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2022 (8) TMI 636 - HC - VAT and Sales TaxValidity of assessment order - turnover addition - reduction to 50% of the conceded turnover - contention raised by the petitioner is that compounding was done as some clerical errors were detected by the Intelligence officer, but the addition was not warranted - HELD THAT:- No supporting evidence was produced to substantiate the contention of the petitioner. Subsequent to the compounding, no revised return was filed. The closing stock inventory filed is also defective. The petitioner has not uploaded the closing stock inventory in Form No.53 in a proper format. Though the Chartered Accountant had given a letter which was extracted in the order of the Tribunal, the same was not accepted as a reconciliation as to the difference of stock value within Form No.53 and audited account. The Tribunal held that the veracity of the contention as to the quantitative of analysis is impossible as Form 53 uploaded does not reveal the quantity of nature of gold. The stock verification of Rs. 2,23,32,982/- is of substantial nature and that too in respect of gold. Since the Tribunal is also held that in the absence of supporting documents, the Tribunal is unable to interfere with the finding. The rejection of the explanation of the alleged difference of closing stock value due to the increased rate of the ornaments, was not considered by the Tribunal. The Tribunal has not taken into consideration the entire contentions put forward by the revision petitioner. Hence, the matter has to be remitted to the Assessing Authority for fresh consideration and the Assessing Authority shall proceed with the finalisation of the assessment. The matter is remitted to the Assessing Authority for passing fresh orders in accordance with the law.
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