2002 (12) TMI 636 - HC - Income Tax

Summary

The High Court of Rajasthan heard a case involving M/s. Laxmi Stores, Udaipur, which faced penalty and prosecution for not paying tax on 'premium/on money' charged from retailers. The court accepted the appeal, quashed the penalty, and ruled that if penalty is quashed, prosecution should not continue. The petition was accepted, and the penalty and prosecution orders were quashed.