The Madras High Court stated that assessee is liable to tax on consideration received from sale of unredeemed articles by auctioneers. The Division Bench of Justices Anita Sumanth and G. Arul Murugan observed that “the levy of penalty under Section 12(3)(a), in the case of non-filing of returns, is, automatic. Admittedly, the assessee has not filed the returns and hence, the basis...