Section 48(5) in Uttar Pradesh Value Added Tax Act, 2008
(5)If such authority, after taking into consideration the explanation, if any, of the dealer or, as the case may be, the person in charge and after giving him an opportunity of being heard, is satisfied that the said goods were omitted from being shown in the accounts, registers and other documents referred to in subsection (1) or not traced to any bonafide dealer or not properly accounted for by any dealer or documents issued by a bonifide dealer with respect to the accompanying goods contained wrong particulars or the goods are undervalued to the extent of more than fifty percent of the value of goods prevalent at the relevant time in the local market area where the said transaction had taken place, with intention to evade payment of tax, it shall pass an order imposing a penalty, [not exceeding forty percent of the value of such goods or tax payable under the Act on the value of such goods, whichever is higher] [Substituted w.e.f. 20-08-2010 vide notif. no 1101(2) dt. 20- 08-2010, U.P. Act No 19 of 2010).] as he deems fit.
