Section 3(2) of raj. vat act.2003
Mukesh Khandelwal
(Querist) 16 November 2012
This query is : Open
One of my client is a registered dealer and opted scheme u/s 3(2) of the Raj. VAT Act. During the assessment procedure after survey at my client business premises, there was not any undeclared goods and unaccounted goods. Not any further documentary evidence would found to department. After physically verification of stock found at the time of survey, the value of closing stock is less then value as per trading account. AO issue a notice under section 25, 61 of Raj. Vat. Act for show cause. He want clarification why a tax amount equal to .50% of total difference of closing stock and a penalty under section 61 equal two time of tax should by charged. I Just want to clarify that what is the provision regarding conversion of vat option from 3(2). Will my client bound to pay tax as per vat provision day after survey.
Mukesh Khandelwal
9828242065
