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2013 (5) TMI 285 - HC - VAT and Sales TaxReassessment notice u/s 21 of the U.P. Trade Tax Act - allegation of concealed turnover of sale of M.S. Ingots for the period February, 2004 to June, 2007 - Held that:- It is not disputed by the petitioner that the search took place on 10th July, 2007 at the various business places of assessee company and in that search operation, computer Hard-disk was seized containing the details of raw material as well as finished goods and those details show suppression of production of goods. Bare denial by the petitioner is not sufficient to hold that there is no material against it. It could not be denied by the the petitioner that statements of the Directors were recorded. Statements show that in M/S Parmarth Iron Pvt. Ltd., Raj Kamal Agrawal, , Lalit Kumar Agrawal and Atul Kumar Agrawal Sons of Jitendra Mohan Agrawal and Vijay Kumar, Sanjay Kumar and Raj Kumar sons of late Ramesh Chandra are the directors while in M/s Parmarth Steel & Alloys Pvt. Ltd., Sri Raj Kamal Agrawal, Lalit Kumar Agrawal and Atul Kumar Agrawal are directors who are brothers. Thus, in M/S Parmarth Iron Pvt. Ltd. besides the aforesaid three brothers, Vijay Kumar, Sanjay Kumar and Raj Kumar are the directors. Statement of Lalit Kumar Agrawal, one of the directors in both i.e. in M/S Parmarth Iron Pvt. Ltd. and M/s Parmarth Steel & Alloys Pvt. Ltd. was also recorded, who has confirmed the statement given by Mohan Agrawal, Cashier. He has confirmed panchnama, seizer of computer's Hard-disk and other documents during search operation. He has further stated that the goods were sold by under billing or even without bills. Cash sales were also affected. Therefore, the argument of the petitioner that there is no material to form the belief that turnover has escaped assessment, is not correct. The seized material is relevant material. Thus the irresistible conclusion is that there is valid material to form a belief that the turnover of the petitioners has escaped assessments
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