2001 (4) TMI 799 - SC - VAT and Sales Tax

Reassessment notice issued u/s 12 of the Rajasthan Sales Tax Act, 1954 in respect of the accounting year January 1, 1988 to December 31, 1988 - Held that - Appeal allowed. The High Court has erred in coming to the conclusion that the assessment year in question was 1988-89. The assessment year in respect of the calendar year 1988, which was the accounting year of the respondent, can only be the year which commences on the 1st day of April after the end of the accounting year. This being so, the assessment year in respect of the calendar year 1988 could only be 1989-90 and, therefore, the notice for reassessment issued on March 15, 1995 was within the period of limitation.

Summary

The Supreme Court allowed the appeal, setting aside the High Court's decision that the assessment year was 1988-89. The reassessment notice issued on March 15, 1995, for the calendar year 1988 was within the limitation period, making the reassessment valid.