https://www.taxtmi.com/caselaws?id=247102 The High Court ruled in favor of the petitioner in a tax case revision, determining that the compensation received for damaged goods should not be treated as a sale amount for taxation. The Court found no evidence of sales omission and overturned the penalty imposed on the petitioner, as there was no suppression of turnover. Additionally, the Court rejected the Tribunal's decision to treat the transaction as a deemed sale based on cost price and selling price, concluding that the transaction was genuine and did not warrant taxation as a sale. en-us Thu, 04 Apr 2013 00:00:00 +0530 Thu, 01 May 2014 10:39:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247102 The High Court ruled in favor of the petitioner in a tax case revision, determining that the compensation received for damaged goods should not be treated as a sale amount for taxation. The Court found no evidence of sales omission and overturned the penalty imposed on the petitioner, as there was no suppression of turnover. Additionally, the Court rejected the Tribunal's decision to treat the transaction as a deemed sale based on cost price and selling price, concluding that the transaction was genuine and did not warrant taxation as a sale. Case-Laws VAT and Sales Tax Thu, 04 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247102