1995 (9) TMI 327

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..... amallee. The Tribunal after hearing the arguments of the learned counsel and perusing the records, sustained the assessment on a turnover of Rs. 807.80 and deleted the turnover of Rs. 6,000. The Tribunal also deleted the penalty levied under section 12(5) of the Act holding that the assessing officer had resorted to the best judgment assessment, since the accounts were found not correct. According .....

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..... As already pointed out, in the present case, the books of accounts are found to be not correct. Therefore, if at all penalty is exigible, it can be levied only under section 12(3) of the Act. For levying penalty under section 12(3) of the Act, mala fide has to be established. In the present case, there is no scope warranting such a mala fide on the part of the assessee. Hence, penalty under sectio .....

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