9911796707
TMI Blog2010 (3) TMI 1023X X X X Extracts X X X X X X X X Extracts X X X X ..... view, this is a fit case for rectifying the assessment originally done wrongly. We therefore uphold the order of the Tribunal on the jurisdiction aspect as well as on the merits. Consequently S.T. Revision is dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... per cent. While completing the assessment the petitioner offered to remit tax at 140 per cent of the purchase price of the liquor made during the relevant assessment year 2005-06. Even though the assessing officer originally accepted the return and made assessment, he later noticed the mistake crept in the assessment because the purchase price conceded by the petitioner did not include opening stock, which was also sold in the assessment year in question. It is the admitted position that the assessee has excluded closing stock of the year for the purpose of payment of turnover tax at compounded rate under section 7 of the Act. The assessing officer rectified the assessment by invoking the powers under section 43 by taking into account the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liquor. Therefore purchase price referred to in the section above extracted is the purchase price of the entire liquor sold during the relevant year, that is 2005-06 which includes the value of the opening stock of liquor with the purchases made in the year after excluding the value of closing stock. In any case, the purchase price referred to in section 7 is the purchase price of the entire liquor sold during the relevant year, which includes opening stock as well. So much so, the original assessment completed without taking into account the purchase value of the opening stock is a patent mistake which could be rectified under section 43. We are of the view that where the assessment is made patently against the mandatory provisions, it cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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