2022 (8) TMI 636

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....petitioner is the registered dealer under the provisions of the erstwhile KVAT and CST Act. The Assessing authority completed assessments of 2014-15 to the best of the judgment under Section 25(1) of the KVAT Act (for short 'the Act'). The assessment was made on the imposition of a compounding fee of Rs.15,000/- under Section 74 of the Act for the alleged suppression of Rs.2,11,400/- involving tax to the effect of Rs.10,570/- and the difference of Rs.2,08,91,471/- between the closing stock value declared in Form 53 and that accounted in the financial statement and book of accounts. The petitioner challenged the order of assessment before the Deputy Commissioner (Appeals) and the first appellate authority, as per the order dated 25.1.2020 up....

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.... erred in observing that the closing stock in Form 53 has not been uploaded in the proper format by furnishing the quantity or nature of gold in total disregard of Rule 22(3) of the KVAT Rules? iv) Whether the Hon'ble Tribunal is justified in not considering the decision of the KVAT Tribunal, Kozhikode rendered in TA 80/2018 in identical fact situation in the case of appellant's sister concern? v) Whether the Hon'ble Tribunal is justified in interfering sale of the discrepant closing stock value in disregard of the fact that the entire quantity of closing stock with the increased valuation has been carried forward to the subsequent assessment year for the year 2015-16 and subjected to tax in the event of sales." 4. Hear....

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....bstantiate the contention of the petitioner. Subsequent to the compounding, no revised return was filed. The closing stock inventory filed is also defective. The petitioner has not uploaded the closing stock inventory in Form No.53 in a proper format. Though the Chartered Accountant had given a letter which was extracted in the order of the Tribunal, the same was not accepted as a reconciliation as to the difference of stock value within Form No.53 and audited account. The Tribunal held that the veracity of the contention as to the quantitative of analysis is impossible as Form 53 uploaded does not reveal the quantity of nature of gold. The stock verification of Rs. 2,23,32,982/- is of substantial nature and that too in respect of gold. Sin....