https://www.taxtmi.com/caselaws?id=172058 Mere stock variation and fluctuation in gross profit do not, by themselves, justify formula-based estimation of suppressed first sales turnover or the consequential penalty. The Tribunal accepted that the higher gross profit on second sales arose from a manufacturer's price increase and found no specific misclassification of goods or concrete defect in the accounts. In the absence of a pinpointed irregularity in the books, the basis for the estimated addition failed, and the turnover addition with penalty was left undisturbed in favour of the assessee. en-us Wed, 03 Jul 2013 00:00:00 +0530 Tue, 11 Aug 2015 19:29:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172058 Mere stock variation and fluctuation in gross profit do not, by themselves, justify formula-based estimation of suppressed first sales turnover or the consequential penalty. The Tribunal accepted that the higher gross profit on second sales arose from a manufacturer's price increase and found no specific misclassification of goods or concrete defect in the accounts. In the absence of a pinpointed irregularity in the books, the basis for the estimated addition failed, and the turnover addition with penalty was left undisturbed in favour of the assessee. Case-Laws VAT and Sales Tax Wed, 03 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172058