https://www.taxtmi.com/caselaws?id=161526 Where stock variation or unposted accounts are found on inspection, the assessee bears the initial burden of explaining the discrepancy because the source of unexplained purchases or stock is especially within its knowledge. The Court applied the Full Bench principle that an unsatisfactory explanation permits an adverse inference, and that unreliable or incompletely posted accounts justify best judgment assessment. The earlier single-judge view placing the burden on the Revenue was not treated as a universal rule. The addition based on stock variation and the consequent estimation were upheld, with no interference called for. en-us Mon, 21 Oct 2002 00:00:00 +0530 Fri, 31 Jan 2014 15:12:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=161526 Where stock variation or unposted accounts are found on inspection, the assessee bears the initial burden of explaining the discrepancy because the source of unexplained purchases or stock is especially within its knowledge. The Court applied the Full Bench principle that an unsatisfactory explanation permits an adverse inference, and that unreliable or incompletely posted accounts justify best judgment assessment. The earlier single-judge view placing the burden on the Revenue was not treated as a universal rule. The addition based on stock variation and the consequent estimation were upheld, with no interference called for. Case-Laws VAT and Sales Tax Mon, 21 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=161526