https://www.taxtmi.com/caselaws?id=436122 The court quashed the Tribunal's order confirming a penalty under Section 7(5) of the O.E.T. Act for late payment of entry tax, as no discrepancies were found in the petitioner's books of account. It also held that rejection of revised returns lacked valid reasons and emphasized that best judgment assessment must be based on relevant material. The court highlighted the necessity of proper initiation of proceedings and issuance of notice under the O.E.T. Act. The penalty imposition was overturned, and the petitioner's revision was allowed without costs. en-us Wed, 22 Mar 2023 00:00:00 +0530 Wed, 05 Apr 2023 08:58:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436122 The court quashed the Tribunal's order confirming a penalty under Section 7(5) of the O.E.T. Act for late payment of entry tax, as no discrepancies were found in the petitioner's books of account. It also held that rejection of revised returns lacked valid reasons and emphasized that best judgment assessment must be based on relevant material. The court highlighted the necessity of proper initiation of proceedings and issuance of notice under the O.E.T. Act. The penalty imposition was overturned, and the petitioner's revision was allowed without costs. Case-Laws VAT and Sales Tax Wed, 22 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436122