https://www.taxtmi.com/caselaws?id=380070 Penalty under Section 48(5) of the U.P. Value Added Tax Act, 2008 was held unsustainable where the goods were recorded in the books and the statutory preconditions for penalty were not satisfied. The Court noted that Section 48(5) applies only if, after considering the dealer's explanation, the authority finds omission from accounts, absence of bona fide traceability, improper accounting, wrong particulars, or undervaluation by more than fifty per cent with intent to evade tax. Here, the goods were purchased against tax invoice, tax was charged, payment was made through banking channels, the goods were entered in the cold storage register, and the books were produced promptly on notice. Section 21(5) and Rule 41 were inapplicable, as the transaction did not involve delivery or dispatch by the purchaser requiring a challan or transfer invoice. en-us Thu, 27 Sep 2018 00:00:00 +0530 Mon, 13 May 2019 18:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380070 Penalty under Section 48(5) of the U.P. Value Added Tax Act, 2008 was held unsustainable where the goods were recorded in the books and the statutory preconditions for penalty were not satisfied. The Court noted that Section 48(5) applies only if, after considering the dealer's explanation, the authority finds omission from accounts, absence of bona fide traceability, improper accounting, wrong particulars, or undervaluation by more than fifty per cent with intent to evade tax. Here, the goods were purchased against tax invoice, tax was charged, payment was made through banking channels, the goods were entered in the cold storage register, and the books were produced promptly on notice. Section 21(5) and Rule 41 were inapplicable, as the transaction did not involve delivery or dispatch by the purchaser requiring a challan or transfer invoice. Case-Laws VAT and Sales Tax Thu, 27 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380070