1996 (2) TMI 32

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....t, is to the following effect : " 9. Each purchaser shall, after a lot has been knocked down in his favour by the sale conducting officer, pay full value of his bid inclusive of the deposit made as per condition 5 supra plus the F.D.T. 12 per cent, sales tax 13 per cent, s. c. 15 per cent. on S. T. and I. T. at 15 per cent. and also s. c. at 10 per cent. on I. T. on the purchase money immediately on conclusion of the sale, either in cash or by a D. D. at par value drawn on any nationalised bank payable to the Silviculturist, Central Zone, Bangalore. " The present writ petition has been filed by the petitioner with a prayer to restrain the respondents from collecting income-tax at the rate of 15 per cent. as income-tax on the bid amoun....

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....me comprised therein : TABLE ------------------------------------------------------------------------------------------------------------------------------------------------ Sl. No. Nature of goods Percentage ------------------------------------------------------------------------------------------------------------------------------------------------ (1) (2) (3) ------------------------------------------------------------------------------------------------------------------------------------------------ (i) Alcoholic liquor for human consumption (other than Indian made foreign liquor) Fifteen per cent. (ii) Timber obtained under a forest lease Fifteen per cent. (iii) Timber obtained by any mode other than under ....

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....e matter is being considered by a constitutional Bench of this court, a decision of the constitutional Bench will be binding on the High Courts. We, accordingly, direct the final disposal of those cases pending before the High Courts be stayed till the disposal of the matters before the constitutional Bench. Transfer petition is accordingly disposed of. High Courts will be at liberty to dispose of any interlocutory application filed before them." It has been stated at the Bar that the aforesaid cases involving the issue of validity of section 44AC/206C of the Act is still pending consideration before the Supreme Court. Be that as it may, Parliament in its wisdom has deleted section 44AC by the Finance Act, 1992, with effect from April....

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....-------------------------------------------------------------------------------------------------------------------------- Provided that where the Assessing Officer, on an application made by the buyer, gives a certificate in the prescribed form that to the best of his belief any of the goods referred to in the aforesaid Table are to be utilised for the purposes of manufacturing, processing or producing articles or things and not for trading purposes, the provisions of this sub-section shall not apply so long as the certificate is in force." The scheme under the old and new section 206C for collection of tax at source is basically the same and since the challenge to the constitutional validity of the old provision is still pending bef....