https://www.taxtmi.com/caselaws?id=162687 Admitted purchases not reflected in the books were treated as material suppression of turnover, and the best judgment assessment with enhanced tax was sustained because transactions affecting tax liability must be recorded. The Court held that the concurrent factual findings of the assessing authority, appellate authority and Tribunal disclosed no legal error and supported the Revenue's case. On the same unaccounted purchases, penalty under section 12(4) of the Karnataka Sales Tax Act, 1957 was also upheld, since the omission itself furnished the basis for penal action and the authorities' reliance on distinguishable precedents was rejected. The revision petition therefore failed. en-us Fri, 15 Sep 2006 00:00:00 +0530 Wed, 12 Mar 2014 17:12:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=162687 Admitted purchases not reflected in the books were treated as material suppression of turnover, and the best judgment assessment with enhanced tax was sustained because transactions affecting tax liability must be recorded. The Court held that the concurrent factual findings of the assessing authority, appellate authority and Tribunal disclosed no legal error and supported the Revenue's case. On the same unaccounted purchases, penalty under section 12(4) of the Karnataka Sales Tax Act, 1957 was also upheld, since the omission itself furnished the basis for penal action and the authorities' reliance on distinguishable precedents was rejected. The revision petition therefore failed. Case-Laws VAT and Sales Tax Fri, 15 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=162687