Tag: Financial Statement

GST ArticleHigh Court

Whether output tax can be demanded merely because the financial statements did not provide state-wise turnover?

byCA Ritesh Arora

The Honorable Madras High Court, in the case of Tvl Future General India Insurance Co. Ltd held that an assessment order passed by the Assessing Officer has accepted the explanation of the assessee with regard to certain defects that had imposed GST at the rate of 18% on the ground that the financial statements submitted by the assessee did not reflect state-wise turnover.

GST ArticleHigh Court

Tax Liability cannot be imposed merely because the financial statement did not provide State-wise turnover

byCA Bimal Jain

The Hon’ble Madras High Court, in the case of Tvl. Future General India Insurance Co. Ltd. held that an assessment order passed by the Assessing Officer, had accepted the explanation of the assessee with regard to certain defects but had imposed GST at rate of 36% instead of 18 % on the ground that the financial statements submitted by the assessee did not reflect state-wise turnover, the impugned assessment order was to be set aside, and the matter was to be remanded to the Competent Authority for reconsideration.