2014 (9) TMI 1258

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..... Sri Nitin Kesarwani, learned counsel for the applicant and Sri B.K. Pandey, learned Standing Counsel for the respondents. Admit on the following questions of law : "(i) Whether on the facts and circumstances of the case, the Tribunal was justified to uphold the fixation and estimation of turn over of purchase and sale of rice ? (ii) Whether on the facts and circumstances of the case, the autho .....

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..... yet the Tribunal should have considered to make an observation with regard to entitlement of benefit of Section 13 of the Act, inasmuch as, the alleged purchases and sale of the same rice has been assessed to tax. Sri B.K. Pandey, learned Standing Counsel submits that once the loose parcha in question was found from the business premises of the applicant and the applicant has completely failed to .....

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..... contains description of purchase of 700 bags of massoorie rice of the value of Rs. 5,96,823/-. Under the circumstances, there was presumption that the parcha belongs to the applicant and represents his evaded purchase of rice. A concurrent finding of fact has been recorded by the authorities including the Tribunal, that this loose parcha represents evaded purchases of rice by the applicant. The f .....

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..... As per Section 4 of the Act, the tax is payable on the taxable turnover of sale of goods under the Act. Rice is a commodity which is specified in Entry-52 of Part-A of Schedule-II of the Act, and is liable to tax at the rate of 4%. Section 13 of the Act, provides that a credit of the amount as input tax credit to the extent of full amount of tax on purchases shall be allowed, if the purchased goo .....

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..... posit the entire amount of tax on purchases, as determined by the Tribunal, within one month from today, after adjusting any amount, if already paid and in that situation, the assessing authority may redetermine the amount of tax on sale after giving benefit of input tax credit under Section 13 of the Act with respect to the amount of tax paid on purchases of rice. Learned standing counsel has no .....

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