https://www.taxtmi.com/caselaws?id=389542 Penalty under Section 12(5)(iii) of the T.N.G.S.T. Act was not automatic for non-disclosure of sales of REP licences where the taxability of such transactions was then under bona fide doubt. The Tribunal accepted that the assessee acted under a bona fide impression while the legal position remained unsettled, and the High Court found no perversity in that factual conclusion or clear basis to infer mens rea. The later availability of the penal provision from Assessment Year 1992-93 did not require penalty in every case, and no question of law arose for revisional interference. The deletion of penalty was sustained. en-us Thu, 05 Dec 2019 00:00:00 +0530 Wed, 11 Dec 2019 10:12:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389542 Penalty under Section 12(5)(iii) of the T.N.G.S.T. Act was not automatic for non-disclosure of sales of REP licences where the taxability of such transactions was then under bona fide doubt. The Tribunal accepted that the assessee acted under a bona fide impression while the legal position remained unsettled, and the High Court found no perversity in that factual conclusion or clear basis to infer mens rea. The later availability of the penal provision from Assessment Year 1992-93 did not require penalty in every case, and no question of law arose for revisional interference. The deletion of penalty was sustained. Case-Laws VAT and Sales Tax Thu, 05 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389542