https://www.taxtmi.com/caselaws?id=414948 Transit loss in edible oil could not be treated as suppressed turnover where the first-year business records showed regular register entries, the loss was minor, and no independent material proved unaccounted sales. The court held that rejection of the disclosed loss on conjecture was unjustified. Account books also could not be discarded, nor turnover enhanced, merely because the goods were allegedly sold below market rate, absent reliable evidence of a higher market price or falsity in the sale price. In the absence of cogent adverse material, best judgment assessment based on suspicion was impermissible. en-us Thu, 18 Nov 2021 00:00:00 +0530 Sat, 20 Nov 2021 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414948 Transit loss in edible oil could not be treated as suppressed turnover where the first-year business records showed regular register entries, the loss was minor, and no independent material proved unaccounted sales. The court held that rejection of the disclosed loss on conjecture was unjustified. Account books also could not be discarded, nor turnover enhanced, merely because the goods were allegedly sold below market rate, absent reliable evidence of a higher market price or falsity in the sale price. In the absence of cogent adverse material, best judgment assessment based on suspicion was impermissible. Case-Laws VAT and Sales Tax Thu, 18 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414948