TMI Blog2016 (4) TMI 879X X X X Extracts X X X X X X X X Extracts X X X X ..... ximum possible penalty at the rate of 150% of the basic tax, by imposing condition of petitioner depositing the entire possible tax with maximum possible penalty, the truck and the goods may be released. Under section 68(5) of the Value Added Tax Act, the Deputy Commissioner has the power to release such goods pending assessment on such conditions of depositing tax and penalty or furnishing securi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Respondent no.3 has filed affidavit pointing out serious discrepancies in the documents carried by the driver of the truck. It is contended that registration of the dealer whose name was found in the documents had been cancelled. On such grounds, in exercise of powers under section 68 of the Value Added Tax Act, the authorities had detained the truck. In the affidavit, it is further stated tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax liability of approximately ₹ 16,000/at 5% and maximum penalty imposable would be approximately ₹ 24,000/at 1 and times the duty. Thus total comes to ₹ 39,000/. The petitioner shall deposit such sum before the authorities upon which, subject to final assessment and adjustment of deposited amount towards the duty and penalty liability, the truck and the goods be released. 6 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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