https://www.taxtmi.com/caselaws?id=426397 A best judgment assessment under the Kerala Value Added Tax regime was based on a difference between closing stock reflected in Form No. 53 and the audited books, treated as suppression and used to add turnover after applying gross profit. The Court noted that the assessee had specifically explained the variation as arising from valuation and accounting treatment, and had also contended that the stock quantity had not changed and that the closing stock was carried forward to the next year. As that explanation was not meaningfully examined, the assessment and the Tribunal's order could not stand. The matter was remitted for fresh consideration in accordance with law. en-us Thu, 21 Jul 2022 00:00:00 +0530 Wed, 17 Aug 2022 08:07:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426397 A best judgment assessment under the Kerala Value Added Tax regime was based on a difference between closing stock reflected in Form No. 53 and the audited books, treated as suppression and used to add turnover after applying gross profit. The Court noted that the assessee had specifically explained the variation as arising from valuation and accounting treatment, and had also contended that the stock quantity had not changed and that the closing stock was carried forward to the next year. As that explanation was not meaningfully examined, the assessment and the Tribunal's order could not stand. The matter was remitted for fresh consideration in accordance with law. Case-Laws VAT and Sales Tax Thu, 21 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426397