https://www.taxtmi.com/caselaws?id=175054 Penalty under Section 67 of the Kerala Value Added Tax Act applies only where tax evasion is actually proved and quantifiable; turnover cannot be estimated in penalty proceedings, because best judgment estimation is confined to assessment proceedings. A circular prescribing floor rates for advance tax on evasion-prone commodities cannot alter the statutory basis of levy on actual sale price or taxable turnover, and it cannot create a notional sale value for penalty or tax liability. The revision therefore succeeded, and the penalty order could not stand. en-us Fri, 15 Jun 2012 00:00:00 +0530 Thu, 06 Apr 2017 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175054 Penalty under Section 67 of the Kerala Value Added Tax Act applies only where tax evasion is actually proved and quantifiable; turnover cannot be estimated in penalty proceedings, because best judgment estimation is confined to assessment proceedings. A circular prescribing floor rates for advance tax on evasion-prone commodities cannot alter the statutory basis of levy on actual sale price or taxable turnover, and it cannot create a notional sale value for penalty or tax liability. The revision therefore succeeded, and the penalty order could not stand. Case-Laws VAT and Sales Tax Fri, 15 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175054