https://www.taxtmi.com/highlights?id=75816 Levy of penalty u/s 54(1)(2) of the U.P. VAT Act, 2008 - men-rea - The Court concluded that mens rea is indeed an essential prerequisite for imposing a penalty under this provision. - The Court held that penalties could not be imposed on the basis of a best judgement assessment. Such assessments are essentially grounded on reasonable guesses or estimates and do not inherently prove any willful attempt to evade taxes. Without explicit evidence of a deliberate action to avoid tax payments, the imposition of penalties is unjustified. en-us Tue, 19 Mar 2024 08:39:51 +0530 Tue, 19 Mar 2024 08:39:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75816 Levy of penalty u/s 54(1)(2) of the U.P. VAT Act, 2008 - men-rea - The Court concluded that mens rea is indeed an essential prerequisite for imposing a penalty under this provision. - The Court held that penalties could not be imposed on the basis of a best judgement assessment. Such assessments are essentially grounded on reasonable guesses or estimates and do not inherently prove any willful attempt to evade taxes. Without explicit evidence of a deliberate action to avoid tax payments, the imposition of penalties is unjustified. Highlights VAT and Sales Tax Tue, 19 Mar 2024 08:39:51 +0530 https://www.taxtmi.com/highlights?id=75816