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Confiscation of stock based on estimate is illegal; HC slams authorities for acting in a callous manner: HC
THE HON’BLE ALLAHABAD HIGH COURT IN THE CASE OF ECO PLUS STEELS PVT. LTD. V/s STATE OF U.P, decided on 3-4-2024
👉 Issue:-
✔️ Can Confiscation of stock based on estimate is legal?
👉 TheHon’ble High Court Judgement:-
✔️ Where stock was not weighed or counted, specifically when same could have very well been done in premises of assessee, calculation of stock by appellate authority on basis of an estimate was without any basis in law, thus, entire procedure followed by authorities indicates not only a lackadaisical approach but also showcases incompetence and inefficiency of authorities, therefore order related to confiscation and penalty related to additional stock was to be set aside.
Section 130 read with section 74 of CGST Act, 2017
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