As far as the income is concerned, we agree with the High Court that the Tribunal had entered into mere surmises and conjectures to decline adoption of the income as per the income tax returns. In this context, we have to notice that the registration of the firm of the claimant took place on 06.03.2006 and the income tax returns produced are also for the assessment years 2005-2006 and 2006-2007 relatable to the financial years 2004-2005 and 2005-2006 which are prior to the accident which occurred on 09.04.2007. It cannot be said that the claimant apprehended an accident and got registration of a firm and filed his income tax returns two years prior to the accident. Further, the claimant had also produced sales tax returns which was also rejected by the Tribunal on the ground that there was no taxable profits in the said year. Insofar as the levy of sales tax is concerned, the levy is on the sales and not on the profits. The finding of the Tribunal also is that in the first year, there was no tax payable and hence there was no profits or income. The exemption from tax is only because the purchase and sales did not exceed the taxable value. The sale proceeds being not within the taxable limit is not an indication of the profit accrued, or the income received from the business which is reflected in the income tax returns. On the above reasoning, we have to accept the income tax returns for the financial year 2007-2008 in which the total gross income is seen as Rs. 1,96,000/- out of which the tax of Rs. 4,641/- has to be deducted. The income, hence, has to be assessed at Rs. 1,91,000/-. {Para 8
IN THE SUPREME COURT OF INDIA
Civil Appeal Nos. 12098-12099 of 2024
Anoop Maheshwari Vs. Oriental Insurance Company Ltd. and Ors.
Hon'ble Judges/Coram:
K. Vinod Chandran and N.V. Anjaria, JJ.
Author: K. Vinod Chandran, J.
Citation: 2025 INSC 1076, MANU/SC/1233/2025
Decided On: 04.09.2025.
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