Home Case Index All Cases VAT and Sales Tax VAT and Sales Tax + SC VAT and Sales Tax - 2004 (11) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (11) TMI 104 - SC - VAT and Sales TaxWhether in the present case, the revised Schedule introduced in the 1960 Act, by the Finance Act 18 of 1987, results in two assessments? Held that:- In the present case, the revised Schedule altered the tariff categories. Therefore, the revision in question in this case squarely came within the ambit of section 3(2) of the 1960 Act and such a revision could be given effect to only in the next immediate financial year 1988-89. As stated above, chargeability is independent of the passing of the Finance Act. Therefore, one has to read the Finance Act in consonance with the provisions of the charging section. The function of the Finance Act primarily is to prescribe the rate of tax and the manner of calculation of tax; and it is not intended to incorporate the entire procedural and substantive law relating to tax. In the circumstances, we do not find merit in the contention advanced on behalf of the appellant-State that the object of the Finance Act 18 of 1987 was only to revise the rates of plantation tax. We answer the above question in favour of the assessees and against the Department.
|