https://www.taxtmi.com/highlights?id=78721 The High Court addressed penalty u/s 43 of the Value Added Tax Act for unrecorded transactions. The Tribunal found Mobile Unit did not enter trader's premises for business activities, so no violation u/s 43(3) occurred. Assessee claimed family dispute led to keeping accounts at home, but provided no evidence. Counsel argued assessment order showed no VAT Act contravention, seeking penalty reduction to 20% from 40%. Court held evasion of tax without maintaining account books for goods entry in truck doesn't excuse penalty. As revisionist paid penalty under protest, no basis to reduce it. Court upheld Tribunal's decision, dismissing the revision. en-us Sat, 22 Jun 2024 08:35:43 +0530 Sat, 22 Jun 2024 08:35:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78721 The High Court addressed penalty u/s 43 of the Value Added Tax Act for unrecorded transactions. The Tribunal found Mobile Unit did not enter trader's premises for business activities, so no violation u/s 43(3) occurred. Assessee claimed family dispute led to keeping accounts at home, but provided no evidence. Counsel argued assessment order showed no VAT Act contravention, seeking penalty reduction to 20% from 40%. Court held evasion of tax without maintaining account books for goods entry in truck doesn't excuse penalty. As revisionist paid penalty under protest, no basis to reduce it. Court upheld Tribunal's decision, dismissing the revision. Highlights VAT and Sales Tax Sat, 22 Jun 2024 08:35:43 +0530 https://www.taxtmi.com/highlights?id=78721