https://www.taxtmi.com/caselaws?id=264950 Declared contract price for bona fide bulk sales to an airline could not be rejected as undervalued merely because it was lower than restaurant price or an asserted market value. Under the Assam VAT Act, the disclosed sale price remained relevant, and absent lawful material showing undervaluation, reassessment on market value was untenable and was set aside. Maximum penalty also could not be sustained because no substantial reasons were recorded to justify its imposition. The assessment order was therefore unsustainable on both valuation and penalty, and relief was granted to the assessee. en-us Fri, 14 Nov 2014 00:00:00 +0530 Sun, 04 Oct 2015 12:41:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264950 Declared contract price for bona fide bulk sales to an airline could not be rejected as undervalued merely because it was lower than restaurant price or an asserted market value. Under the Assam VAT Act, the disclosed sale price remained relevant, and absent lawful material showing undervaluation, reassessment on market value was untenable and was set aside. Maximum penalty also could not be sustained because no substantial reasons were recorded to justify its imposition. The assessment order was therefore unsustainable on both valuation and penalty, and relief was granted to the assessee. Case-Laws VAT and Sales Tax Fri, 14 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264950