https://www.taxtmi.com/caselaws?id=157582 Taxable sales cannot be treated as tax-paid sales merely because a year-end adjustment against future purchases may later be possible; where taxable goods are actually sold and not shown as existing tax-paid stock, tax and interest remain leviable, with any justified adjustment confined to closing stock entries. Penalty for concealment under section 16(1)(i) depends on non-disclosure in the required books or registers and the presence of a culpable element; if the transactions are duly recorded and no concealment or mala fide intention is proved, the penalty provision does not apply. The commentary therefore distinguishes assessment liability from penal liability on different statutory tests. en-us Tue, 26 Nov 1991 00:00:00 +0530 Tue, 08 Oct 2013 14:10:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=157582 Taxable sales cannot be treated as tax-paid sales merely because a year-end adjustment against future purchases may later be possible; where taxable goods are actually sold and not shown as existing tax-paid stock, tax and interest remain leviable, with any justified adjustment confined to closing stock entries. Penalty for concealment under section 16(1)(i) depends on non-disclosure in the required books or registers and the presence of a culpable element; if the transactions are duly recorded and no concealment or mala fide intention is proved, the penalty provision does not apply. The commentary therefore distinguishes assessment liability from penal liability on different statutory tests. Case-Laws VAT and Sales Tax Tue, 26 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=157582