https://www.taxtmi.com/caselaws?id=167876 Penalty for non-disclosure of turnover is not to be imposed mechanically where the assessee explains the omission on a bona fide belief that the sales were not taxable. The Madras High Court noted that, even if deliberate concealment is not a strict prerequisite under the penalty provision, the assessee's bona fides remain a relevant factor. Because the Tribunal accepted the explanation that turnover from sale of REP licences and exim scrips was omitted under a genuine belief of non-taxability, its deletion of penalty was upheld and the penalty was held unsustainable. en-us Fri, 27 Jan 2012 00:00:00 +0530 Fri, 09 Jan 2015 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=167876 Penalty for non-disclosure of turnover is not to be imposed mechanically where the assessee explains the omission on a bona fide belief that the sales were not taxable. The Madras High Court noted that, even if deliberate concealment is not a strict prerequisite under the penalty provision, the assessee's bona fides remain a relevant factor. Because the Tribunal accepted the explanation that turnover from sale of REP licences and exim scrips was omitted under a genuine belief of non-taxability, its deletion of penalty was upheld and the penalty was held unsustainable. Case-Laws VAT and Sales Tax Fri, 27 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=167876