2024-VIL-1037-KER
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VAT High Court Cases

Kerala VAT Act, 2003 - Stock transfer value, Rejection of books of accounts, Best judgment assessment - assessing authority completed the assessments by adopting the value shown in the stock transfer invoices, without alleging any suppression of accounted turnover and without rejecting the books of accounts produced by the assessee – the assessee contended that the value shown in the stock transfer invoice was the Equalized List Price, which the assessee had worked out for the stock transfer of the product all over India, and that when the sale was effected to a dealer, a trade discount/distributer discount/cash discount would be applied to the equalized list price and it was on this discounted price that VAT was paid - Whether the Tribunal can adopt the stock transfer value as per the Form F alone as the basis for levy of tax as the absolute criteria when the actual sale price realized is not the notional value assigned in the stock transfer and there is no material to support the said adoption of notional value - HELD - in the absence of any allegation of suppression or detection of actual suppression or rejection of the books of accounts of the assessee, there was no justification for disbelieving the invoice value declared by the assessee on the sale of products to its dealers - the assessee had clearly demonstrated the mode of arriving at the Equalized List Price and the application of trade discounts, and in the absence of any material to suggest that the assessee had suppressed his turnover, the estimation resorted to by the assessing authority was wholly unwarranted - the impugned order of the Appellate Tribunal is set aside and the order of the First Appellate Authority, which represents the correct exposition of the law, is restored – the Revision Petitions are allowed
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