2013 (8) TMI 144

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..... dence was brought by the Revenue to suggest that assessee had retained a portion of sales tax with it - Decided against Revenue. - TAX APPEAL NO. 496 OF 2012 - - - Dated:- 15-1-2013 - AKIL KURESHI AND SONIA GOKANI, JJ. For the Appellant : Manav A. Mehta. ORDER:- PER : Akil Kureshi Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal ("the Tribunal" for .....

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..... income of the assessee after rejection of book results on the basis of fair gross profit rate. Second limb of the penalty was that assessee had retained 3% of the sales tax with it. 3. With respect to first aspect of the penalty, the Tribunal observed that no penalty can be imposed merely because account books of assessee were rejected and that profit was estimated on the basis of fair gross pr .....

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