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2012 (1) TMI 142 - HC - VAT and Sales TaxWhether, in the facts and circumstances of the case, the Appellate Tribunal is right in deleting the penalty imposed over a transaction of the REP licence when the transaction has not been disclosed in the returns? Held that:- While considering the appeal, the Appellate Assistant Commissioner had not gone into the question of bona fides of the assessee. Nevertheless, by placing reliance on the judgment of this court in P.S. Apparel's case [1994 (4) TMI 366 - MADRAS HIGH COURT] while affirming the levy of penalty, had reduced the penalty from 150 per cent to 50 per cent which, according to the assessee, was not in accordance with the said judgment. Since the claim of the assessee was that they were under the bona fide belief that the sale of REP licences/exim scrips was not goods, they did not disclose the same in the returns and they preferred appeal to the Tribunal. The Tribunal also upheld their contention and allowed the appeal. In our opinion, as the issue has been settled by this court in the abovesaid judgment, we are unable to take a different view on the facts and circumstances of this case. Accordingly, we are of the view that the Tribunal is correct in deleting the penalty and we confirm the order of the Tribunal and dismiss the tax case (revision).
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