https://www.taxtmi.com/caselaws?id=148716 Penalty for failure to file a return was sustained where the assessee relied on a bona fide belief that cotton purchases were not last purchases within the State, but that belief rested on an unproven factual assumption rather than a genuinely arguable legal position. The court distinguished the earlier authority relied on by the assessee because, in that case, the disputed position itself was truly arguable, whereas here the factual basis for the stand was not established. The Tribunal's reduction of the penalty to a token amount was treated as justified in the circumstances, and the limited stigma attached to that penalty was not a ground for complaint. en-us Wed, 05 Nov 1969 00:00:00 +0530 Thu, 02 May 2013 15:03:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=148716 Penalty for failure to file a return was sustained where the assessee relied on a bona fide belief that cotton purchases were not last purchases within the State, but that belief rested on an unproven factual assumption rather than a genuinely arguable legal position. The court distinguished the earlier authority relied on by the assessee because, in that case, the disputed position itself was truly arguable, whereas here the factual basis for the stand was not established. The Tribunal's reduction of the penalty to a token amount was treated as justified in the circumstances, and the limited stigma attached to that penalty was not a ground for complaint. Case-Laws VAT and Sales Tax Wed, 05 Nov 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=148716