1995 (9) TMI 327

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..... ounsel and perusing the records, sustained the assessment on a turnover of Rs. 807.80 and deleted the turnover of Rs. 6,000. The Tribunal also deleted the penalty levied under section 12(5) of the Act holding that the assessing officer had resorted to the best judgment assessment, since the accounts were found not correct. According to learned Additional Government Pleader (Taxes), the order of th .....

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..... s are found to be not correct. Therefore, if at all penalty is exigible, it can be levied only under section 12(3) of the Act. For levying penalty under section 12(3) of the Act, mala fide has to be established. In the present case, there is no scope warranting such a mala fide on the part of the assessee. Hence, penalty under section 12(3) is also not possible. Therefore, the decision in Devendra .....

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