ASHWANI KUMAR MISHRA,J. - (1.) This revision is directed against the order of the Tribunal dated 18.10.2006, whereby penalty is imposed upon the assessee in respect of assessment year 1998-99. The record reveals that assessee had duly shown purchases and sales of food grains in question. It had disclosed in its books of account that such transactions were made for and on behalf of Ex-U.P. Principals and, therefore, liability to pay taxes was not accepted.
(2.) The Tribunal has negatived the plea of assessee that such sales and purchases were made on account of Ex-U.P. Principals, and the order of Tribunal to that extent has been affirmed by a separate order of the date passed in Sales/Trade Tax Revision No. - 486 of 2007.
(3.) The imposition of penalty, however, is assailed on the ground that there is no concealment, and at best, the revenue could have imposed liability of tax if the plea of it acting for Ex-U.P. Principals was negatived, but no occasion arose to levy any penalty.;