https://www.taxtmi.com/caselaws?id=162459 Colourable or fictitious sales and repurchases used to suppress turnover may be disregarded for tax purposes, and the assessing authority may reassess the real taxable turnover on the basis of genuine transactions. Where the transactions are mere book entries between concerns managed by the same person and the finding of wilful suppression is established in the assessment proceedings and remains unrebutted, penalty for suppression is sustainable under the Act. The matter was treated as one of escaped turnover and evasion, not as a case of sale below market price governed only by section 14-B of the Andhra Pradesh General Sales Tax Act, 1957. The challenge to reassessment and penalty was rejected. en-us Tue, 06 Feb 2001 00:00:00 +0530 Wed, 26 Feb 2014 17:57:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=162459 Colourable or fictitious sales and repurchases used to suppress turnover may be disregarded for tax purposes, and the assessing authority may reassess the real taxable turnover on the basis of genuine transactions. Where the transactions are mere book entries between concerns managed by the same person and the finding of wilful suppression is established in the assessment proceedings and remains unrebutted, penalty for suppression is sustainable under the Act. The matter was treated as one of escaped turnover and evasion, not as a case of sale below market price governed only by section 14-B of the Andhra Pradesh General Sales Tax Act, 1957. The challenge to reassessment and penalty was rejected. Case-Laws VAT and Sales Tax Tue, 06 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=162459