2019 (3) TMI 707

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....Tribunal ought to have considered that the dealer did not disclose the taxable turnover of REP licence in the monthly A1 returns for the year 1994-95 and paid the tax due thereon. Therefore, the returns filed by the dealer becomes incorrect and incomplete despite the transactions are available in the books of accounts. (ii) The Tribunal ought to have followed the ratio laid down in the decision reported in 94 STC 139. In the said decision, the taxability of REP licence was settled which was affirmed by the Supreme Court in the case reported in 102 STC 106. In the above cases, it was ruled that penalty can be levied on REP sales from 01.04.1992 onwards. 3. Heard Mr.V.Haribabu, learned Additional Government Pleader appearing for the appell....

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....ficer has not made out a case that there was a sale of licences/quota purchased by the assessee and that the assessee has proved with records that licenses/quota were utilised on import of goods. Therefore, it was pointed out that the assessee has disposed of the licences in a manner other than by way of sale. The Appellate Authority referred to various decisions and concluded that the provisions of Section 7A(1)(b) of the Act would not stand attracted to the assessee's case. 7. The Revenue filed appeal before the Tribunal contending that the assessee had effected import of goods with the aid of the licences and according to Section 7A every dealer who in the course of business purchases any goods from registered dealer or any other pe....