1995 (1) TMI 366

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....ioner herein. The assessee reported a total and taxable turnover of Rs. 7,56,88,286.36 and Rs. 5,92,48,519.21 in the A2 returns filed by it for the assessment year 1979-80. The assessing officer determined the total and taxable turnover as Rs. 6,94,86,679 and Rs. 5,93,72,630 respectively after verifying the accounts. According to the assessing officer, the annual statement filed by the assessee ca....

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....xes), the revised statement was filed only after it was found out by the assessing officer that the original returns filed were not in order. Therefore, according to the Additional Government Pleader (Taxes), penalty is exigible under section 12(5) of the Act. On the other hand, the contention of the assessee was that the assessee furnished the turnover in question when the accounts were taken up ....

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.... an order dated January 2, 1995* this Court held that when the assessee filed revised return before the completion of the assessment and the tax due thereon was paid, then no penalty is exigible under section 12(5) of the Act. According to the facts arising in the present case, the revised return was filed before the completion of the assessment and the tax due on the revised return was also paid ....