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Vat audits in case of records lost in fire

R Gopalakrishna Pillai (finance consultant) (75 Points)

15 March 2016

Hai,

This is about vat assessments in case of records lost due to fire. Any one pl suggest some court decisions in this regards.

Regards,

Gopalkrishna

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4 Replies

CA Raj Doshi (Practising CA) (8924 Points)
Replied 16 March 2016

In case the records not available for the purpose of Vat audit , then delay filing of Vat audit report. You may be levied a penalty which may get condoned due to genuiness of the case of fire ( no backing of any section , it is the principle of natural justice ). So later on file the vat audit report once the accounts are reworked and finalised.

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CA Raj Doshi (Practising CA) (8924 Points)
Replied 16 March 2016

Answer is specific to state of maharashtra.

CA Raj Doshi (Practising CA) (8924 Points)
Replied 16 March 2016

In case of Vat assessment , you may get documents as much as possible from your customers and suppliers along with ledgers and confirmations of tax invoices issued and debit / credit notes. Atleast take top 10 parties documents of both purchase sale and also other documents. It is a tedious procedure and you need dedicated person to look into it and followup with parties.

CA Raj Doshi (Practising CA) (8924 Points)
Replied 16 March 2016

Atleast do as much as documentation and relevant and proper submission at the initial stage so that later on if the matter is appealed to tribunal or courts , then you can save as much as dues on merit.