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2009 (4) TMI 839 - HC - VAT and Sales TaxPenalty levied under Section 12(5)(iii) of the Tamil Nadu General Sales Tax Act, 1959 for the assessment year 1992-93 deleted by Tribunal Held that:- As it was observed by the Assessing Officer that all along the assessee has considered bonafide that the sale proceeds of REP licences cannot be regarded as turnover liable to tax, so as to offer the sales turn over for taxation, which factum has also been accepted by the Tribunal itself in the earlier assessment order by following earlier order. Hence, we conclude that non-offering of the sale turnover of REP licence is a bonafide act. We do not find any illegality or irregularity in the deletion of the penalty by the Tribunal and we are not able to approve the way in which the learned Special Government Pleader projected the summary of the conclusion for levy of penalty. Revision dismissed.
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