https://www.taxtmi.com/caselaws?id=345994 The High Court set aside the penalty order imposed under the U.P. Value Added Tax Act for alleged undervaluation of goods imported from Nepal. The Court found procedural errors in invoking jurisdiction and imposing penalties without proper proceedings. It was emphasized that determining undervaluation should be based on prevailing market rates. The Court ruled in favor of the assessee, directing further proceedings before the Tribunal in adherence to the law. en-us Mon, 24 Jul 2017 00:00:00 +0530 Wed, 02 Aug 2017 08:38:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345994 The High Court set aside the penalty order imposed under the U.P. Value Added Tax Act for alleged undervaluation of goods imported from Nepal. The Court found procedural errors in invoking jurisdiction and imposing penalties without proper proceedings. It was emphasized that determining undervaluation should be based on prevailing market rates. The Court ruled in favor of the assessee, directing further proceedings before the Tribunal in adherence to the law. Case-Laws VAT and Sales Tax Mon, 24 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345994