https://www.taxtmi.com/caselaws?id=151488 Compounded assessment permission under section 7 operates prospectively for the assessment year for which it is granted and for subsequent years, so it cannot be carried back to an earlier year merely because that assessment was completed later. The Madras HC also noted that a reference to suppression of turnover can support penalty, making cancellation on the ground of absence of wilful non-disclosure unsustainable. However, the Tribunal had not examined whether the penalty quantum was reasonable in the facts of the first assessment year, so the matter required limited reconsideration on that point. en-us Tue, 21 Jun 1977 00:00:00 +0530 Thu, 06 Jun 2013 15:57:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151488 Compounded assessment permission under section 7 operates prospectively for the assessment year for which it is granted and for subsequent years, so it cannot be carried back to an earlier year merely because that assessment was completed later. The Madras HC also noted that a reference to suppression of turnover can support penalty, making cancellation on the ground of absence of wilful non-disclosure unsustainable. However, the Tribunal had not examined whether the penalty quantum was reasonable in the facts of the first assessment year, so the matter required limited reconsideration on that point. Case-Laws VAT and Sales Tax Tue, 21 Jun 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151488