https://www.taxtmi.com/caselaws?id=158211 Penalty was not sustainable where the assessee's accounts were found to be incorrect, because section 12(5) applied only when the accounts were correct but the return was incorrect. Any levy, if at all, could arise only under section 12(3), but that provision required proof of mala fides, which was not established. The Tribunal's deletion of penalty was therefore upheld, and the revision was dismissed in favour of the assessee. en-us Wed, 20 Sep 1995 00:00:00 +0530 Fri, 18 Oct 2013 12:27:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=158211 Penalty was not sustainable where the assessee's accounts were found to be incorrect, because section 12(5) applied only when the accounts were correct but the return was incorrect. Any levy, if at all, could arise only under section 12(3), but that provision required proof of mala fides, which was not established. The Tribunal's deletion of penalty was therefore upheld, and the revision was dismissed in favour of the assessee. Case-Laws VAT and Sales Tax Wed, 20 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=158211