https://www.taxtmi.com/caselaws?id=164278 The court ruled in favor of the petitioner regarding the penalty under section 12(3)(b) in the tax case. It set aside the penalty imposed for specific assessment years as the assessments were solely based on the accounts provided by the assessee without any estimates. The judgment emphasized that penalties under section 12(3) apply to best judgment assessments and not assessments solely reliant on accounts. The court's decision highlighted the significance of proper assessment procedures and adherence to statutory provisions in tax matters. en-us Tue, 28 Oct 2008 00:00:00 +0530 Mon, 21 Apr 2014 17:18:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=164278 The court ruled in favor of the petitioner regarding the penalty under section 12(3)(b) in the tax case. It set aside the penalty imposed for specific assessment years as the assessments were solely based on the accounts provided by the assessee without any estimates. The judgment emphasized that penalties under section 12(3) apply to best judgment assessments and not assessments solely reliant on accounts. The court's decision highlighted the significance of proper assessment procedures and adherence to statutory provisions in tax matters. Case-Laws VAT and Sales Tax Tue, 28 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=164278