https://www.taxtmi.com/caselaws?id=446233 Where a dealer supplied coir looms under a government scheme, the bank remittances were treated as the real consideration for the supply, because the transaction structure and surrounding materials showed that the amounts paid through the scheme corresponded to the actual sale. The Court found no evidentiary basis for the claim that only parts of the looms were sold at a reduced value, so tax could not be confined to the lesser invoiced amount. On that footing, the inference of under-billing and evasion was upheld, and the penalty under section 67 of the Kerala Value Added Tax Act was sustained. en-us Fri, 10 Nov 2023 00:00:00 +0530 Wed, 29 Nov 2023 07:31:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446233 Where a dealer supplied coir looms under a government scheme, the bank remittances were treated as the real consideration for the supply, because the transaction structure and surrounding materials showed that the amounts paid through the scheme corresponded to the actual sale. The Court found no evidentiary basis for the claim that only parts of the looms were sold at a reduced value, so tax could not be confined to the lesser invoiced amount. On that footing, the inference of under-billing and evasion was upheld, and the penalty under section 67 of the Kerala Value Added Tax Act was sustained. Case-Laws VAT and Sales Tax Fri, 10 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446233