https://www.taxtmi.com/caselaws?id=153011 The Court set aside the penalty imposed on the assessee, emphasizing the lack of concrete evidence to support penalty imposition. The assessing officer's addition of 20% to the purchase value for determining taxable turnover was deemed unjustified due to the absence of comparable data. The Tribunal reduced the penalty considering the assessee's status as a new dealer, but the Court stressed the requirement for substantial evidence for penalty imposition, ultimately ruling in favor of the assessee and highlighting the importance of concrete proof beyond best judgment assessments. en-us Thu, 18 Dec 1980 00:00:00 +0530 Mon, 15 Jul 2013 17:35:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=153011 The Court set aside the penalty imposed on the assessee, emphasizing the lack of concrete evidence to support penalty imposition. The assessing officer's addition of 20% to the purchase value for determining taxable turnover was deemed unjustified due to the absence of comparable data. The Tribunal reduced the penalty considering the assessee's status as a new dealer, but the Court stressed the requirement for substantial evidence for penalty imposition, ultimately ruling in favor of the assessee and highlighting the importance of concrete proof beyond best judgment assessments. Case-Laws VAT and Sales Tax Thu, 18 Dec 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=153011