Section 8 in The Punjab Value Added Tax (Second Amendment) Act, 2013
8. Insertion of new section 45-A in Punjab Act 8 of 2005.
- In the principal Act, after section 46, the following new section shall be inserted, namely:-"46A. Power to purchase under priced goods. - (1) Where a designated officer has, for the purpose of any of proceeding under this Act, reasons to believe that any of the goods as notified by the State Government whether in stock or in transit, are underpriced as shown in a document or book of account produced before him, he may, with the prior approval of the Commissioner or such other officer, as the Commissioner may, in writing, authorize for the purpose, make an offer to purchase such goods at the price shown in the document or book of account, increased by ten per cent plus freight and other expenses, if any, incurred by the owner in relation to the goods.(2)If the owner of the goods accepts the offer, as provided under sub-section (1), he shall make delivery of the goods on a date, time and at such place, as specified by the officer making the offer and shall be paid the offered price with other expenses within a period of ten days of the delivery of the goods, but, if he rejects the offer, or after accepting the offer fails to deliver the goods on the specified date, time and at the specified place, it shall be construed as a conclusive proof that the owner has underpriced the goods and the price of the goods as determined by the designated officer to the best of his judgment shall be considered as the actual price of such goods.(3)The goods purchased under sub-section (2), shall be sold by public auction in the manner, as may be prescribed, as early as possible, but, if the goods are of a perishable nature or subject to speedy and natural decay or are such as may, if held, lose their value or when the expenses of keeping them are likely to exceed their value, then, such goods shall be immediately sold or otherwise disposed of in the manner, as may be prescribed. The sale proceeds of the goods or the amount obtained by disposal of the goods shall be deposited in the Government treasury."
