https://www.taxtmi.com/caselaws?id=407481 Stock variation under the TNVAT framework must be determined on a proper and scientific basis. The absence of a stock register does not, by itself, justify assessing stock difference through a trading account or other formula-based monetary method, especially where physical stock was inspected and accounts were available for verification. The assessing authority may call for a sworn statement and test the correctness of the accounts, but it should not resort to formula valuation for stock difference. The assessment order was quashed and the matter remitted for fresh determination of stock difference in physical terms and in accordance with law. en-us Tue, 16 Mar 2021 00:00:00 +0530 Tue, 11 May 2021 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407481 Stock variation under the TNVAT framework must be determined on a proper and scientific basis. The absence of a stock register does not, by itself, justify assessing stock difference through a trading account or other formula-based monetary method, especially where physical stock was inspected and accounts were available for verification. The assessing authority may call for a sworn statement and test the correctness of the accounts, but it should not resort to formula valuation for stock difference. The assessment order was quashed and the matter remitted for fresh determination of stock difference in physical terms and in accordance with law. Case-Laws VAT and Sales Tax Tue, 16 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407481