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2016 (7) TMI 787 - HC - VAT and Sales TaxLevy of penalty - offences of failure to maintain proper accounts and failure to keep true and correct accounts - Inability to produce their books of accounts for verification during inspection - Subsequently the regular books of accounts were called for and on inspection of the books of accounts that were produced, variation in stock was found - Held that:- when the responsibility of maintaining true and accurate accounts disclosing the stock is entirely on the assessee, the First Revisional Authority could not have directed the intelligence officer to arrive at the opening stock on the basis of the accepted stock of any previous year and taking the purchase and sale. Such an order passed by the First Revisional Authority is certainly an order prejudicial to the interest of the revenue as contemplated under Section 37 of the KGST Act entitling the commissioner of commercial taxes to exercise his powers thereunder. - Levy of penalty confirmed.
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