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TMI BlogLimitation periodX X X X Extracts X X X X X X X X Extracts X X X X ..... Limitation period X X X X Extracts X X X X X X X X Extracts X X X X ..... ting the limitation? Reply By KASTURI SETHI: The Reply: Date of filing of original return is legally valid date for computation of time limitation. By revising means just to make corrections to the original return already filed. By filing revised return means you are just revising the figures. Hence date of filing revised return cannot be considered for computing limitation. Reply By Ganeshan K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alyani: The Reply: I agree with the view of Sri Kasturi Sir. Reply By Shyam Naik: The Reply: Thank You very much. Now I chanced upon on explanation to Rule 7B. It explains that the date of revised return is relevant date for section 73. Shyam Reply By KASTURI SETHI: The Reply: Re-examined the issue. Yes you are right. It is in the Explanation to Rule-7B but not in Section 73 of the Act. I p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erused only the Act and not Rule 7 B. Reply By KASTURI SETHI: The Reply: By Rule 7B the department gets more time period to issue SCN for recovery of ST not paid/short paid. Naturally the department will prefer this rule. Whenever there is a clash between the Act and Rule, the Act will prevail over the Rule. In Central Excise era, in one of the cases (Compounded Levy Scheme), penalties were imp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osed upon a large number of assessees under Rule but there was no statutory provision for imposition of penalty under Central Excise Act. All penalties were set aside by the Supreme Court and the department accepted that order of the Supreme Court. X X X X Extracts X X X X X X X X Extracts X X X X
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