https://www.taxtmi.com/caselaws?id=166401 The High Court Madras ruled in favor of the petitioner, setting aside the penalty and confirming the application of the formula for assessment under section 12(2) of the Act. The Court found discrepancies in the assessing officer's actions and concluded that the penalty imposition was unjustified as it was based on formula adoption without concrete evidence. The Court allowed the appeal, rejecting the penalty imposition and siding with the assessee against the Revenue. en-us Fri, 10 Jun 2011 00:00:00 +0530 Tue, 23 Sep 2014 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=166401 The High Court Madras ruled in favor of the petitioner, setting aside the penalty and confirming the application of the formula for assessment under section 12(2) of the Act. The Court found discrepancies in the assessing officer's actions and concluded that the penalty imposition was unjustified as it was based on formula adoption without concrete evidence. The Court allowed the appeal, rejecting the penalty imposition and siding with the assessee against the Revenue. Case-Laws VAT and Sales Tax Fri, 10 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=166401