2008 (10) TMI 622

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..... d counsel restricts his case only to the question of levy of penalty under section 12(3)(b). Heard both sides. In this case, the assessment has been made on the basis of the books of account produced and the learned counsel for the appellant relies on Appollo Saline Pharmaceuticals (P) Ltd. v. Commercial Tax Officer (FAC) reported in [2002] 125 STC 505 (Mad) wherein this court has held as un .....

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..... disregarded, while determining the turnover on which the penalty is to be levied under section 12(3). 8.. The assessments for the assessment years 1993-94 and 1994-95 which were assessments made on the basis of the accounts, and not based on any other material and were not estimates, have therefore, to be regarded as assessments made under section 12(1) to which the penal provisions of section .....

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