Time limitation for completion of assessments - Unless there be ...

VAT and Sales Tax

August 18, 2022

Time limitation for completion of assessments - Unless there be an assessment made soon after the period to which such assessment relates, the question of consideration of escapement would indeed become difficult to consider and examine. The Hon’ble Apex Court having regard to the return filed by the assessee along with the payment of admitted tax held that no prejudice to the assessee will be caused if the assessing authority is permitted to complete the assessment even at that stage. If no assessment is made, the assessee may claim refund of taxes in the absence of an assessment. - The orders passed by the assessing officer relating to interest and penalty are set aside. However, having regard to the peculiar facts and circumstances of the case, the assessee shall not be entitled for refund of the taxes paid - HC

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