https://www.taxtmi.com/caselaws?id=753092 The HC upheld the tribunal's decision that PTO can invoke Section 5 powers only when dealer returns are found incorrect or incomplete under Rule 15. The court affirmed that the Act lacks specific provisions for escaped assessments, unlike GST law which contains reassessment provisions. After PTO issued P-7 certificates confirming return correctness, reassessment after three years was impermissible. The court confirmed that the Act requires monthly assessments only, not annual ones, and once final monthly assessments are completed, subsequent reassessment is barred without specific statutory authority. en-us Sat, 16 Dec 2023 00:00:00 +0530 Fri, 24 May 2024 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753092 The HC upheld the tribunal's decision that PTO can invoke Section 5 powers only when dealer returns are found incorrect or incomplete under Rule 15. The court affirmed that the Act lacks specific provisions for escaped assessments, unlike GST law which contains reassessment provisions. After PTO issued P-7 certificates confirming return correctness, reassessment after three years was impermissible. The court confirmed that the Act requires monthly assessments only, not annual ones, and once final monthly assessments are completed, subsequent reassessment is barred without specific statutory authority. Case-Laws VAT and Sales Tax Sat, 16 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753092