HC
upholds Tribunal’s adoption of 10% gross profit for working out deemed sales
value of goods transferred during works contract execution, under Tamil Nadu
VAT Act, 2006 (TNVAT Act); Dismisses assessee's contention that Tribunal failed
to consider assessee’s books of accounts and that adoption of thumb rule of 10%
Gross Profit disregarding the actual gross profit as certified by CA
was based merely on surmises and approximation; Finds that
Tribunal, on noting that assessee did not maintain proper accounts and
failed to produce related records, affirmed adoption of conventional
method of 10% notional gross profit on purchase effected for arriving at deemed
sales turnover; Also rejects assessee’s plea of natural justice principles
violation, as well as its reliance on Income Tax ruling of Kerala HC in Joseph
Thomas & Bros’ wherein it was held except assessment u/s 144, opportunity
of being heard, shall be given in respect of any material gathered
basis any enquiry; Holds that, adoption of 10% gross profit is in
vogue ever since introduction of Section 3B of Tamil Nadu General Sales Tax
Act, 1959 and continues even for liabilities relating to Section 5 of TNVAT Act
: Madras HC
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