https://www.taxtmi.com/caselaws?id=150582 The High Court ruled in favor of the assessee in a sales tax assessment case for the year 1964-65. The Court found that the Tribunal's estimation of sales turnover by adding 50% to the purchase turnover was unjustified, as the assessee's reputation for quality and consistent gross profit rates over the years supported the reported turnover. The Court held that the Tribunal had practically accepted the correctness of the accounts and lacked valid reasons to reject the reported sales turnover based solely on a lower gross profit rate compared to industry norms. The Court allowed the tax case and awarded costs to the assessee. en-us Mon, 02 Jul 1973 00:00:00 +0530 Sat, 18 May 2013 18:10:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=150582 The High Court ruled in favor of the assessee in a sales tax assessment case for the year 1964-65. The Court found that the Tribunal's estimation of sales turnover by adding 50% to the purchase turnover was unjustified, as the assessee's reputation for quality and consistent gross profit rates over the years supported the reported turnover. The Court held that the Tribunal had practically accepted the correctness of the accounts and lacked valid reasons to reject the reported sales turnover based solely on a lower gross profit rate compared to industry norms. The Court allowed the tax case and awarded costs to the assessee. Case-Laws VAT and Sales Tax Mon, 02 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=150582