Section 75(8) in The Rajasthan Value Added Tax Act, 2003
(8)The assessing authority or the officer referred to in sub-section (6) may, after having given the dealer an opportunity of being heard and after haring held such further enquiry as it may consider fit, impose on him, for the possession of goods not accounted for, whether seized or not under sub-section (6), [a penalty equal to five times of the tax leviable on such goods or thirty percent of the value of such goods, whichever is less] [Substituted by Rajasthan Act 4 of 2006, Published in Rajasthan Government Gazette Extraordinary, Part IV-A, dated 31-3-2006, page 61(47) [1-4-2006] for the words 'a penalty equal to thirty per cent of the value of such goods'.] and such authority or officer may release the goods, if seized, on payment of the penalty imposed or on furnishing such security for the payment thereof as it may consider necessary.
