https://www.taxtmi.com/caselaws?id=425052 Penalty under Section 42(5) of the Odisha Value Added Tax Act, 2004 is mandatory where an audit assessment is completed under Section 42(3) or Section 42(4), and the assessing authority has no discretion to waive or reduce it. The provision operates as a statutory consequence of such assessment, requiring a penalty equal to twice the tax assessed. The High Court stated that the Tribunal erred in deleting the penalty on grounds of absence of deliberateness and disclosure in the books, because those considerations are not relevant within the audit assessment regime. en-us Tue, 05 Jul 2022 00:00:00 +0530 Thu, 25 May 2023 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425052 Penalty under Section 42(5) of the Odisha Value Added Tax Act, 2004 is mandatory where an audit assessment is completed under Section 42(3) or Section 42(4), and the assessing authority has no discretion to waive or reduce it. The provision operates as a statutory consequence of such assessment, requiring a penalty equal to twice the tax assessed. The High Court stated that the Tribunal erred in deleting the penalty on grounds of absence of deliberateness and disclosure in the books, because those considerations are not relevant within the audit assessment regime. Case-Laws VAT and Sales Tax Tue, 05 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425052