https://www.taxtmi.com/caselaws?id=437269 Section 35(7) of the JVAT Act permits valuation-based assessment only where the prescribed authority first records reasons and is satisfied that goods were sold above the invoice price, and it also requires a hearing before action. The text states that the assessing authority proceeded on an underpricing theory by reference to IBM rates without satisfying this jurisdictional precondition, even while recording that the dealer had not sold goods above invoice price. On that basis, the assessment and penalty proceedings were described as founded on an incomplete and legally unsustainable initiation, and the consequential orders were set aside with remand for fresh action in accordance with law. en-us Thu, 20 Apr 2023 00:00:00 +0530 Tue, 02 May 2023 09:22:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437269 Section 35(7) of the JVAT Act permits valuation-based assessment only where the prescribed authority first records reasons and is satisfied that goods were sold above the invoice price, and it also requires a hearing before action. The text states that the assessing authority proceeded on an underpricing theory by reference to IBM rates without satisfying this jurisdictional precondition, even while recording that the dealer had not sold goods above invoice price. On that basis, the assessment and penalty proceedings were described as founded on an incomplete and legally unsustainable initiation, and the consequential orders were set aside with remand for fresh action in accordance with law. Case-Laws VAT and Sales Tax Thu, 20 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437269