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2015 (10) TMI 225 - HC - VAT and Sales TaxEvasion of tax - Levy of penalty - Undervaluation of goods - Held that:- Sales made are a bulk sale and the market is a competitive market. Merely because the sales made to the Sahara Airlines is much lower price than the price at which it is sold at the restaurant is not a ground in itself that the price is undervalued. The contract is a written contract and the amounts received are also assessable to income-tax. Both, the petitioner and the Sahara Airlines are income-tax assessees and the payments are made by cheques. In that view of the matter the view taken by the assessing authority that the sale price is undervalued and that assessing the goods at the market value is untenable. - writ petition is of the year 2007 and it is admitted coming up for hearing after almost seven years. Therefore it is inequitable at this stage to drive the petitioner to have recourse to the remedy of appeal - Impugned order is set aside - Decided in favour of assessee.
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