https://www.taxtmi.com/caselaws?id=160015 Where excess stock is found in the assessee's premises, the initial burden lies on the assessee to explain that the goods do not belong to it and to rebut the inference of undisclosed stock. A later explanation that is inconsistent with the contemporaneous record, including the absence of any claim at inspection and the failure to issue suspense slips, was treated as an afterthought and found insufficient on a balance of probabilities. The penalty for non-maintenance of true and complete accounts was therefore upheld. en-us Tue, 25 Aug 1998 00:00:00 +0530 Fri, 06 Dec 2013 17:53:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=160015 Where excess stock is found in the assessee's premises, the initial burden lies on the assessee to explain that the goods do not belong to it and to rebut the inference of undisclosed stock. A later explanation that is inconsistent with the contemporaneous record, including the absence of any claim at inspection and the failure to issue suspense slips, was treated as an afterthought and found insufficient on a balance of probabilities. The penalty for non-maintenance of true and complete accounts was therefore upheld. Case-Laws VAT and Sales Tax Tue, 25 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=160015