ASHWANI KUMAR MISHRA,J. - (1.) Heard learned counsel for the revisionist and Sri Shubham Agrawal, learned counsel for the opposite party.
(2.) The Tribunal, after recording a finding that the transaction itself was duly reflected in the books of account, has waived imposition of penalty under Section 48 (5) of the value added tax. This finding of the tribunal has not been shown to be perverse or erroneous.
(3.) Once this Court finds that the transaction had been duly reflected in the books of account and on such finding, levy of penalty has been set aside, no perversity or error of law could be said to have arisen in the judgement of the Tribunal. The reference is answered accordingly.;