https://www.taxtmi.com/caselaws?id=255254 Compounding under Section 7 of the Kerala General Sales Tax Act is governed by a prescribed formula, and the assessee's liability is fixed by the higher of the computed figures. The reference to earlier years in that formula relates only to turnover tax admitted in the return, accounts, or actually paid, not to assessed tax; revised assessments for prior years therefore do not justify reopening completed compounding proceedings. Once the option for compounding is accepted, only apparent computational mistakes may be rectified. Any such rectification power under Section 43 lies with the original authority and must be exercised within three years from the date of the order. en-us Tue, 21 Oct 2014 00:00:00 +0530 Mon, 12 Jan 2015 11:34:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255254 Compounding under Section 7 of the Kerala General Sales Tax Act is governed by a prescribed formula, and the assessee's liability is fixed by the higher of the computed figures. The reference to earlier years in that formula relates only to turnover tax admitted in the return, accounts, or actually paid, not to assessed tax; revised assessments for prior years therefore do not justify reopening completed compounding proceedings. Once the option for compounding is accepted, only apparent computational mistakes may be rectified. Any such rectification power under Section 43 lies with the original authority and must be exercised within three years from the date of the order. Case-Laws VAT and Sales Tax Tue, 21 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255254