https://www.taxtmi.com/caselaws?id=163938 Penalty was held unsustainable where the assessment rested only on a formula applied to purchase value and gross profit, and no suppressed purchases, concealed turnover, or turnover outside the accounts was found. The Tribunal noted that the addition was not based on a best judgment assessment supported by material showing unrecorded business activity. In the absence of such factual foundation, the levy of penalty could not be maintained, and the Revenue's challenge failed. en-us Mon, 03 Nov 2008 00:00:00 +0530 Mon, 14 Apr 2014 18:41:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=163938 Penalty was held unsustainable where the assessment rested only on a formula applied to purchase value and gross profit, and no suppressed purchases, concealed turnover, or turnover outside the accounts was found. The Tribunal noted that the addition was not based on a best judgment assessment supported by material showing unrecorded business activity. In the absence of such factual foundation, the levy of penalty could not be maintained, and the Revenue's challenge failed. Case-Laws VAT and Sales Tax Mon, 03 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=163938