Decalred goods except wheat and paddy still taxable @ 4.4% in Punjab after ordinance dt 17-08-2011- Section 8(1) and 62(5) of PVAT amended

0 comments Tuesday, August 30, 2011
Punjab Government has promuglated an Ordinance dated 17-08-2011 vide Notification No. 33-Leg/2011 whereby proviso to section 8(1) and section 62(5) of Punjab VAT Act, 2005 have been amended. Proviso to Section 8(1) deals with rate of tax on declared goods whereas section 62(5) deals with pre-deposit of 25% before entertaining of any appeal under PVAT Act, 2005.
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No pre-deposit u/s 62(5) of PVAT Act, 2005 required in time barred assessments

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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.
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No Penalty leviable in cases where matter is of interpretational nature-Supreme Court

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I have found the following Judgement of Supreme Court as very important one where the Apex Court has held that where the matter involved is of interpretational nature then no penalty can be levied in such cases
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