https://www.taxtmi.com/caselaws?id=164266 Penalty could not be sustained where the assessee's claim for second sales exemption was supported by books of account and returns, and the relevant materials were already before the assessing authority. The court noted that section 16(2) applies only when there is suppression in the books or when the returns are rejected as incomplete or incorrect, leading to a best judgment assessment. As those statutory conditions were not met, the deletion of penalty was upheld and no interference was called for. en-us Wed, 29 Apr 2009 00:00:00 +0530 Mon, 21 Apr 2014 15:28:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=164266 Penalty could not be sustained where the assessee's claim for second sales exemption was supported by books of account and returns, and the relevant materials were already before the assessing authority. The court noted that section 16(2) applies only when there is suppression in the books or when the returns are rejected as incomplete or incorrect, leading to a best judgment assessment. As those statutory conditions were not met, the deletion of penalty was upheld and no interference was called for. Case-Laws VAT and Sales Tax Wed, 29 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=164266