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TMI Blog2015 (7) TMI 548X X X X Extracts X X X X X X X X Extracts X X X X ..... ate value insofar as the surrender of REP licence was ₹ 22,58,840/-. The rate of tax leviable on surrender of REP licence at 8% is not in dispute. On a conspectus of two orders, viz,, the first Appellate Authority as well as the Tribunal, it is clear that factually both the Authorities have found that the turnover on surrender of REP licence was only ₹ 22,58,840/-. In the absence of any record or material to the contrary, we are unable to countenance the argument of the learned Additional Government Pleader appearing for the State that there was an error in levy of tax in respect of REP licence surrendered to the Reserve Bank of India. - Decided against the revenue. - Tax Case (Revision) No. 36 of 2015 - - - Dated:- 5-6-2015 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed REP licence to Reserve Bank of India for ₹ 1,51,76,000/- and were assessed to 4% instead of 8%, since Reserve Bank of India was not Government Department and it is an independent body. Hence, the Assessing Officer proposed to revise the assessment assessing the turnover on the surrender of REP Licence at 8% and proposed to impose penalty under Section 12(3)(b) of the Tamil Nadu General Sales Tax Act along with 15% surcharge and 5% additional surcharge. Hence, notice was issued to the assessee, for which the assessee had filed objections stating that the reopening of assessment was time barred and the surrender of licence not amounted to sale. They also stated that they had already paid 8% tax on the receipt of surrender of REP lice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,17,160 and the assessment thereon are hereby deleted. 4. Aggrieved by the order of the Appellate Assistant Commissioner, the Revenue preferred an appeal before the Tribunal. The Tribunal interalia determined this issue as Point No.2.and answer the same at paragraph No. 11, which we extract below as such for better clarity: 11. On perusal of the order of the first appellate authority, it is seen that the Appellate Authority verified the documents such as copy of balance sheets of the appellant company and found that the turnover of REP license was only ₹ 22,58,840/- and held that the correct turnover for assessment relating to the REP license is only at ₹ 22,68,840/-. The learned counsel also produced the copy of annual ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , whereas the Appellate Authority and the Tribunal have held that the aggregate value insofar as the surrender of REP licence was ₹ 22,58,840/-. The rate of tax leviable on surrender of REP licence at 8% is not in dispute. The first Appellate Authority, on facts verified the assessee's letter dated 8.4.2002 available at page 479 of the volume 4 of the assessment file and held that the correct turnover for assessment was only ₹ 22,58,840/-, which was confirmed by the Tribunal. 9. On a conspectus of two orders, viz,, the first Appellate Authority as well as the Tribunal, it is clear that factually both the Authorities have found that the turnover on surrender of REP licence was only ₹ 22,58,840/-. In the absence of an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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