VAT on BOT contracts-a view point

0 comments Saturday, September 3, 2011
The concept of Public-Private partnership in  infrastructural  development has given rise to the concepts of BOT contracts. BOT contract means Build-Operatre-Transfer, i.e the contractor is given a contract to build some infrastructure out of his own funds and thereafter he is given right to operate such infrastructure and recover his cost of funds and profits therefrom for a certain period and thereafter the  infrastructure is transferred to the Government.
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P&H High court imposed costs on officer for not releasing goods detained u/s 51 of PVAT Act, against surety bond

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Whenever goods are detained u/s 51 of Punjab VAT Act, 2005, the same can be released against the surety bond or a bank guarantee and either of the one can be furnished and the same has to be accepted. 

Recently the Hon'ble Punjab & Haryana High Court has imposed costs of Rs. 25000 on an officer for not releasing the goods detained u/s 51 of Punjab VAT Act, 2005, against a personal surety bond. The court held that such cost shall be recovered from the officer. I find this judgement of the Hon'ble High Court as very important one hence sharing herebelow for the benefit of all concerneds:
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