2021 (9) TMI 42

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....rred by the petitioner as well as respondent under Section 63 of the Act have been dismissed. 2. Facts leading to filing of this petition briefly stated are that the respondent is engaged in the business of manufacture, sale and trading of electrical and auto-machine products as well as execution of works contract for transmission and distribution and electrical balance of plant of power sector etc. The respondent is a public limited company and is a dealer registered under the Act. This petition pertains to tax periods from April 2008 to March 2009. For the aforesaid period, the respondent stocked transferred various goods manufactured or purchased by them and reversed non-deductable input tax. Thereupon, the proceeding of re-assessment....

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....ourt dated 05.02.2021 passed in M/s. MFAR CONSTRUCTIONS PVT. LTD. Vs. THE ADDITIONAL COMMISSIONER OF COMMERCIAL TAXES AND OTHERS' IN W.A. No. 309/2020 AND CONNECTED MATTERS. It is also submitted that amounts declared in audited statement of accounts cannot be taken into consideration as Form VAT 240 is not a return prescribed under the Act but is merely a statement of account which is audited by a Chartered Accountant. It is contended that the First Appellate Authority and the Tribunal erred in recording a finding that the Assessing Authority ought to have allowed the claim of input tax credit despite respondent failing to claim the same in the return. 5. On the other hand, learned counsel for the respondent submitted that the Divisi....

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....tax period, is incorporated in the Act w.e.f. 01.04.2012 i.e. subsequently. Section 35(4) of the Act reads as under: "35(4) If any dealer having furnished a return under this Act, other than a return furnished under sub-section (3) of Section 38, discovers any omission or incorrect statement therein, other than as a result of an inspection or receipt of any other information or evidence by the prescribed authority,   (a) he shall furnish a revised return within the time prescribed for filing the return for the succeeding tax period; and (b) he shall furnish a revised return any time thereafter but within six months from the end of the relevant tax period except if so permitted by the Prescribed Authority". ....