Undervaluation of Opening Stock

Discussion in 'Income Tax' started by Nikhil8, Feb 22, 2017.

  1. Nikhil8

    Nikhil8 Member

    If the opening stock is undervalued by Rs 22 lakhs and some of his commodities are not added in commodity list. What will be the penalty as per KVAT law.
    My clients is received notice from VAT office to pay 14.5% tax on 22 lakhs which will be around 3 lakhs and also penalty for commodities not added in the list.
     
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