AO Not Bound by Appellate Remarks in De Novo VAT Assessment: Madras HC

State of Tamil Nadu Vs Tvl. Aro Granite Industries Ltd. (Madras High Court) The Madras High Court has disposed of a tax case filed by the Commercial Taxes Department against Tvl. Aro Granite Industries Ltd., pertaining to the assessment year 2013-14. The core issue revolved around the taxation of asset sales, which the assessee contended should be treated as a slump sale. The original assessment, completed on March 7, 2017, included the turnover from the sale of plant and machinery, furniture, electrical and office equipment, along with profit from these sales, profit from building sales, and ...