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2016 (7) TMI 120 - HC - VAT and Sales TaxWaiver of pre-deposit - Input tax credit - petitioner submitted that the Assessing Officer had not given sufficient opportunity to the petitioner and the order of Assessing Officer was passed in great hurry. In any case, there was no material on record to suggest that the petitioner's transactions with Diamond Oil Industries were bogus. Merely because Diamond Oil Industries did not reflect its full sales to the petitioner in the tax returns, would not automatically imply that the petitioner had not made such purchases or not paid corresponding tax. Held that:- Even if we were to accept the statement made by the Director of Diamond Oil Industries in the said affidavit and discard the assertions made in the letter dated 24.9.2015, it would emerge that the entire sale turnover of Diamond Oil Industries during said period was to the petitioner of which he admits that the sale of ₹ 24.38 crores was not shown in the returns. The pre-deposit condition is modified by providing that the petitioner shall deposit 30 per cent of the principal tax with interest excluding penalty. - Decided partly in favor of petitioner.
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