https://www.taxtmi.com/caselaws?id=239228 Where a dealer required to maintain stock accounts fails to do so, and the available records do not permit reliable segregation of taxable and exempt turnover, the assessing authority may apply a reasonable proportionate formula in best judgment assessment to determine the extent of second sales exemption. The absence of a proper stock register made the accounts unreliable for identifying the nature of the sales and the goods that had suffered tax. On that factual basis, the court upheld the restricted exemption and sustained the revisional authority's approval of the formula-based approach. en-us Sat, 28 Sep 2013 00:00:00 +0530 Fri, 08 Nov 2013 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239228 Where a dealer required to maintain stock accounts fails to do so, and the available records do not permit reliable segregation of taxable and exempt turnover, the assessing authority may apply a reasonable proportionate formula in best judgment assessment to determine the extent of second sales exemption. The absence of a proper stock register made the accounts unreliable for identifying the nature of the sales and the goods that had suffered tax. On that factual basis, the court upheld the restricted exemption and sustained the revisional authority's approval of the formula-based approach. Case-Laws VAT and Sales Tax Sat, 28 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239228