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2009 (8) TMI 1086 - ORISSA HIGH COURTReassessment tax liability of the petitioner - Held that:- The result emanating from accepting the Revenue's contention is to make two exemptions "exemption or deferment" operate differently depending on their option. We are of the view that there exists no foundation for different treatment under the scheme itself, i.e., exemption or deferment. Therefore, in the absence of clear provision permitting different treatment to persons who opted for "exemption or deferment" on a fair and harmonious interpretation of statute such dichotomy has to be avoided. Accordingly, we allow this tax revision in favour of the assessee by holding that the tax liability of the petitioner has to be reassessed and determined afresh in accordance with the provisions of the OST Act, requiring computation of taxable turnover, in accordance with law, without reference to the exemption under the IPR, 1996. The re-computation be done in terms of our directions within a period of three months from the date of receipt of certified copy of this judgment.
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