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2014 (8) TMI 541 - HC - VAT and Sales TaxDiscrepancy in stock - Whether the learned Tribunal is right in upholding demand of tax and penalty on the premise that the appellants had sold out the goods without recording the same in books of accounts - Held that:- Entire issue is based on appreciation of materials on records. One conclusion by the Tribunal, the final fact finding authority, and what was not seriously disputed by the assessee was that there was excess stock worth ₹ 8.82 lakhs in the books of accounts. On that basis, the authorities as well as the Tribunal confirmed the demand of the tax. We see no question of law arising. The counsel, however, submitted that the stock in the books of accounts and that found during the visit match, except for its valuation. The same was, therefore, only due to error. However, admittedly, the value added tax would be paid on the valuation of the goods cleared. When there was variation of valuation for the purpose of payment of value added tax as compared to the physical stock even at the time of the visit by the authorities, the liability to pay the differential tax cannot be avoided - Decided against assessee.
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