https://www.taxtmi.com/caselaws?id=172045 Estimated turnover relating to groundnut oil and corresponding groundnut kernel purchases was sustained because the assessee failed to produce supporting records and did not prove the alleged sellers were real and existing persons; the Tribunal's finding that the bought-note transactions were not genuine was not shown to be erroneous. Penalty under Section 12(3) of the Tamil Nadu General Sales Tax Act, however, was treated separately: mere inability to establish the sellers' existence, in the context of claimed purchases from agriculturists, was held insufficient to justify penalty at 150 per cent. The penalty was therefore moderated to 50 per cent of the tax due on the suppressed turnover. en-us Wed, 05 Jun 2013 00:00:00 +0530 Tue, 11 Aug 2015 19:29:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172045 Estimated turnover relating to groundnut oil and corresponding groundnut kernel purchases was sustained because the assessee failed to produce supporting records and did not prove the alleged sellers were real and existing persons; the Tribunal's finding that the bought-note transactions were not genuine was not shown to be erroneous. Penalty under Section 12(3) of the Tamil Nadu General Sales Tax Act, however, was treated separately: mere inability to establish the sellers' existence, in the context of claimed purchases from agriculturists, was held insufficient to justify penalty at 150 per cent. The penalty was therefore moderated to 50 per cent of the tax due on the suppressed turnover. Case-Laws VAT and Sales Tax Wed, 05 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172045