https://www.taxtmi.com/caselaws?id=162290 Reassessment under section 18 of the Assam General Sales Tax Act, 1993 requires material giving the assessing authority a bona fide reason to believe that turnover has escaped assessment, been under-assessed, or taxed at a lower rate. Where original assessments were completed under section 17(4) after scrutiny of books and records, reassessment cannot rest on a generalized market-price estimate alone. The text states that applying average wholesale prices from external trade and marketing sources to sale quantities, without showing suppression of primary facts or examining actual transactions, lacked the necessary live nexus to the alleged escapement. On that basis, the reassessment orders were treated as invalid and unsustainable. en-us Fri, 01 Jul 2005 00:00:00 +0530 Mon, 24 Feb 2014 12:32:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=162290 Reassessment under section 18 of the Assam General Sales Tax Act, 1993 requires material giving the assessing authority a bona fide reason to believe that turnover has escaped assessment, been under-assessed, or taxed at a lower rate. Where original assessments were completed under section 17(4) after scrutiny of books and records, reassessment cannot rest on a generalized market-price estimate alone. The text states that applying average wholesale prices from external trade and marketing sources to sale quantities, without showing suppression of primary facts or examining actual transactions, lacked the necessary live nexus to the alleged escapement. On that basis, the reassessment orders were treated as invalid and unsustainable. Case-Laws VAT and Sales Tax Fri, 01 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=162290