The decision appears to be flawed. The intention of the legislation to provide for N/N 67/95 CE dated 16.03.1995 has been totally negated by this judgment.
This judgment has wide ramifications across industry as the revenue based on this judgment shall pounce on assessees.
Would appreciate, if you could let us know whether the appeal has been filed in HC against this order or any stay has been granted.
Thanks and Regards
S.Ramaswamy