https://www.taxtmi.com/caselaws?id=157364 Enhancement of gross turnover in a best judgment assessment must rest on a rational estimate with a reasonable nexus to the material found during inspection; where loose papers and irregular accounts show suppression but do not establish the extent of concealment, a guess-based enhancement and reduction of deduction for tax-paid goods will not stand. The matter was therefore remanded for fresh determination of concealment. Penalty for furnishing an incorrect return was sustained because the suppression and undisclosed transactions made the return incorrect, so the statutory basis for penalty was attracted. en-us Sat, 09 Oct 1993 00:00:00 +0530 Fri, 04 Oct 2013 15:18:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=157364 Enhancement of gross turnover in a best judgment assessment must rest on a rational estimate with a reasonable nexus to the material found during inspection; where loose papers and irregular accounts show suppression but do not establish the extent of concealment, a guess-based enhancement and reduction of deduction for tax-paid goods will not stand. The matter was therefore remanded for fresh determination of concealment. Penalty for furnishing an incorrect return was sustained because the suppression and undisclosed transactions made the return incorrect, so the statutory basis for penalty was attracted. Case-Laws VAT and Sales Tax Sat, 09 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=157364