https://www.taxtmi.com/caselaws?id=173660 Separate stock accounts and route cards did not by themselves displace estimated first sales turnover where the physical stock was intermixed and lacked identification marks to distinguish local, inter-State, import, taxable and non-taxable goods; the Tribunal's reduced estimation was therefore upheld. Penalty, however, could not be sustained merely because turnover was estimated, as there was no finding of concealment or other penal conduct. The assessment on estimated turnover was maintained, but the penalty was deleted. The governing principle is that turnover estimation may stand where stock identification fails, while penalty requires proof beyond mere estimation. en-us Thu, 22 Aug 2013 00:00:00 +0530 Sat, 23 Jul 2016 23:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173660 Separate stock accounts and route cards did not by themselves displace estimated first sales turnover where the physical stock was intermixed and lacked identification marks to distinguish local, inter-State, import, taxable and non-taxable goods; the Tribunal's reduced estimation was therefore upheld. Penalty, however, could not be sustained merely because turnover was estimated, as there was no finding of concealment or other penal conduct. The assessment on estimated turnover was maintained, but the penalty was deleted. The governing principle is that turnover estimation may stand where stock identification fails, while penalty requires proof beyond mere estimation. Case-Laws VAT and Sales Tax Thu, 22 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173660