https://www.taxtmi.com/caselaws?id=163777 In estimating turnover for a sand-mining business under a fixed-term lease, the authority may treat royalty and other lease-acquisition expenditure, together with a reasonable profit margin, as a legitimate basis for computation. The text states that declared turnover below the expenditure incurred to secure the mining right is ordinarily unacceptable unless supported by cogent and exceptional reasons. It also notes that where cash memos appear bogus and the books of account are not properly maintained, the declared turnover may be rejected and recomputation made in accordance with law. The Tribunal's acceptance of the disclosed turnover without proper reconsideration was therefore found unjustified, and re-examination of turnover was required. en-us Wed, 09 Jan 2008 00:00:00 +0530 Wed, 17 Dec 2014 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=163777 In estimating turnover for a sand-mining business under a fixed-term lease, the authority may treat royalty and other lease-acquisition expenditure, together with a reasonable profit margin, as a legitimate basis for computation. The text states that declared turnover below the expenditure incurred to secure the mining right is ordinarily unacceptable unless supported by cogent and exceptional reasons. It also notes that where cash memos appear bogus and the books of account are not properly maintained, the declared turnover may be rejected and recomputation made in accordance with law. The Tribunal's acceptance of the disclosed turnover without proper reconsideration was therefore found unjustified, and re-examination of turnover was required. Case-Laws VAT and Sales Tax Wed, 09 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=163777