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2013 (7) TMI 26 - ALLAHABAD HIGH COURTExemption under Notification dated 31.03.1995 issued under U.P. Trade Tax Act - the said notification dated 31.3.1995 provides that the units from whom the applicant has purchased the raw material, namely, iron and steel were granted exemption for a period of 12 years, 10 years or 8 years or till the exemption entitlement gets exhausted, whichever is earlier- the claim of the applicant for granting the benefit of adjustment of 2% tax in respect of the Iron and Steel purchased from the units holding eligibility certificate was maintainable- Held that – denying the benefit of adjustment of 2% tax in respect of the Iron and Steel purchased from the units holding eligibility certificate is absolutely wrong and contrary to the judgment of the Apex Court in Punjab and others etc. etc. Vs. Perfect Synthetics etc. [2008 (3) TMI 454 - SUPREME COURT OF INDIA]. It is not in dispute that while dismissing the above second appeals, the Tribunal has not considered the judgment rendered by the Apex Court in Usha Martin Industries (1997 (8) TMI 77 - SUPREME COURT OF INDIA). Therefore, interest of justice would be suffice, if the matter is remitted back to the Tribunal to decide it afresh after taking into consideration the above judgments. - Matter remanded back.
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