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2019 (9) TMI 322 - HC - VAT and Sales TaxValidity of revised assessment - reopening of the assessment which was completed based on compounded rate of tax - 'Bus body' built on chassis supplied by the customer - Section 25 of the KVAT Act - whether the Assessing Officer can revoke the permission by exercising any of the powers vested on him? - HELD THAT:- It is evident that there exists divergent views among the legal precedents. In George Thomas [2011 (12) TMI 728 - KERALA HIGH COURT] relying on Joy Alukkas Traders [2009 (11) TMI 960 - KERALA HIGH COURT] it is held that the powers vested under Section 19 (1) & 35 of the KGST Act (which are in pari materia with Section 25 and 56 of the KVAT Act) are one and same in nature. But considering the rulings cited on behalf of the assessee, including Koothattukulam Liquors [2014 (3) TMI 782 - Supreme Court], Bhima Jewellers [2014 (10) TMI 411 - SUPREME COURT] and other judgments, there is a reiteration of the legal principle that the option for compounding once accepted creates. Concluded contract which cannot be rescinded by one. of the parties or annulled through a re-opening of the assessment concluded. There exists divergent views in various 'legal precedents - we think it only appropriate to refer the questions involved, for an authoritative pronouncement by a Full Bench. The Registry shall post the above cases before the Full Bench, after obtaining necessary orders from the Hon'ble Chief Justice.
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