LON (90/1655)

No. 5726

Decision given 20 March 1991.

Serious misdeclaration penalty – Underdeclaration of output tax – Input tax for same period not claimed – Had all the available input tax for period been claimed there would have been no misdeclaration – Whether in such circumstances a misdeclaration penalty appropriate – Finance Act 1985, sec. 14.

  The issue was whether the appellant was entitled to rely on an underdeclaration of input tax by it to offset a serious misdeclaration penalty assessment.

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