Rice Bran Oil Manufacturer Wins Case: Reassessment Order Quashed for 2012-13 Due to Lack of Legal Basis.

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....Validity of reassessment proceedings - The petitioner sought to quash an order and notice for reassessment under the UP VAT Act for the assessment year 2012-13. The petitioner, a manufacturer of Rice Bran Oil, purchased Rice Bran and produced both RBO and DORB. The revenue acknowledged sales of both products and granted Input Tax Credit accordingly. However, a judgment established that the sale value of both taxable and exempt products should be considered together. Following Supreme Court guidance, the High Court ruled in favor of the petitioner, quashing the reassessment proceedings as they lacked legal basis.....