https://www.taxtmi.com/caselaws?id=159998 Penalty under section 12(3) could not be levied on turnover later disclosed in a revised return, because the revised disclosure removed that portion from the category of suppressed turnover. However, penalty remained sustainable on turnover independently estimated by the assessing authority in a best judgment assessment, where that estimated cash-sale suppression was still not disclosed in the revised return. The penalty was therefore confined to the undisclosed estimated turnover alone, and restricted to 50 per cent of that amount. en-us Wed, 19 Aug 1998 00:00:00 +0530 Fri, 06 Dec 2013 16:20:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=159998 Penalty under section 12(3) could not be levied on turnover later disclosed in a revised return, because the revised disclosure removed that portion from the category of suppressed turnover. However, penalty remained sustainable on turnover independently estimated by the assessing authority in a best judgment assessment, where that estimated cash-sale suppression was still not disclosed in the revised return. The penalty was therefore confined to the undisclosed estimated turnover alone, and restricted to 50 per cent of that amount. Case-Laws VAT and Sales Tax Wed, 19 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=159998