https://www.taxtmi.com/caselaws?id=167809 Turnover cannot be estimated for an entire year by extrapolating isolated daily sales where the method is found arbitrary and unsupported by a reliable basis. The Madras HC upheld the deletion of the turnover addition because the assessment relied on sales from a single day and ignored normal business fluctuations. The penalty also failed, since it was founded on the same unsustainable estimation and no perversity or illegality was shown in the concurrent factual findings. The revision was therefore rejected, leaving the appellate findings undisturbed in favour of the assessee. en-us Fri, 28 Sep 2012 00:00:00 +0530 Thu, 01 Jan 2015 22:09:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=167809 Turnover cannot be estimated for an entire year by extrapolating isolated daily sales where the method is found arbitrary and unsupported by a reliable basis. The Madras HC upheld the deletion of the turnover addition because the assessment relied on sales from a single day and ignored normal business fluctuations. The penalty also failed, since it was founded on the same unsustainable estimation and no perversity or illegality was shown in the concurrent factual findings. The revision was therefore rejected, leaving the appellate findings undisturbed in favour of the assessee. Case-Laws VAT and Sales Tax Fri, 28 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=167809