https://www.taxtmi.com/caselaws?id=338381 The High Court addressed the issue of enhancing turnover based on a single unaccounted transaction, significantly increasing it by 28 times. The Tribunal's decision to impose twenty times the tax payable without a reasonable basis was remitted for fresh consideration. Despite substantial turnover disclosure, the authorities failed to justify the significant enhancement. The Court ruled in favor of the revisionist, emphasizing the importance of a reasonable basis for enhancing assessments and the need to consider all relevant factors before imposing tax liabilities based on unaccounted transactions. en-us Fri, 20 Jan 2017 00:00:00 +0530 Fri, 03 Feb 2017 09:19:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338381 The High Court addressed the issue of enhancing turnover based on a single unaccounted transaction, significantly increasing it by 28 times. The Tribunal's decision to impose twenty times the tax payable without a reasonable basis was remitted for fresh consideration. Despite substantial turnover disclosure, the authorities failed to justify the significant enhancement. The Court ruled in favor of the revisionist, emphasizing the importance of a reasonable basis for enhancing assessments and the need to consider all relevant factors before imposing tax liabilities based on unaccounted transactions. Case-Laws VAT and Sales Tax Fri, 20 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338381