https://www.taxtmi.com/caselaws?id=62414 The appellant, engaged in the grocery and controlled goods business, was assessed for turnover by the assessing officer, leading to tax and penalty imposition. The court upheld the assessment, emphasizing thorough investigation. Despite the first appellate court's dismissal of the appeal, subsequent arguments against fertiliser sales inclusion in turnover calculation led to the appellate tribunal annulling the assessment under section 12(5) of the Income Tax Act. The tribunal ordered a refund of tax and penalty, as the liability for tax was deemed inaccurately determined due to lack of concrete evidence on fertiliser sales. en-us Fri, 26 Nov 1976 00:00:00 +0530 Mon, 23 Jan 2012 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62414 The appellant, engaged in the grocery and controlled goods business, was assessed for turnover by the assessing officer, leading to tax and penalty imposition. The court upheld the assessment, emphasizing thorough investigation. Despite the first appellate court's dismissal of the appeal, subsequent arguments against fertiliser sales inclusion in turnover calculation led to the appellate tribunal annulling the assessment under section 12(5) of the Income Tax Act. The tribunal ordered a refund of tax and penalty, as the liability for tax was deemed inaccurately determined due to lack of concrete evidence on fertiliser sales. Case-Laws Income Tax Fri, 26 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62414