It is relevant to note that penalty under Section 86(15) of the DVAT Act, 2004 (“the DVAT Act”) is leviable for preparation of false, misleading and deceptive books and accounts.

A clarification has been issued vide Circular 12/2014-15 dated September 11, 2014 that if tax deficiency arose due to false, maintenance of books and accounts then the penalty leviable under Section 86(15) would be waived off on payment of tax and interest under the DVAT Amnesty Scheme.

However, such penalty cannot be waived off under DVAT Amnesty Scheme where such maintenance of books and accounts does not result in any tax deficiency.

(Bimal Jain, FCFCS, LLB, B.Com (Hons), Mobile: +91 981060456A, 3, Email: bimaljain@hotmail.com)

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