TaxTMI 
TaxTMI 
1998 (8) TMI 570
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....is perhaps the bone of contention between the parties in this case. The Enforcement Wing Officers inspected the premises on January 22, 1982 and detected several omissions and suppressions. The business premises was inspected on January 22, 1982 and four anamath accounts marked for the sake of convenience as A, B, C, D and 10 slips were recovered under D-7 receipt. The dealer had no explanation for the suppressions and promptly filed a revised return showing all the suppressions as found by the Enforcement Wing Officers, in their return dated March 28, 1982. There was no explanation in the revised return, but the dealer simply included the entire suppressions in one sentence, under the head "omissions". The assessing authority after elabora....
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....03.00 9,603.00 at 3 per cent 6. 1st sale of Oils As in the account 3,08,071.22 Actual suppressions 25,10,951.00 Add probable cash sale suppressions 1,18,375.00 29,37,397.22 at 4 per cent 7. 1st sale of Castor Oil: As in the accounts Nil Actual suppressions 45,911.00 45,911.00 at 4 per cent 8. 1st sale of neem seed: As in the accounts 28,190.25 Actual suppressions 21,694.00 &n....
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.... objections of the petitioner, the proposals were confirmed and the penalty was also levied at 75 per cent as proposed. It is necessary to notice the reasoning of the assessing authority with reference to the imposition of penalty which is as follows: "Regarding the levy of 12(3) penalty as explained in the pre-assessment notice inclusion of the actual suppressions in one line in the day book does not mean that the suppressions have been duly accounted for. An inclusion of a transactions means purchases and sales, source of receipt, and to whom sold. If suppressions relating to a whole year is subsequently recorded in the accounts after detection containing the total amounts of taxable turnover, this inclusion does not absolve the dea....
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....stances, we feel that the levy of penalty at minimum by the learned Appellate Assistant Commissioner is justified." 4.. Before us, Mr. N. Inbarajan, the learned counsel for the petitioner, makes the very same argument that the penalty should not have been levied in view of certain reported decisions. The first authority cited before us is [1966] 17 STC 465 (SC) (State of Kerala v. C Velukutty). That decision only explains the meaning of the words "best of his judgment". In this case there is no dispute that the assessment was completed according to the best of his judgment because the suppressions were practically admitted by the assessee by filing a revised" return. The next decision cited is Gangadharan Pillai v. Sales Tax Officer, Fir....