Tax Liability cannot be Imposed merely due to Absence of State-wise Turnover in Financial Statement

Tvl. Future General India Insurance Co. Ltd. Vs Assistant Commissioner (ST) (FAC) (Madras High Court) The Madras High Court recently rendered a significant ruling in the case of Tvl. Future General India Insurance Co. Ltd. v. Assistant Commissioner (ST) (FAC) [WP No. 3534 OF 2024 dated February 16, 2024]. The case revolves around the imposition of tax liability solely due to the absence of state-wise turnover in financial statements.  Hon’ble Madras High Court held that an assessment order passed by the Assessing Officer, had accepted the explanation of the assessee with regard to ce...