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2016 (12) TMI 64 - HC - VAT and Sales TaxValuation - sale turnover - Section 62(6) of the KVAT Act - cost of the sale of items, other than liquor, would be approximately 50% and accordingly, the tax was assessed and penalty was also imposed at the rate of 10% - jurisdiction of revisional authority - Held that: - The records show that the Assessing Officer assessed at the rate of 50% of the total sales without considering any margin of profit whereas the first appellate authority assessed at 10% by accepting the exempted figure of sales of liquor. Since the judicial scrutiny of the present appeal insofar as this Court is concerned has to be limited to the question of law and the fact finding inquiry cannot be undertaken by this Court. We find that the matter should be relegated to the revisional authority to undertake such exercise as it is the ultimate fact finding authority. Hence, we find it appropriate to interfere with the order of the revisional authority since no proper and satisfactory reasons are recorded to arrive at the factual conclusion as to whether figures arrived at by the assessing officer was correct or not and consequently, the finding recorded is without proper reasons being assigned by the revisional authority - the impugned order passed by the revisional authority is set aside and the matter is remanded to the revisional authority on the limited point of examination about the proportion of sale of food and drink items which is subject to VAT. After the aforesaid exercise is undertaken, the appropriate consequential order may be passed after giving an opportunity of hearing both sides and in accordance with law. Attachment of bank property - Held that: - as such the tax liability is more than the amount recovered, but, on reasonable condition to deposit the amount or to furnish appropriate bank guarantee, the appellant may be permitted to operate the bank account - after the appellant furnishes bank guarantee of ₹ 2,50,000/-, he may be permitted to operate the bank account, subject to final order which may be passed by the revisional authority. Appeal disposed off - decided partly in favor of appellant, only on the issue of attachment of bank property.
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