Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible ...
The High Court addressed penalty u/s 43 of the Value Added Tax Act for unrecorded transactions. The Tribunal found Mobile Unit did not enter trader's premises for business activities, so no violation u/s 43(3) occurred. Assessee claimed family dispute led to keeping accounts at home, but provided no evidence. Counsel argued assessment order showed no VAT Act contravention, seeking penalty reduction to 20% from 40%. Court held evasion of tax without maintaining account books for goods entry in truck doesn't excuse penalty. As revisionist paid penalty under protest, no basis to reduce it. Court upheld Tribunal's decision, dismissing the revision.
The High Court addressed penalty u/s 43 of the Value Added Tax Act for unrecorded transactions. The Tribunal found Mobile Unit did not enter trader's premises for business activities, so no violation u/s 43(3) occurred. Assessee claimed family dispute led to keeping accounts at home, but provided no evidence. Counsel argued assessment order showed no VAT Act contravention, seeking penalty reduction to 20% from 40%. Court held evasion of tax without maintaining account books for goods entry in truck doesn't excuse penalty. As revisionist paid penalty under protest, no basis to reduce it. Court upheld Tribunal's decision, dismissing the revision.
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