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of <h1>Section 17 of Delhi VAT Act: Ensures fair market value assessment for transactions between related parties to prevent tax discrepancies.</h1> Section 17 of the Delhi Value Added Tax Act, 2004 addresses transactions between related parties. It stipulates that if a registered dealer sells or gives goods to a related person under terms influenced by their relationship, and the related person would not qualify for a full tax credit under certain conditions, the transaction is considered a sale by the registered dealer. The sale price of the goods will be deemed their fair market value. This provision ensures that transactions between related parties are assessed at fair market value for tax purposes.
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