TMI Blog2024 (4) TMI 733X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. Sundry Creditors - HELD THAT:- Given that the issue relating to sundry creditors pertains to alleged non-payment by the petitioner for supplies received, the imposition of tax liability on the total value of trade receivables flies in the face of reason. Even assuming that dues to sundry creditors were not discharged, only the trade payables and not receivables should have been taken into account. Therefore, the impugned order is unsustainable as regards this issue. Income received - HELD THAT:- The total income was taken from the financial statement and tax appears to have been imposed on such turnover at 36%. In relation to this issue, the petitioner has placed on record the reconciliation statement in GSTR-9C to contend that the annu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in favour of the petitioner. By referring to issue No.5 pertaining to sundry creditors, learned counsel submitted that tax liability was imposed on the total trade receivable of Rs. 27,12,93,000/-. After further submitting that the head of claim relating to 'Trade and other receivables' was considered and dropped, he pointed out that a patent error was committed by treating the total trade receivables on pan-India basis as the taxable turnover. 4. As regards 'Income received' learned counsel submitted that the income of Rs. 180,64,88,000/- was treated as taxable turnover and that tax was imposed thereon at the rate of 36% instead of 18%. By referring to the GSTR-9C reconciliation statement of the petitioner, learned couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sustainable as regards this issue. 7. The next issue that learned counsel for the petitioner focused attention was 'Income received'. On this issue also, the total income was taken from the financial statement and tax appears to have been imposed on such turnover at 36%. In relation to this issue, the petitioner has placed on record the reconciliation statement in GSTR-9C to contend that the annual turnover under the relevant registration was only Rs. 8,82,352/-. Once again, the impugned order confirms the tax demand solely on the ground that the trial balance for Tamilnadu was not provided. 8. Therefore, the impugned order dated 31.12.2023 is set aside insofar as it pertains to the issues relating to sundry creditors and income rec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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