https://www.taxtmi.com/caselaws?id=427613 Adverse inference and best judgment assessment could not be sustained where the books of account were produced, no discrepancy was established, and the explanation for the alleged bill irregularity in goods in transit was accepted. The stock issue was supported by recorded stock movements, with no material showing unaccounted purchases or any other basis for fastening tax liability. The Tribunal was therefore not justified in reversing the First Appellate Authority without cogent reasons or supporting evidence, and the assessment could not be restored on that footing. en-us Wed, 05 Jan 2022 00:00:00 +0530 Wed, 14 Sep 2022 09:21:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427613 Adverse inference and best judgment assessment could not be sustained where the books of account were produced, no discrepancy was established, and the explanation for the alleged bill irregularity in goods in transit was accepted. The stock issue was supported by recorded stock movements, with no material showing unaccounted purchases or any other basis for fastening tax liability. The Tribunal was therefore not justified in reversing the First Appellate Authority without cogent reasons or supporting evidence, and the assessment could not be restored on that footing. Case-Laws VAT and Sales Tax Wed, 05 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427613