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2014 (8) TMI 189 - HC - VAT and Sales TaxSeizure of bank accounts - Non filing of returns - Deduction of cost of the land from the turnover of sale - Held that:- respondents have also attached as many as 33 flats, which the counsel for the petitioner stated on instructions, are fully constructed. He further stated that such flats are neither sold, nor assigned or booked by any customer. Such properties are also otherwise free from any encumbrance. No bank loan or any other borrowing is made against such flats. In other words, these flats have a clear marketable title, which vests in the petitioner. 17 of these flats have constructed area of 575 sq. mtrs, 16 of these flats have constructed area of 790 sq. mtrs. If we adopt an average price of these flats at ₹ 12 lakhs each, the total value of such flats comes of ₹ 3.96 crores (to be rounded of to ₹ 4 crores). According to the respondents, possible tax and penalty liability could be ₹ 4.58 crores. Bank accounts to be released conditionally - Decided partly in favour of assessee.
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