Determination of tax on unaccounted stock must proceed under Sections 73 and 74, not Section 130. The Court held that tax determination for excess or unaccounted stock discovered in a survey must proceed under the statutory assessment procedures for ... Summary
Determination of tax on unaccounted stock must proceed under Sections 73 and 74, not Section 130.
The Court held that tax determination for excess or unaccounted stock discovered in a survey must proceed under the statutory assessment procedures for undisclosed goods rather than by invoking the survey provision. The assessment code prescribes the exclusive mechanism for quantifying and demanding tax, and survey powers cannot be used to supplant the prescribed steps for computation, notice and imposition of tax or penalty on unaccounted goods.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
