https://www.taxtmi.com/caselaws?id=247102 Damaged refractory bricks resold by a consignment agent were not treated as taxable sales turnover where the record did not establish ownership-based purchase and sale or the actual sale consideration; the amount recovered from the principal as compensation, including the difference between original value and resale value, could not be brought to tax as a sales omission. The penalty also failed because it was founded on the same unsustainable omission and no independent basis remained once the turnover addition was rejected. The Madras HC therefore set aside the assessment addition and consequential penalty in favour of the assessee. 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 Damaged refractory bricks resold by a consignment agent were not treated as taxable sales turnover where the record did not establish ownership-based purchase and sale or the actual sale consideration; the amount recovered from the principal as compensation, including the difference between original value and resale value, could not be brought to tax as a sales omission. The penalty also failed because it was founded on the same unsustainable omission and no independent basis remained once the turnover addition was rejected. The Madras HC therefore set aside the assessment addition and consequential penalty in favour of the assessee. Case-Laws VAT and Sales Tax Thu, 04 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247102