2010 (2) TMI 1054

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....t leviable under Section 12(5)(iii) of the Tamil Nadu General Sales Tax Act, 1959 for the assessment year 1992-93 since the taxability or otherwise of sale of REP Licence was ultimately settled by the Supreme Court only in the year 1996 in 102 STC 106?" 2. The brief facts that are required for the disposal of this revision petition are as follows: The respondent-assessee had sold REP/Exim scrips for a sum of Rs.25,19,604/- during the year 1992-93 and they did not disclose the said sales turnover in the returns filed by them and consequently had not also paid the sales tax dues thereon. The assessing officer, while passing the final assessment order, rejected the returns filed by the assessee without levying penalty as to the failure o....

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....decided is whether in the given facts and circumstances of the case, the revenue could invoke the provisions of Section 12(4) and Section 12(5)(iii) of the Tamil Nadu General Sales Tax Act for imposing penalty. 6. Section 12(4) and Section 12(5) of the Tamil Nadu General Sales Tax Act read as under:- "12. Procedure to be followed by the assessing authority.--(1) to (3)..... (4) Notwithstanding anything contained in sub-sections (1), (2) and (3), the assessing authority may, if it is satisfied that the accounts maintained by a dealer are correct, assess such dealer on the basis of such accounts, if such dealer has (i) failed to submit the prescribed return; or (ii) failed to submit the prescribed return within such period as m....