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2014 (3) TMI 155 - MADRAS HIGH COURTImposition of penalty under Section 12(5)(iii) - Whether in the facts and circumstances of the case, when the taxability of the portion in respect of the sale of entry 7(a) and 7(b) of Second Schedule of Tamil Nadu General Sales Tax Act was not concluded, the imposition of penalty under Section 12(5)(iii) is legally sustainable - Held that:- once an assessment is made on the basis of the books of accounts, for invoking the provisions of Section 12(5) of the Act to levy penalty, the element of deliberateness, wilfulness or blameworthy conduct on the part of the assessee may not be necessary - assessee was under the bonafide impression as regards the liability of the turnover claimed as exempted in the return, and that it is not the case of the Revenue that the said turnover is not shown in the return - turnover disclosed the return could not be lost sight of while considering the plea of the assessee as regards the bona fide claim to levy penalty - Following decision of CEMENT MARKETING CO., OF INDIA LTD v. ASSISTANT COMMISSIONER OF SALES TAX [1979 (10) TMI 184 - SUPREME COURT OF INDIA] - Decided in favour of assessee.
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