Goods Valuation Debate: Section 4 vs. Section 4A for Tax Purposes; No Penalty Due to Lack of Malafide Intent.

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....Levy of penalty - The only dispute is that whether the goods should be valued under Section 4 or Section 4A. The company’s stand was that they were supplying goods to industries therefore, they were under belief that goods should be valued under Section 4 - There are no mala fide intention on the part of these appellants - No penalty - AT....