https://www.taxtmi.com/caselaws?id=391734 Tax liability and rejection of books of account cannot rest on loose papers, estimates or suspicion unless the Revenue proves the foundational facts showing taxable purchases or imports. Here, the Court found no material establishing actual import from outside the State or purchases from unregistered dealers, and the assessee's business explanation for estimates sent with goods and final bills based on goods retained was not displaced. Because the first appellate authority had accepted the declared purchases and books on the absence of cogent contrary evidence, the Tribunal erred in interfering on apprehension and unexplained discrepancies alone. The Tribunal's order was therefore unsustainable and the appellate order in favour of the assessee was restored. en-us Mon, 03 Feb 2020 00:00:00 +0530 Thu, 06 Feb 2020 08:08:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391734 Tax liability and rejection of books of account cannot rest on loose papers, estimates or suspicion unless the Revenue proves the foundational facts showing taxable purchases or imports. Here, the Court found no material establishing actual import from outside the State or purchases from unregistered dealers, and the assessee's business explanation for estimates sent with goods and final bills based on goods retained was not displaced. Because the first appellate authority had accepted the declared purchases and books on the absence of cogent contrary evidence, the Tribunal erred in interfering on apprehension and unexplained discrepancies alone. The Tribunal's order was therefore unsustainable and the appellate order in favour of the assessee was restored. Case-Laws VAT and Sales Tax Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391734