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2015 (7) TMI 548 - HC - VAT and Sales TaxLevy of sales tax / VAT on sale of REP licenses - .Whether the Hon'ble Tribunal is correct in holding that the income received by way of premium on sale of REP licences alone is taxable as 'turnover' as against the aggregate amount for which the said goods were sold as per the definition of the term 'turnover' as laid down in Section 2(r) of the TNGST Act, 1959? - Held that:- According to the Department, the assessee had surrendered REP licence to the Reserve Bank of India and that the turnover was 1,51,76,000/-, whereas the Appellate Authority and the Tribunal have held that the aggregate value insofar as the surrender of REP licence was ₹ 22,58,840/-. The rate of tax leviable on surrender of REP licence at 8% is not in dispute. On a conspectus of two orders, viz,, the first Appellate Authority as well as the Tribunal, it is clear that factually both the Authorities have found that the turnover on surrender of REP licence was only ₹ 22,58,840/-. In the absence of any record or material to the contrary, we are unable to countenance the argument of the learned Additional Government Pleader appearing for the State that there was an error in levy of tax in respect of REP licence surrendered to the Reserve Bank of India. - Decided against the revenue.
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