M/S Supertech Township Projects Limited vs. The Commissioner,Commercial Tax
Held
The Court found no evidence of real financial hardship and rejected the submission. However, considering the revisionist's request, the Court modified the Tribunal's order by allowing a stay on recovery if the revisionist deposits Rs. 20 lacs within 30 days and furnishes security for the balance amount.
Facts
The Assessing Authority created a tax demand of Rs. 7,18,25,904/-. The First Appellate Authority stayed 6% of the disputed tax, and the Tribunal modified this to stay 7% of the disputed tax, requiring the revisionist to deposit the balance. The revisionist sought further stay due to alleged financial hardship.
Key Issues
Whether the Tribunal erred in not granting a further stay on tax recovery considering the revisionist's alleged financial hardship. Whether the revisionist's financial hardship claim was substantiated.
Sections Cited
Section 58
AI-generated summary — verify with the full judgment below
Court No. - 07 Case :- SALES/TRADE TAX REVISION No. - 141 of 2018 Applicant :- M/S Supertech Township Projects Limited Opposite Party :- The Commissioner,Commercial Tax Counsel for Applicant :- Suyash Agarwal,Rakesh Ranjan Agrawal Counsel for Opposite Party :- C.S.C.
Hon'ble Surya Prakash Kesarwani,J.
Heard Sri Rakesh Ranjan Agrawal, learned senior counsel assisted by Sri Suyash Agrawal, learned counsel for the revisionist and Sri B.K. Pandey, learned standing counsel for respondents.
This revision under Section 58 of the U.P. VAT Act, 2008 relating to Assessment Year 2014-15 (U.P.) has been filed challenging the order dated 27.04.2018 in Second Appeal No.157 of 2018 passed by Member, Commercial Tax Tribunal, Bench-I, NOIDA whereby the stay order granted by First Appellate Authority has been partly modified.
Briefly stated facts of the present case that revisionist is a Company and is engaged in construction of flats and sale thereof. By the Assessment Order dated 24.03.2018, the Assessing Authority created tax demand of Rs.7,18,25,904/-. After adjusting the input tax credit, a recovery of Rs.75,27,681/- was sought to be made. The Revisionist preferred an appeal before the Addition
The judgment continues below.
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