2017 (1) TMI 1655 - HC - VAT and Sales Tax

Imposition of tax on stock transfer - Form 'F' not been produced before the assessing authority - HELD THAT - Revisionist has already deposited 10% of the disputed tax amount, and the issue is only as to whether Form 'F' had been issued to the revisionist in respect of stock transfer, it would be appropriate that appeal itself be heard and decided finally, without insisting upon the revisionist to deposit any further amount of tax, provided the revisionist furnishes security other than cash and bank guarantee to the satisfaction of the assessing authority, in respect of balance 20% amount of the tax demanded, since the Tribunal has already granted stay qua 70% of the disputed tax amount. Revision disposed off.

Summary

Issues: Revision against order requiring deposit of 30% tax amount, non-production of Form 'F' before assessing authority, rejection of request for time to produce documents, appeal hearing without further tax deposit, furnishing security for balance tax amount.

The judgment pertains to a revision against an order by the Tribunal directing the revisionist to deposit 30% of the tax amount quantified within 30 days. The revisionist argued that the tax was imposed due to non-production of Form 'F' for stock transfer, despite seeking time to produce necessary documents before the assessing authority. The revisionist had already deposited 10% of the tax amount and paid the admitted tax. On the other hand, the Standing Counsel suggested that the appeal itself could be considered and disposed of in the given circumstances.

Considering that the revisionist had already deposited 10% of the disputed tax amount and the main issue revolved around the availability of Form 'F' for stock transfer, the Court decided that the appeal should be heard and decided without requiring the revisionist to deposit any further tax amount. However, the revisionist was directed to furnish security, other than cash or bank guarantee, to the satisfaction of the assessing authority for the balance 20% of the tax demanded. This condition was set as the Tribunal had already granted a stay with respect to 70% of the disputed tax amount.

Therefore, the revision was disposed of with the condition that the appeal would proceed without the need for additional tax deposit if the revisionist provided security for the remaining tax amount demanded, ensuring that the issue regarding the availability of Form 'F' for stock transfer was addressed during the appeal hearing.