Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
The case involved the determination of penalty u/s 69(1)(k) of the J&K Value Added Tax Act, 2005 for the issuance of 35 improper invoices on the same day. The High Court held that each tax invoice, if found to be in default, attracts a penalty of ten times the tax payable on that invoice or Rs. 10,000, whichever is higher. The court clarified that the penalty is meant to deter VAT dealers from under-assessing or evading tax liabilities. It emphasized that the penalty is to be applied to each individual tax invoice, not based on the total number of invoices generated in a day. The court rejected the notion of penalizing based on the accumulation of invoices for a specific day. Each default on a tax invoice is to be penalized independently as per the provisions of the VAT Act.
The case involved the determination of penalty u/s 69(1)(k) of the J&K Value Added Tax Act, 2005 for the issuance of 35 improper invoices on the same day. The High Court held that each tax invoice, if found to be in default, attracts a penalty of ten times the tax payable on that invoice or Rs. 10,000, whichever is higher. The court clarified that the penalty is meant to deter VAT dealers from under-assessing or evading tax liabilities. It emphasized that the penalty is to be applied to each individual tax invoice, not based on the total number of invoices generated in a day. The court rejected the notion of penalizing based on the accumulation of invoices for a specific day. Each default on a tax invoice is to be penalized independently as per the provisions of the VAT Act.
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