Presumption Of Undervaluation Can't Be Drawn Just Because Of Higher MRP Rate On Product: Punjab & Haryana HC

The Punjab and Haryana High Court has ruled that a higher Maximum Retail Price (MRP) on a product does not automatically lead to a presumption of undervaluation for tax purposes. The case involved an assessment where higher MRP rates were used to question the valuation of products. The Court clarified that presumptions of undervaluation should be based on actual evidence and not merely on MRP discrepancies, thereby ensuring that tax assessments are grounded in accurate and fair evaluations.