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2014 (5) TMI 134 - HC - VAT and Sales TaxRe-fixation of taxable turnover – Non existant concern - Suppression of amount – Held That:- The Tribunal was of the view that it was not correct on the part of the assessee to contend that it had handed over the goods worth Rs.10 lakhs in the year 1996 for safe custody - Assessee filed return showing the taxable turnover as NIL - The assessee had not offered any explanation on this turnover as to whether the same had gone into export stream or otherwise - The only contention taken by the assessee was that they were entrusted the goods with Balaji Garments, which was later on returned to the assessee on 26.4.97 after the date of inspection and they were in poor condition - The assessee could not show the receipt of the goods and the manner in which it had dealt with the goods - There is every justification for including this turnover for the purpose of assessment. Levy of penalty – Held that:- the Assessing Officer gives no reason for imposition of penalty indicating any intention on the part of the assessee to suppress the fact - the explanation offered by the assessee was disbelieved and rejected, per se would not lead to imposition of penalty - the fact that there are also defects in the enquiry done by the Revenue, thus, it is not a fit case where penalty should be imposed – relying upon APPOLLO SALINE PHARMACEUTICALS PRIVATE LIMITED v. COMMERCIAL TAX OFFICER (SAC) AND OTHERS [2001 (10) TMI 1100 - MADRAS HIGH COURT] - No levy of penalty is warranted on the assessment made solely relying on the turnover available in the books of accounts – penalty could not be levied – Decided against Revenue.
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