1977 (4) TMI 53 - Tri - VAT and Sales Tax

Summary

The appeal was against an assessment for the year 1973-74 regarding the manufacture and sale of Gudakhu. The assessing officer estimated total sales higher than disclosed, resulting in additional tax demand. The Asstt. Commissioner confirmed the assessment, but the Tribunal ruled in favor of the assessee, stating that the low profit margin alone is not sufficient to reject the accounts. The assessment was reduced to the returned figures, and any excess tax should be refunded. (Case: Tribunal CUTTACK, 1977 (4) TMI 53 - CUTTACK)