2014 (1) TMI 1614

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..... s imposing the highest penalty awardable under the law. it was obligatory on the part of the Assessing Officer to state the reasons, why he is exercising his discretion of imposing highest penalty permissible. He did not utter a single word in support thereof. First Appellate Authority refused to interfere and the Tribunal reduced the quantum of the penalty. - Decided against Revenue. - Trade Tax .....

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..... reasons to support exercise of power, but did not utter a single word, why it was imposing the highest penalty awardable under the law. The law prescribes the maximum penalty, which can be imposed. It does not say that in all cases, the maximum penalty must be imposed, unless lesser is justified by the assessee. In other words, it was obligatory on the part of the Assessing Officer to state the r .....

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