High Court Upholds Penalty for VAT and Sales Tax Violations u/s 38 Due to Incorrect Returns Filing.

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....Levy of penalty - suppression of turnover - even if the transaction was disclosed in the books of account it will be of no benefit. - Section 38 is worded in a manner that it applies not only to maintaining false or incorrect account but also to filing incorrect or false returns, which the appellant did in the present case. - HC....