https://www.taxtmi.com/caselaws?id=761725 The applicable tax rate for the assessment year was 13%, as the amendment reducing the rate applied to the year in question. Penalty under Section 23 could not be fixed automatically at 150% because the provision authorised only a maximum penalty and required the assessing authority to exercise discretion in quantification. A clarificatory circular was treated as retrospective and supported the conclusion that the authority had wrongly proceeded on the assumption that 150% was mandatory. The penalty determination was therefore set aside and remitted for fresh quantification. en-us Thu, 07 Nov 2024 00:00:00 +0530 Sat, 16 Nov 2024 08:38:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761725 The applicable tax rate for the assessment year was 13%, as the amendment reducing the rate applied to the year in question. Penalty under Section 23 could not be fixed automatically at 150% because the provision authorised only a maximum penalty and required the assessing authority to exercise discretion in quantification. A clarificatory circular was treated as retrospective and supported the conclusion that the authority had wrongly proceeded on the assumption that 150% was mandatory. The penalty determination was therefore set aside and remitted for fresh quantification. Case-Laws VAT / Sales Tax Thu, 07 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761725