The order of the First Appellant Authority, however, has not been taken note of while discarding the books of account. The Tribunal referred to the orders passed by the assessing authority without referring the subsequent orders passed in first appeal. Learned counsel submits that the order of Tribunal is unsustainable as it proceeds on incorrect factual premise.
(2.) Learned Standing Counsel has not been able to dispute submission advanced in that regard.
(3.) This Court finds that reasons recorded to discard the books of account of assessee are apparently contrary to the materials available on record. The order passed by First Appellate Authority has not been taken note of, by which claim of I.T.C is accepted.;