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2009 (7) TMI 1162 - HC - VAT and Sales TaxWhether, on a true and proper construction of the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985, read with the Approved Rehabilitation Scheme by BIFR, the Tribunal was justified in not following the said order? Whether, on the facts and under the circumstances of the case, the Tribunal was justified in retaining the quantum of interest at 25 per cent of the amount of the interest and penalty, though directed to be waived in entirety without any condition? Whether, on the facts and under the circumstances of the case, the Tribunal was justified in not exercising its discretionary power judiciously by remitting 100 per cent interest and penalty as per the direction of the BIFR through approved "Rehabilitation Scheme"? Whether, on the facts and under the circumstances of the case, the Tribunal was justified in overlooking the legal position that the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985, had an overriding effect on all State enactments? Held that:- The second appellate authority having not considered the true import of section 32 of the SICA Act, the order to that extent in not granting the complete relief of interest and penalty as up to March 31, 2007 is liable to be set aside. Consequently questions (a) and (b) will have to be answered in the negative against the Revenue and in favour of the assessee. As the questions (a) and (b) are answered in the negative against the Revenue, in our opinion, question (c) is not required to be answered. In view of the answer to questions (a) and (b), question (d) is also answered in the negative against the Revenue and in favour of the assessee.
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