High Court Rules Against Mandatory Penalty Imposition Under KVAT Act Section 72(2) Due to Full Tax Disclosure.

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....Levy of penalty under section 72(2) of the KVAT Act 2003 - there is no understatement of tax liability made by the assessee, the same are disclosed in the returns to claim input tax deductions. In such circumstances, the Assessing Officer levying penalty as mandatory is not acceptable. - HC....