2011 (1) TMI 1283

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....as been introduced vide Government Order (called "the G.O.", for brevity) dated December 5, 2007 for the period from April 1, 2007 to December 31, 2007. With effect from January 1, 2008 U.P. Value Added Tax Act has been introduced. In anticipation of the compounding scheme, the applicant deposited a sum of Rs. 1 crore by October 31, 2007 in three instalments, prior to the issue of Government Order dated December 5, 2007. When the G.O. has been issued, the applicant applied for compounding scheme on a slab below Rs. 200 crores, on which the compounding money payable was Rs. 70 lacs. The total purchases for the aforesaid period was Rs. 1,77,26,59,276 and sales at Rs. 1,78,35,77,498. The total turnover was below Rs. 200 crores. The compounding....

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....payable. Section 2(n) defines "tax" which includes the composition money under section 7D also. Under the scheme issued by the G.O. dated December 5, 2007 for the slab turnover up to Rs. 200 crores, compounding money payable was Rs. 70 lacs. The applicant applied under the compounding scheme under the said slab, which has been accepted by the assessing authority. A sum of Rs. 1 crore has been deposited prior to the issue of G.O. dated December 5, 2007 in anticipation of the compounding scheme and also in anticipation that the turnover may exceed to Rs. 200 crores. He submitted that once the compounding application for the turnover slab of Rs. 200 crores has been accepted by the assessing authority, on which a sum of Rs. 70 lacs was only pay....