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2013 (11) TMI 354 - MADRAS HIGH COURTPenalty u/s 12 - Whether the Tribunal is well in the facts and circumstances of the case in not considering the fact that the levy of penalty under Section 12(3)(c) of the Act is possible only when the assessment is made under Section 12(2) of the Act and in the present case, the assessment is made under Section 12(1) of the Act and hence the levy of penalty under Section 12(3)(c) of the Act is beyond jurisdiction - Held that:- proceedings initiated to revise the order of assessment for levy of penalty as though the petitioner had opted for monthly return under Rule 18 could not be sustained. Taking note of the fact that the assessee had not raised a dispute as regards the levy of penalty in respect of 74 days delay in filing the annual return, we hold that that the present order levying penalty as though the petitioner had opted for filing monthly return cannot be sustained. In the circumstances the original order of levying penalty dated 12.11.1997 remains undisturbed. The revised order in so far as it seeks to levy penalty in respect of monthly returns stands set aside - Decided in favour of assessee.
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