https://www.taxtmi.com/caselaws?id=153067 Old gold ornaments purchased for melting and remanufacture are not treated as bullion and specie under item 56 of the First Schedule, so the concessional 1% rate is unavailable and the general rate applies. The accounts were also rejected because the authorities found they did not reflect the true state of the business, and the best judgment assessment based on three times the running stock was upheld as a reasonable estimate. The appellate authority was not justified in substituting its own estimate absent arbitrariness or perversity in the assessing authority's approach. en-us Wed, 05 Nov 1980 00:00:00 +0530 Tue, 16 Jul 2013 18:30:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=153067 Old gold ornaments purchased for melting and remanufacture are not treated as bullion and specie under item 56 of the First Schedule, so the concessional 1% rate is unavailable and the general rate applies. The accounts were also rejected because the authorities found they did not reflect the true state of the business, and the best judgment assessment based on three times the running stock was upheld as a reasonable estimate. The appellate authority was not justified in substituting its own estimate absent arbitrariness or perversity in the assessing authority's approach. Case-Laws VAT and Sales Tax Wed, 05 Nov 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=153067