2015 (7) TMI 548

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....emium on sale of REP licences alone is taxable as 'turnover' as against the aggregate amount for which the said goods were sold as per the definition of the term 'turnover' as laid down in Section 2(r) of the TNGST Act, 1959? 2. Whether the Hon'ble Tribunal is correct in overlooking the specific orders of this Hon'ble High Court in the decision reported in M/s.P.S.Apparels vs. Deputy Commercial Tax Officer, T.Nagar (East) Assessment Circle - [1994] 94 STC 139 MAD in relation to levy of penalty for the assessment years beyond 1992-93 under Section 12(3)(b) of the TNGST Act 1959?" 2. The brief facts of the case are as follows: The assessment in this case relates to the assessment year 1993-94. The respondent/a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... juncture, the learned counsel for the appellants pointed out that the assessing authority wrongly adopted the turnover as Rs. 1,51,76,000/- as against the correct turnover of Rs. 22,58,840/-. In support of his contention the learned counsel for the appellants produced the copy of the balance sheet and invited attention to page 21, wherein the miscellaneous income was shown as Rs. 274.21 lakhs, which included the REP licence turnover of Rs. 22,58,840/-. Further the learned counsel for the appellants stated that the above fact was already brought to the notice of the assessing authority by the appellants in their letter dated 08/04/2002, available at page 479 of volume IV of the assessment file. 5](5) I therefore find that the correct tur....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....,000/- was assessed. Therefore, the order of the first appellate authority restricting the turnover on the basis of the documents is found to be correct. The contention of the learned State Representative is not sustainable with regard to disputed turnover of REP license. 5. Aggrieved by the order of the Tribunal, the Department is before us in this revision. 6. Learned Additional Government pleader appearing for the petitioner submits that for the purpose of levy of tax under Section 3(4) of the TNGST Act, the definition of 'turnover' in terms of Section 2(r) would mean the aggregate amount, for which the goods are bought and sold. Hence, the Assessing Officer is correct in assessing the turnover and imposing penalty. 7. H....