TMI Blog2010 (2) TMI 1054X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn is found to be incorrect and incomplete, then the provision for imposition of penalty can be invoked. As has been correctly found by the appellate Tribunal that on the date when the returns were filed, the question as to whether the sale of REP/Exim scrips was exigible to tax or not was not clear. Till such time the said issue was decided by this Court in P.S.Apparel's case [1994 (4) TMI 366 - MADRAS HIGH COURT], there was a bona fide belief on the part of the dealer in not disclosing the above turnover, as the returns were filed much prior to the said judgment. In that view of the matter, we find no infirmity in the order of the appellate Tribunal. Accordingly, the tax case revision is dismissed. - Tax Case (Revision) No.192 of 2006 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12.6.2000, following the judgment of this Court in P.S.Apparels v. Deputy Commercial Tax Officer, T.Nagar East Assessment Circle, Madras, 94 STC 139, found that the failure on the part of the assessee to disclose the above sales turnover would attract levy of penalty and accordingly directed the assessing officer to levy penalty as suggested in the said order. 3. The said order was questioned by the assessee before the appellate Tribunal. The challenge to the order of the Deputy Commissioner (CT), Chennai was two fold. The assessment was for the year 1992-93. The judgment in P.S.Apparel's case was rendered only on 4.4.94. Therefore, the penalty provisions, particularly, Section 12(5)(iii) cannot be invoked as at the time of filing return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (i) which, in the case referred to in clause (i) of sub-section (4) shall not be less than fifty per cent but which shall not be more than one hundred and fifty per cent of the amount of tax payable; (ii) which, in the case referred to in clause (ii) of sub-section (4) shall be equal to two per cent of the tax payable for every month or part thereof during which the default in the submission of the return continued subject to a maximum of fifty per cent of the tax; and (iii) which, in the case referred to in clause (iii) of sub-section (4), shall not be less than fifty per cent but which shall not be more than one hundred and fifty per cent of the difference in tax payable on the turnover disclosed in the return and that determined by ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
