https://www.taxtmi.com/caselaws?id=167795 Penalty under section 12(3)(b) of the Tamil Nadu General Sales Tax Act was held unjustified where the assessee had fully disclosed the transactions in its books and there was no finding of wilful suppression or concealment. The disallowance of the exemption claim by itself did not justify penalty. Applying the same principle recognised under section 271(1)(c) of the Income-tax Act, the Court treated penalty as dependent on a clear finding of concealment of income or furnishing of inaccurate particulars. In the absence of such a finding, the Revenue's revision failed. en-us Fri, 09 Dec 2011 00:00:00 +0530 Thu, 01 Jan 2015 22:09:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=167795 Penalty under section 12(3)(b) of the Tamil Nadu General Sales Tax Act was held unjustified where the assessee had fully disclosed the transactions in its books and there was no finding of wilful suppression or concealment. The disallowance of the exemption claim by itself did not justify penalty. Applying the same principle recognised under section 271(1)(c) of the Income-tax Act, the Court treated penalty as dependent on a clear finding of concealment of income or furnishing of inaccurate particulars. In the absence of such a finding, the Revenue's revision failed. Case-Laws VAT and Sales Tax Fri, 09 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=167795