https://www.taxtmi.com/caselaws?id=376319 The High Court upheld the penalty imposition, ruling in favor of the revenue by setting aside the Tribunal's decision and restoring that of the First Appellate Authority. The court emphasized that reflecting the transaction in the books of accounts after the offense detection was insufficient to avoid penalties or prevent a best judgment assessment. The judgment clarified the importance of providing explanations for detected offenses and highlighted the Assessing Officer's authority to make reasonable additions based on best judgment assessments, even if goods were accounted for post-detection. en-us Tue, 19 Feb 2019 00:00:00 +0530 Thu, 07 Mar 2019 07:46:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376319 The High Court upheld the penalty imposition, ruling in favor of the revenue by setting aside the Tribunal's decision and restoring that of the First Appellate Authority. The court emphasized that reflecting the transaction in the books of accounts after the offense detection was insufficient to avoid penalties or prevent a best judgment assessment. The judgment clarified the importance of providing explanations for detected offenses and highlighted the Assessing Officer's authority to make reasonable additions based on best judgment assessments, even if goods were accounted for post-detection. Case-Laws VAT and Sales Tax Tue, 19 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376319