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2018 (5) TMI 83 - HC - VAT and Sales TaxTime limitation - jurisdiction to pass Assessment Order beyond the period of five years from the end of the year of Assessment - Section 32 read with Section 9 (2) of the CST Act - principles of natural justice - Held that: - On verification of records placed before the Court, it is manifestly clear that the proposition notice was issued by the prescribed Authority before concluding the assessment in as much as fixing the tax liability - the ground of unjust enrichment has no merit. Limitation - Held that: - it is not in dispute that the Constitutional validity of the amendment made to Section 40 of the KVAT Act extending the time limit to conclude the re-assessment has been upheld - This amendment effected by Act No.54 of 2013 with effect from 01.04.2005 retrospectively having been held to be Constitutionally valid - assessments not barred by limitation. Maintenance of records for five years - Held that: - it is obligatory on the part of the petitioner to maintain the books of account until the assessment reaches finality. Penalty - Held that: - In the absence of any notice issued by the prescribed Authority for levying penalty, imposition of penalty is ab initio void and the same deserves to be quashed - penalty set aside. Appeal allowed in part.
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