2014 (8) TMI 257

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....and of Rs. 27.88 lakhs (rounded of) with interest and penalties. Against such order, the assessee preferred appeal before the Appellate Commissioner, who had once dismissed the appeal on the ground that the assessee had failed to pay the pre-deposit of Rs. 10.00 lakhs. The Tribunal set aside the said order and remanded the proceedings to decide on merits by the Commissioner. In such proceedings, the appellant appeared, and submitted relevant details of transactions with a list of purchases and the corresponding sales. The Appellate Authority, however, dismissed the appeal summarily on the ground that sufficient details were not produced by the assessee. He thereupon filed again appeal before the Tribunal. Before the Tribunal, learned advoca....

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....dered rival submissions and facts of the case, we are of the view that the appellant has executed deed of assignment on 31/12/99. The said deed of assignment was entered into by and between the appellant and M/s. Cynemid Agro Ltd. The said deed of assignment is on record. The appellant has purchased all the assets from Cynemid under an agreement for total consideration of Rs. 2,80,000/-. The purchases made by the appellant from Cynemid are the purchases from registered dealer and hence at the time when the said assets were resold by the appellant, the appellant was entitled to claim input tax credit on the said purchases. Accordingly, there would not be any liability of tax so far as the appellant is concerned. Since the entire undertaking ....

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....ble on record, despite which, the Appellate Authority summarily dismissed the appeal observing that no such details are produced. The Tribunal came to the conclusion that the appellant had purchased the property from Cynemid, which purchases were from registered dealer, therefore, when the assets were resold by the assessee, it was entitled to claim input tax credit on such purchases. The assets were purchased by the assessee from Cynemid, and later on transferred to Atul Pharma. All the entities are registered dealers registered under the Gujarat Sales Tax Act. The deed of assignment was also produced on record, which contains all the details. So far as moveable assets are concerned, the assessee also produced invoices for the same. In suc....