https://www.taxtmi.com/caselaws?id=150688 The Madras High Court set aside the penalty imposed on an assessee for non-disclosure of turnover, as the undisclosed turnover was reflected in the accounts forming the basis for assessment. The Court directed the Tribunal to reevaluate the classification of turnover as material supply or labour charges in body-building contracts, emphasizing the necessity to determine the true nature of transactions. The Tribunal was instructed to conduct a thorough examination of records and correspondence to reassess the assessee's liability. The judgment highlighted the importance of accurately assessing taxable turnover and ensuring transparency in reporting transactions. en-us Wed, 25 Apr 1973 00:00:00 +0530 Tue, 21 May 2013 14:09:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=150688 The Madras High Court set aside the penalty imposed on an assessee for non-disclosure of turnover, as the undisclosed turnover was reflected in the accounts forming the basis for assessment. The Court directed the Tribunal to reevaluate the classification of turnover as material supply or labour charges in body-building contracts, emphasizing the necessity to determine the true nature of transactions. The Tribunal was instructed to conduct a thorough examination of records and correspondence to reassess the assessee's liability. The judgment highlighted the importance of accurately assessing taxable turnover and ensuring transparency in reporting transactions. Case-Laws VAT and Sales Tax Wed, 25 Apr 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=150688