https://www.taxtmi.com/caselaws?id=359519 A proposition notice issued before finalisation of reassessment satisfied natural justice, so the challenge on that ground failed. The retrospective validation of the amended limitation provision in Section 40 of the Karnataka Value Added Tax Act, 2003 defeated the plea that reassessment was time-barred. Section 32 required books and records to be retained for five years or until assessment attained finality, whichever was later, so the dealer remained bound to preserve them. Penalty could not be imposed without prior notice and opportunity of hearing; in the absence of such notice, the penalty was void. Tax and interest were upheld, but the penalty component was quashed. en-us Tue, 20 Mar 2018 00:00:00 +0530 Wed, 02 May 2018 06:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359519 A proposition notice issued before finalisation of reassessment satisfied natural justice, so the challenge on that ground failed. The retrospective validation of the amended limitation provision in Section 40 of the Karnataka Value Added Tax Act, 2003 defeated the plea that reassessment was time-barred. Section 32 required books and records to be retained for five years or until assessment attained finality, whichever was later, so the dealer remained bound to preserve them. Penalty could not be imposed without prior notice and opportunity of hearing; in the absence of such notice, the penalty was void. Tax and interest were upheld, but the penalty component was quashed. Case-Laws VAT and Sales Tax Tue, 20 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359519