https://www.taxtmi.com/caselaws?id=158615 Penalty for concealment or furnishing inaccurate particulars could not be sustained because such proceedings are quasi-criminal and the revenue had to prove conscious default. The transactions were disclosed in the books and return as tax-exempted transit sales, and the filing of a revised return with tax payment after notice supported a bona fide belief that tax was not attracted. Penalty under section 16(1)(e) was therefore set aside, while the concurrent finding that the transactions were sales attracting tax and interest remained undisturbed. en-us Tue, 25 Feb 1997 00:00:00 +0530 Tue, 13 Feb 2018 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=158615 Penalty for concealment or furnishing inaccurate particulars could not be sustained because such proceedings are quasi-criminal and the revenue had to prove conscious default. The transactions were disclosed in the books and return as tax-exempted transit sales, and the filing of a revised return with tax payment after notice supported a bona fide belief that tax was not attracted. Penalty under section 16(1)(e) was therefore set aside, while the concurrent finding that the transactions were sales attracting tax and interest remained undisturbed. Case-Laws VAT and Sales Tax Tue, 25 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=158615