https://www.taxtmi.com/caselaws?id=407165 Penalty for failure to furnish an audit report could not be imposed where the Rules prescribed no form or particulars for that report. The Court held that the statutory obligation under the VAT Act depended on a delegated prescription, and without a prescribed form the precondition for treating the dealer as non-compliant was not met. Because the penalty provision was penal in nature, it had to be strictly construed, and the missing prescription could not be filled by implication through the Chartered Accountants Act form. The challenge therefore succeeded and the penalty was set aside. en-us Mon, 26 Apr 2021 00:00:00 +0530 Sat, 01 May 2021 09:31:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407165 Penalty for failure to furnish an audit report could not be imposed where the Rules prescribed no form or particulars for that report. The Court held that the statutory obligation under the VAT Act depended on a delegated prescription, and without a prescribed form the precondition for treating the dealer as non-compliant was not met. Because the penalty provision was penal in nature, it had to be strictly construed, and the missing prescription could not be filled by implication through the Chartered Accountants Act form. The challenge therefore succeeded and the penalty was set aside. Case-Laws VAT and Sales Tax Mon, 26 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407165