https://www.taxtmi.com/caselaws?id=213141 Declared sales turnover may be rejected where the figure is shown to be unreal and below the market-based value already accepted for tax collection. In such circumstances, turnover can be estimated on a reasonable gross profit basis, particularly where comparable traders disclose substantially higher margins and the assessee's transport documents do not reflect the real purchase cost. Here, the Kerala High Court upheld rejection of the returned turnover and sustained the 12% gross profit addition for estimating taxable turnover, relying on the absence of opening or closing stock, the check-post value already adopted, and trade data from similar dealers. en-us Tue, 05 Jul 2011 00:00:00 +0530 Mon, 29 Sep 2014 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213141 Declared sales turnover may be rejected where the figure is shown to be unreal and below the market-based value already accepted for tax collection. In such circumstances, turnover can be estimated on a reasonable gross profit basis, particularly where comparable traders disclose substantially higher margins and the assessee's transport documents do not reflect the real purchase cost. Here, the Kerala High Court upheld rejection of the returned turnover and sustained the 12% gross profit addition for estimating taxable turnover, relying on the absence of opening or closing stock, the check-post value already adopted, and trade data from similar dealers. Case-Laws VAT and Sales Tax Tue, 05 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213141