Commission expenditure linked to pharmaceutical marketing income qualifies as business deduction when recipient identity, genuineness and business pur...
Country of Origin Certificates and declared transaction value supported preferential customs exemption where authenticity and invoice prices remained ...
Levy of penalty u/s 54(1)(2) of the U.P. VAT Act, 2008 - men-rea - The Court concluded that mens rea is indeed an essential prerequisite for imposing a penalty under this provision. - The Court held that penalties could not be imposed on the basis of a best judgement assessment. Such assessments are essentially grounded on reasonable guesses or estimates and do not inherently prove any willful attempt to evade taxes. Without explicit evidence of a deliberate action to avoid tax payments, the imposition of penalties is unjustified.
Levy of penalty u/s 54(1)(2) of the U.P. VAT Act, 2008 - men-rea - The Court concluded that mens rea is indeed an essential prerequisite for imposing a penalty under this provision. - The Court held that penalties could not be imposed on the basis of a best judgement assessment. Such assessments are essentially grounded on reasonable guesses or estimates and do not inherently prove any willful attempt to evade taxes. Without explicit evidence of a deliberate action to avoid tax payments, the imposition of penalties is unjustified.
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