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2016 (1) TMI 47 - HC - VAT and Sales TaxStay application - short payment of VAT - imported goods were held to be not accounted for - Held that:- We do not find that the Tribunal's order raises any substantial question of law. The discretion has been exercised reasonably and not arbitrarily or capriciously. The principles which are laid down in the decision of M/s Banara Valves Ltd. have been thus applied. If the order passed by the Tribunal is discretionary and it has adverted to necessary and requisite materials, then, we do not find that it has in any manner brushed aside the legal principles. Whether the assessment made by the Assessing Officer is correct or not will have to be decided by the 1st Appellate Authority at the hearing of the Appeal. The Appellant will get opportunity to place relevant facts, figures and materials before the Authority at that time. However, there can not be and in the peculiar facts and circumstances an unconditional stay of recovery of taxes. That is how the rights and equities have been balanced by the Tribunal. - Decided against assessee.
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