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2011 (7) TMI 998 - HC - VAT and Sales TaxWhether the sales turnover returned by the Petitioner was rightly rejected – Held that:- value fixed by the Commissioner for different varieties of timber for collection of advance tax are based on prevalent market value. It is common knowledge that the current price of timber that is, after 3-4 years of the relevant year, is more than double the price fixed by the Commissioner in the Circular based on which advance tax was paid by the Petitioner without contest. Petitioner has no case that there was decline in the price of timber after the issuance of Circular by the Commissioner. On the other hand, the steady demand of timber in the market is evident from the fact that Petitioner has "nil" closing stock. Assessing Officer, first Appellate Authority as well as the Tribunal rightly rejected the sales turnover declared by the Petitioner which was below the value declared at the entry Check Post where tax was paid on all consignments brought and sold in Kerala Estimation of gross profit - Tribunal adopted lower than the lowest percentage of gross profit declared by similar dealers – Held that:- gross profit addition is made to the purchase value declared by the Petitioner which is admittedly not the real purchase value but the value fixed by Petitioner. Tribunal's order that they have considered the market value of each and every variety of timber transported and sold by the Petitioner and the value fixed in the Circular issued by the Commissioner and has justified the assessment which is by making 12 per cent gross profit addition to the purchase value declared by the Petitioner himself. Revision cases are accordingly dismissed
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