https://www.taxtmi.com/caselaws?id=158662 An adverse turnover addition and penalty could not be sustained where the assessee's unrebutted affidavit stated that it dealt only in tax-paid tyres and tubes, and the revenue failed to prove that the seized loose papers and diary entries reflected actual sale transactions. The tribunal noted that the affidavit was material evidence that should have been considered, that no purchaser was examined, and that the disputed entries were not adequately verified against the regular books of account. In the absence of proof linking the papers to concealment of taxable goods or any tax advantage from suppression, the assessed turnover and consequential tax and penalty were liable to be set aside. en-us Mon, 18 Nov 1996 00:00:00 +0530 Sat, 02 Nov 2013 15:59:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=158662 An adverse turnover addition and penalty could not be sustained where the assessee's unrebutted affidavit stated that it dealt only in tax-paid tyres and tubes, and the revenue failed to prove that the seized loose papers and diary entries reflected actual sale transactions. The tribunal noted that the affidavit was material evidence that should have been considered, that no purchaser was examined, and that the disputed entries were not adequately verified against the regular books of account. In the absence of proof linking the papers to concealment of taxable goods or any tax advantage from suppression, the assessed turnover and consequential tax and penalty were liable to be set aside. Case-Laws VAT and Sales Tax Mon, 18 Nov 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=158662