Deemed supply from unaccounted stock: tax liability must be determined through assessment procedures, not survey provisions. Excess or unaccounted stock discovered during a survey constitutes a deemed supply for tax purposes, but the determination and quantification of tax ... Summary
Deemed supply from unaccounted stock: tax liability must be determined through assessment procedures, not survey provisions.
Excess or unaccounted stock discovered during a survey constitutes a deemed supply for tax purposes, but the determination and quantification of tax liability on such deemed supply must be effected through the statutory assessment procedure; invoking the survey-specific provision as the primary basis for separate proceedings is inconsistent with the statutory scheme.
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