https://www.taxtmi.com/caselaws?id=181330 Seizure of goods in transit under the U.P. Value Added Tax Act is justified only where the invoice or accompanying documents disclose undervaluation of more than fifty per cent against the value prevalent in the relevant local market area at the time of transaction. The applicable benchmark is the local market value where the transaction took place, not prices from other markets. Because the Department produced no material showing the Ghaziabad market value on the transaction date, reliance on prices elsewhere could not support seizure. The seizure was therefore illegal, and release of the goods without security was upheld. en-us Thu, 04 Aug 2011 00:00:00 +0530 Wed, 13 Apr 2016 17:00:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181330 Seizure of goods in transit under the U.P. Value Added Tax Act is justified only where the invoice or accompanying documents disclose undervaluation of more than fifty per cent against the value prevalent in the relevant local market area at the time of transaction. The applicable benchmark is the local market value where the transaction took place, not prices from other markets. Because the Department produced no material showing the Ghaziabad market value on the transaction date, reliance on prices elsewhere could not support seizure. The seizure was therefore illegal, and release of the goods without security was upheld. Case-Laws VAT and Sales Tax Thu, 04 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181330