Punjab VAT Tribunal in an very important case namely Saguna Industries Vs.State of Punjab has observed that there is no need to deposit 25% of demand u/s 62(5) of Punjab VAT Act, 2005 before entertaining appeal in cases of time-barred assessments. It is to be noted hereby that section 62(5) of Punjab VAT Act, 2005 provides that 25% of total tax, penalty and interest must be deposited before the appeal is being entertained.
In this case the first appeal was dismissed By DETC(Appeals) for non-deposit of 25% pre-deposit u/s 62(5). However the Tribunal without asking the appellant to deposit 25% of pre-deposit decided the case on merits and accepted the appeal holding that the assessment of year 2005-06 is time barred hence the orders of both the authiorities below are set aside.
The implications of this order are that in time barred assessments there is no need for pre-deposit of 25% u/s 62(5) of Punjab VAT Act, 2005.
Full Judgment is provided herebelow:
In this case the first appeal was dismissed By DETC(Appeals) for non-deposit of 25% pre-deposit u/s 62(5). However the Tribunal without asking the appellant to deposit 25% of pre-deposit decided the case on merits and accepted the appeal holding that the assessment of year 2005-06 is time barred hence the orders of both the authiorities below are set aside.
The implications of this order are that in time barred assessments there is no need for pre-deposit of 25% u/s 62(5) of Punjab VAT Act, 2005.
Full Judgment is provided herebelow:
Posts
0 comments :
Post a Comment