Home Case Index All Cases VAT and Sales Tax VAT and Sales Tax + HC VAT and Sales Tax - 2015 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (8) TMI 1129 - HC - VAT and Sales TaxIncrease in Purchase price Increase in tax Rejecting books of Account Petitioner maintained books of account and had paid purchase tax as per these books however assessing officer did not rely upon books of account and assessed purchase price of raw rubber at higher rates alleging that price shown by petitioner was very lower than market situation Held that:- mere ipse dixit of assessing officer cannot be accepted No doubt assessing officer may have jurisdiction to increase rates, but then he should have clearly pointed out differential rates and prevailing market trends Merely because one dealer has paid higher price was no ground to say that all dealers should pay same price Government organization like TFDPC will normally pay higher price since it was non-profit organization Law was well-settled that books of account of assesse cannot be rejected merely on whims and fancy of assessing officer If assessing officer does not want to accept books of account, he must give some cogent and valid reasons for not accepting No evidence was reflected in order of assessing officer or appellate authority Assessment orders set aside and assessing authority directed to reassess income Decided in favour of Assesse.
|