https://www.taxtmi.com/caselaws?id=158865 Penalty could not be sustained where the pre-assessment notice contained no reference to proposed penal action, because penalty is a distinct adverse consequence and the assessee was not put on notice. The penal component was therefore deleted. Taxable turnover based on slips recovered during inspection was, however, upheld, as the slips and the assessee's contemporaneous statement disclosed unaccounted transactions and no satisfactory explanation was offered. The assessment thus survived on merits as to turnover, while relief was granted only in respect of penalty. en-us Mon, 31 Jul 1995 00:00:00 +0530 Fri, 08 Nov 2013 16:53:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=158865 Penalty could not be sustained where the pre-assessment notice contained no reference to proposed penal action, because penalty is a distinct adverse consequence and the assessee was not put on notice. The penal component was therefore deleted. Taxable turnover based on slips recovered during inspection was, however, upheld, as the slips and the assessee's contemporaneous statement disclosed unaccounted transactions and no satisfactory explanation was offered. The assessment thus survived on merits as to turnover, while relief was granted only in respect of penalty. Case-Laws VAT and Sales Tax Mon, 31 Jul 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=158865