https://www.taxtmi.com/caselaws?id=278015 Best judgment assessment by adding gross profit to the cost of goods transferred from head office to a branch was sustained where the branch sold below the transfer value and the returns were treated as incomplete. The appellate authority reduced the gross profit addition from 10% to 5% but accepted that a claimed loss sale could not be accepted on explanation alone. The revision court held that a branch was not expected to sell below the head office's indicated value and found the cited precedent inapplicable on the facts. The estimation of turnover was therefore upheld, and the legal questions were answered against the assessee. en-us Tue, 18 Nov 2008 00:00:00 +0530 Fri, 04 Jan 2019 16:35:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278015 Best judgment assessment by adding gross profit to the cost of goods transferred from head office to a branch was sustained where the branch sold below the transfer value and the returns were treated as incomplete. The appellate authority reduced the gross profit addition from 10% to 5% but accepted that a claimed loss sale could not be accepted on explanation alone. The revision court held that a branch was not expected to sell below the head office's indicated value and found the cited precedent inapplicable on the facts. The estimation of turnover was therefore upheld, and the legal questions were answered against the assessee. Case-Laws VAT and Sales Tax Tue, 18 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278015