https://www.taxtmi.com/caselaws?id=161974 A retrospective exemption and rate reduction displaced the earlier assessment, so the excess tax collected at the higher rate could not be retained if the statutory refund condition was met. The assessee was therefore entitled to refund of the differential tax, subject to verification that tax had been collected only at the lower rate from purchasers. Penalty proceedings also could not survive once the assessment liability no longer subsisted, because the basis for alleging concealment or tax evasion under the penalty provision had fallen away. The High Court accordingly directed refund, subject to verification, and quashed the penalty proceedings and connected demands. en-us Thu, 08 May 2003 00:00:00 +0530 Wed, 12 Feb 2014 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=161974 A retrospective exemption and rate reduction displaced the earlier assessment, so the excess tax collected at the higher rate could not be retained if the statutory refund condition was met. The assessee was therefore entitled to refund of the differential tax, subject to verification that tax had been collected only at the lower rate from purchasers. Penalty proceedings also could not survive once the assessment liability no longer subsisted, because the basis for alleging concealment or tax evasion under the penalty provision had fallen away. The High Court accordingly directed refund, subject to verification, and quashed the penalty proceedings and connected demands. Case-Laws VAT and Sales Tax Thu, 08 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=161974