1983 (6) TMI 166

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..... levied on the basis that the assessment is under section 12(4) of the Act. In this case, the assessee submitted a return, but the assessing authority found the return to be incorrect and incomplete and proceeded to make a best judgment assessment after ignoring the turnover as disclosed in the books. The question is whether the assessment in this case could be said to have been made under sectio .....

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..... lty under section 12(5) can be levied only if the assessment is made under sub-section (4) of section 12, that is, when the assessment is made on the basis of the entries found in the books of account of the assessee, and not when the assessment is made de hors the accounts and after rejecting the same. Thus, the Tribunal in this case appears to be right in holding that the penalty under section 1 .....

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