https://www.taxtmi.com/caselaws?id=334064 Non-production of books of accounts during survey may be treated as a relevant circumstance in assessing whether the books are reliable. The assessee must offer a plausible explanation for failure to produce the records, and where no satisfactory explanation is given, an adverse inference may be drawn. Later production of the accounts does not remove the effect of non-production at the time of survey. On that basis, rejection of the books and assessment on a best judgment basis may be justified under the trade tax regime, and the issue was answered against the assessee and in favour of the Revenue. en-us Wed, 05 Oct 2016 00:00:00 +0530 Thu, 03 Nov 2016 09:41:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334064 Non-production of books of accounts during survey may be treated as a relevant circumstance in assessing whether the books are reliable. The assessee must offer a plausible explanation for failure to produce the records, and where no satisfactory explanation is given, an adverse inference may be drawn. Later production of the accounts does not remove the effect of non-production at the time of survey. On that basis, rejection of the books and assessment on a best judgment basis may be justified under the trade tax regime, and the issue was answered against the assessee and in favour of the Revenue. Case-Laws VAT and Sales Tax Wed, 05 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334064