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2007 (2) TMI 309 - SC - VAT and Sales TaxAppeal filed by the appellant under section 24(1) of the Karnataka Sales Tax Act, 1957 dismissed - Held that:- Appeal partly allowed. Revisional authority has elaborately discussed the legal and factual position to conclude that the claim made by the assessee-appellant was untenable and not sustainable. In fact, the High Court has also analysed the position in great detail as noted above. We concur with the view expressed by the High Court about the non-acceptability of the claim and levy of tax and penalty. However, so far as the question of quantum of penalty is concerned, it is to be noted that the legitimate amount which was to be collected by the Revenue was not deposited by the assessee- appellant because of the claim at concessional rate of tax. Considering the quantum of tax involved and the period for which the amount was withheld, we are of the view that levy of penalty of rupees five lakhs would suffice. The amount shall be deposited within a period of one month from today if not already done.
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