Court allows appeal without additional tax deposit if security furnished; Form 'F' for stock transfer key issue. The Court allowed the appeal to proceed without requiring the revisionist to deposit any further tax amount, provided the revisionist furnished security ...
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Court allows appeal without additional tax deposit if security furnished; Form 'F' for stock transfer key issue.
The Court allowed the appeal to proceed without requiring the revisionist to deposit any further tax amount, provided the revisionist furnished security for the remaining tax amount demanded. The main issue centered on the availability of Form 'F' for stock transfer, and as the revisionist had already paid 10% of the disputed tax amount, the Court decided to hear the appeal without additional tax deposit. The revisionist was directed to provide security, other than cash or bank guarantee, for the balance 20% of the tax demanded, ensuring the appeal could proceed smoothly.
Issues: Revision against order requiring deposit of 30% tax amount, non-production of Form 'F' before assessing authority, rejection of request for time to produce documents, appeal hearing without further tax deposit, furnishing security for balance tax amount.
The judgment pertains to a revision against an order by the Tribunal directing the revisionist to deposit 30% of the tax amount quantified within 30 days. The revisionist argued that the tax was imposed due to non-production of Form 'F' for stock transfer, despite seeking time to produce necessary documents before the assessing authority. The revisionist had already deposited 10% of the tax amount and paid the admitted tax. On the other hand, the Standing Counsel suggested that the appeal itself could be considered and disposed of in the given circumstances.
Considering that the revisionist had already deposited 10% of the disputed tax amount and the main issue revolved around the availability of Form 'F' for stock transfer, the Court decided that the appeal should be heard and decided without requiring the revisionist to deposit any further tax amount. However, the revisionist was directed to furnish security, other than cash or bank guarantee, to the satisfaction of the assessing authority for the balance 20% of the tax demanded. This condition was set as the Tribunal had already granted a stay with respect to 70% of the disputed tax amount.
Therefore, the revision was disposed of with the condition that the appeal would proceed without the need for additional tax deposit if the revisionist provided security for the remaining tax amount demanded, ensuring that the issue regarding the availability of Form 'F' for stock transfer was addressed during the appeal hearing.
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