2016 (7) TMI 764
X X X X Extracts X X X X
X X X X Extracts X X X X
....panies (Special Provisions) Act, 1985 (hereinafter 'the Act of 1985') on or about 20-12-2005 following which the Commissioner Industries, Government of Rajasthan, Jaipur had issued a certificate of sickness dated 29-1-2008. The facts of the case are that a unit of HSGL situated at 14, Industrial Area, Neemrana District Alwar was mortgaged with IFCI, PNB and Punjab & Sindh Bank. The said HSGL defaulted on payment of due amounts to the lenders. Under the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter 'the Act of 2002') the secured creditors took possession of the mortgaged unit aforesaid. The petitioner purchased the said unit of HSGL, in possession of the secur....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tification dated 26-7-2003 did not attract to the transaction under sale deed dated 25-6-2008. Aggrieved of the judgment dated 19-10-2011, the petitioner laid a revision petition before the Tax Board, which vide judgment dated 10-10-2013 dismissed it. The petitioner filed a review petition against the judgment of 10-10-2013 placing on record the rectification certificate dated 4-12-2012 issued by the General Manager, District Industries Center relating to sickness certificate dated 29-1-2008 issued by the Commissioner Industries. However, the review petition was dismissed vide order dated 21-8-2015, as not maintainable. Hence this petition. Counsel for the petitioner has submitted that it is not in dispute that at the time of registration....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... petitioner company who did not submit it before the Tax Board despite it being furnished to him for the purpose. Subsequent attempt of placing it on record with the review petition failed on the ground that the Tax Board did not have the power to review its judgment dated 10-10- 2013. Resultantly, vide order dated 21-8-2015 the review petition was dismissed. Hence this petition be allowed, submitted counsel for the petitioner and the impugned judgments dated 10-10-2013 and 21-8-2015 passed by the Tax Board be set aside. The matter be remanded to the Tax Board for decision afresh on the revision petition while considering the rectification certificate subsequently issued by the General Manager, DIC on 4-12-2012. Mr. Dheeraj Tripathi, couns....
X X X X Extracts X X X X
X X X X Extracts X X X X
....2 was unfortunately not brought to the notice of the Tax Board, therefore the revision petition was dismissed vide judgment dated 10-10-2013 upholding the judgment dated 19-10- 2011 passed by Collector (Stamps). The review petition came to be dismissed on 21-8-2015 as not maintainable. Under the notification dated 26-7-2003, when assets of a sick industry in respect of which certificate of sickness was issued by the General Manager, DIC were purchased, stamp duty on the transaction was admittedly not leviable. In the instant case the sickness certificate with regard to sick unit of HSGL purchased by the petitioner was issued on 29-1-2008, albeit by the Commissioner Industries i.e. prior to the sale deed dated 25-6-2008. It is not in disput....