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2009 (4) TMI 835 - MADRAS HIGH COURTBringing the value of the lorry sold by the assessee for taxation and the imposition of penalty under Section 12(5)(iii) of the T.N.G.S.T.Act questioned Held that:- As all the authorities have admitted that the entire turnover has been reflected in the books of accounts and also stated in the returns filed by the assessee. Hence, for the invocation of sub-clause (iii) of Section 12(5), the pre-condition is that the return submitted is found to be incorrect and incomplete as per Section 12(4)(iii). None of the authorities below including the Tribunal have given a finding that the return submitted by the assessee is found to be incorrect and incomplete. Hence, in the absence of such a finding, the levy of penalty under Section 12(5)(iii) is not in consonance with the penal provision provided. Hence, the penalty imposed has to be deleted and the same is deleted. To that extent, the appellant succeeds
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