https://www.taxtmi.com/caselaws?id=164705 The court upheld the levy of tax and penalty on the premium received for the transfer of REP licences. It was determined that the assessing officer had the authority to impose penalties for willful non-disclosure, and the amended penalty provision established a slab rate of penalty effective from July 1, 2002. The court emphasized the necessity of imposing penalties when there is a discrepancy between the tax paid and assessed. Ultimately, the court dismissed the tax case revision, affirming the taxability of turnover and the non-payment of tax by the assessee before assessment. en-us Wed, 22 Apr 2009 00:00:00 +0530 Tue, 29 Apr 2014 15:04:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=164705 The court upheld the levy of tax and penalty on the premium received for the transfer of REP licences. It was determined that the assessing officer had the authority to impose penalties for willful non-disclosure, and the amended penalty provision established a slab rate of penalty effective from July 1, 2002. The court emphasized the necessity of imposing penalties when there is a discrepancy between the tax paid and assessed. Ultimately, the court dismissed the tax case revision, affirming the taxability of turnover and the non-payment of tax by the assessee before assessment. Case-Laws VAT and Sales Tax Wed, 22 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=164705