https://www.taxtmi.com/caselaws?id=167875 Imported rectangular gold bars sold by banks were held to fall under the semi-manufactured gold entry in the Kerala VAT schedule, not the bullion entry, because the relevant HSN-based descriptions and schedule structure treated the categories separately. The classification-based tax assessment was therefore sustained. Penalty under section 67(1) was quashed because penalty is not automatic and requires deliberate defiance, conscious disregard, or contumacious conduct; here, the bank had disclosed turnover, paid tax at the lower rate under a bona fide classification claim, and continued to contest the issue in good faith. en-us Tue, 27 Nov 2012 00:00:00 +0530 Mon, 05 Jan 2015 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=167875 Imported rectangular gold bars sold by banks were held to fall under the semi-manufactured gold entry in the Kerala VAT schedule, not the bullion entry, because the relevant HSN-based descriptions and schedule structure treated the categories separately. The classification-based tax assessment was therefore sustained. Penalty under section 67(1) was quashed because penalty is not automatic and requires deliberate defiance, conscious disregard, or contumacious conduct; here, the bank had disclosed turnover, paid tax at the lower rate under a bona fide classification claim, and continued to contest the issue in good faith. Case-Laws VAT and Sales Tax Tue, 27 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=167875