https://www.taxtmi.com/caselaws?id=162306 For a registered dealer, goods in transit that are identifiable by quantity and description cannot be treated as unaccounted merely because the invoice value is alleged to be understated; valuation disputes belong to assessment, not seizure. The High Court held that the statutory power of seizure and penalty applies only where goods are not properly accounted for, so seizure and penalty based solely on undervaluation were unsustainable. It also held that tax cannot be levied at the seizure stage because the Act contemplates determination of tax at assessment. The seizure, penalty, and tax levy were set aside, and the tax amount deposited was left open for adjustment in assessment. en-us Wed, 23 Mar 2005 00:00:00 +0530 Mon, 24 Feb 2014 15:59:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=162306 For a registered dealer, goods in transit that are identifiable by quantity and description cannot be treated as unaccounted merely because the invoice value is alleged to be understated; valuation disputes belong to assessment, not seizure. The High Court held that the statutory power of seizure and penalty applies only where goods are not properly accounted for, so seizure and penalty based solely on undervaluation were unsustainable. It also held that tax cannot be levied at the seizure stage because the Act contemplates determination of tax at assessment. The seizure, penalty, and tax levy were set aside, and the tax amount deposited was left open for adjustment in assessment. Case-Laws VAT and Sales Tax Wed, 23 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=162306