Enhancement of turnover - Sodium Silicate - Once the best ...

Authorities Can Reject Books and Estimate Turnover Using Parameters for VAT and Sales Tax Cases.

February 21, 2020

Case Laws VAT and Sales Tax HC

Enhancement of turnover - Sodium Silicate - Once the best judgment assessment is made by the Assessing Authority or even higher Appellate Authorities rejecting the books of accounts for the declared turnover by the Assessee, they are entitled to adopt one or more of such parameters or yardsticks to estimate the production and turnover of the Assessee. - HC

View Source

← Previous Next →

Enhancement of turnover - Sodium Silicate - Once the best ...

Authorities Can Reject Books and Estimate Turnover Using Parameters for VAT and Sales Tax Cases.

February 21, 2020

Case Laws VAT and Sales Tax HC

You may also like:

The petitioner is required to calculate taxable turnover by excluding turnover not subjected to tax, exempt goods, and labor/service charges for works contracts as per...

The ITAT upheld the CIT(A)'s order rejecting the assessee's books of accounts and estimating total income. When books are rejected u/s 145 and income estimated u/s 144,...

The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

The High Court considered the levy of VAT on a franchise of a trademark, analyzing whether the transfer of the right to use goods constituted a deemed sale. Citing a...

There is no Sales Tax / VAT liability on Transfer of the right to use any goods in the present case of hiring the motor vehicles/cranes - the contracts are not covered...

Valuation - inclusion of discount in assessable value - Either the Assessing Officer could have added on the discount to the returned turnover or taxed the estimated...

Additions towards VAT component of unaccounted sales - Since, the net profit of the assessee has been estimated on total turnover, there is no need for separate...

Revision of assessment order - inter-state sales - it is no doubt true that the burden is on the petitioner, u/s 16 of the A.P. VAT Act, to show that the turnover,...

Sales Tax / VAT - Himani Navratan Oil liable to tax as Ayurvedic medicament, not as Cosmetic

Demand of service tax - Supply of tangible goods for use - transfer of right to use goods - deemed sale - The Tribunal observed that, evidently, the Appellant had...

Seeking service tax refund for payment of VAT liability - he petitioner had made the payment of the service tax for the periods in question voluntarily and had never...

The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

Addition to sales turnover - difference in the value of stock transfer(F-Form) and books of accounts - the authorities have not considered that suppression in the sale...

Service tax liability on sale of imported tally software was disputed. Appellant was a distributor marketing and installing the software on behalf of the seller holding...

Quick Updates: