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2011 (1) TMI 1258 - ALLAHABAD HIGH COURTRevision under section 11 of the U.P. Trade Tax Act, 1948 against the order of the Tribunal dated November 25, 2010 for the assessment year 2007-08 Held that:- No explanation has been given at the time of survey about the shortage. It has not been told that the stocks were lying in some other room. If it would have been told to the surveying officer that the stock was lying in another shop, the same would have been verified. Therefore, any explanation offered by the applicant that the stock was lying in another room has rightly been rejected by the assessing authority and by the Tribunal. The stock has been valued at ₹ 2 lcas.Therefore, having regard to the value of the stock, which was not found at the time of survey, the estimate of turnover at ₹ 5 lacs of the manufactured tobacco and the purchases of raw materials from the unregistered dealer cannot be said to be excessive or without any basis. However, the Tribunal has erred in levying the tax on the turnover of chemicals @32.5%. Under the Notification No. KA. NI.-2-1084/XI-9 (51)/99................dated 25.2.2003 all kinds of chemicals are liable to tax @4%. Therefore, the order of the Tribunal is modified to this extent. The authorities below are directed to recalculate the turnover levying the tax on the chemicals @4% instead of 32.5%. Revision allowed in part.
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